The Bicycles Market in Greece has been experiencing a decline in growth rate, influenced by factors such as the increasing popularity of electric bicycles and the convenience of online retail. However, the overall market is still driven by rising health awareness among consumers and the high demand for regular bicycles in the country.
Customer preferences: As more people in Greece seek ways to maintain a healthy and active lifestyle, there has been a growing interest in electric bicycles. This can be attributed to the country's hilly terrain and the desire for a more eco-friendly mode of transportation. Additionally, there has been a rise in the popularity of cycling as a leisure activity, with cycling tours and events gaining traction. This trend is also influenced by the increasing focus on sustainable tourism and the desire to explore Greece's picturesque landscapes.
Trends in the market: In Greece, the Bicycles Market is experiencing a surge in demand for electric bikes, with sales expected to reach record highs in the coming years. This trend is driven by a growing interest in sustainable transportation and the government's initiatives to promote eco-friendly modes of travel. As a result, there has been an increase in the production and availability of e-bikes in the market. Additionally, there is a rising trend of bike-sharing programs in major cities, providing convenient and affordable options for commuters. These developments have significant implications for industry stakeholders, as they need to adapt to the changing landscape and invest in innovative technologies to stay competitive.
Local special circumstances: In Greece, the Bicycles Market is heavily influenced by the country's rich history and cultural traditions. The popularity of cycling as a mode of transportation can be traced back to ancient Greece, where it was a common means of travel. Additionally, the country's mountainous terrain and beautiful landscapes make it an ideal destination for recreational cycling. However, strict regulations and limited infrastructure for cycling in urban areas have hindered the growth of the market. This unique combination of cultural and regulatory factors has shaped the market dynamics in Greece, making it different from other markets.
Underlying macroeconomic factors: The Bicycles Market in Greece is influenced by macroeconomic factors such as the country's economic stability, government policies, and consumer spending. The current economic climate in Greece has been challenging, with high unemployment rates and limited disposable income for consumers. This has resulted in a decrease in demand for bicycles, as they are seen as a non-essential purchase. However, with the growing trend towards sustainable transportation and the government's efforts to promote cycling infrastructure, there is potential for growth in the market. Additionally, the country's membership in the European Union allows for easier access to imports and exports, which can impact market performance.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the sales of bicycles and the respective average prices for bicycles.Modeling approach:
Market sizes are determined through a Bottom-Up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use publications of industry associations, expert blogs, and data provided by governments and scientific institutions. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, and consumer spending per capita (based on current prices). This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the ARIMA time series forecast and forecasts based on previous growth rates are well suited for forecasting the future demand for bicycles due to the brick and mortar nature of this market. The main drivers are GDP, consumer spending per capita, and population. The scenario analysis is based on a Monte Carlo simulation approach generating a range of possible outcomes by creating random variations in forecasted data points, based on assumptions about potential fluctuations in future values. By running numerous simulated scenarios, the model provides an estimated distribution of results, allowing for an analysis of likely ranges and confidence intervals around the forecast.Additional notes:
The data is modeled using current exchange rates. The market is updated once a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
