Bicycles - Iceland | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$35.08m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.73%, resulting in a projected market volume of US$38.21m by 2029.
Bicycles market unit sales are expected to reach 42.13k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$803.30.
From an international perspective it is shown that the most revenue will be generated China (US$12bn in 2024).

Definition:

Bicycles are means of transport designed to transport people and goods for professional and private purposes. They are used for leisure activities such as travelling or for physical exercise. Depending on the specific purpose and rider, bicycles come in different shapes and features.

They are powered by mere human strength or additionally with an assisting electrical engine. Unlike electrically powered scooters and mopeds, electrical bicycles always have pedals allowing them to be ridden with human power.

In recent years, different renting models have been established such as bike-sharing, in which bicycles can be rented for a defined period in exchange for a fee. These rented bikes are not included in this market outlook. Only bikes that were purchased for ownership are covered.

Structure:

The bicycles market covers all types of bicycles including road and racing bicycles, off-road bicycles, special purpose bicycles, electrical bicycles, hybrid bicycles, as well as bicycle supplies. However, motorcycles, scooters, mopeds, secondhand bicycles, as well as bikes purchased by bike-sharing services are not included.

Additional information:

The market comprises the number of bicycles sold, the average price paid per bicycle, revenue, and revenue growth as the key performance indicators. Revenue is derived as the product of the average price per bicycle times the number of bicycles purchased. Therefore, revenue excludes any profits from bike-sharing fees. Revenues are including VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.

Road and racing bicycles such as cruiser, standard, gravel road-, touring-, and fixed gear bikes
Off-road bicycles such as mountain bikes and cyclocross bikes
Special purpose bicycles such as folding-, BMX-, recumbent-, cargo, and kid´s bikes
Electrical and hybrid bicycles
Bicycle supplies such as bags, locks, separate bicycle baskets
Bicycle spare parts such as bicycle tubes, bicycle tires
New bicycles, e.g., new road and racing bicycles, new off-road bicycles

Motorcycles, scooters, mopeds
Secondhand bicycles
Bike-sharing bicycles
Rented bicycles

The Bicycles market in Iceland is experiencing minimal growth due to factors such as low consumer interest, limited availability of infrastructure, and high prices. The Regular Bicycles sub-market is hindered by the harsh climate and terrain, while the Electric Bicycles sub-market faces challenges in terms of battery charging and maintenance. Despite these obstacles, the convenience and environmental benefits of using bicycles may drive future growth in the market.

Customer preferences: As sustainability becomes a growing concern, consumers in Iceland are increasingly turning towards environmentally-friendly transportation options like bicycles. This trend is driven by a cultural emphasis on eco-friendliness and a desire for healthier, more active lifestyles. Additionally, the country's aging population and rising healthcare costs have led to a growing interest in preventative measures, such as cycling for fitness and transportation. This has led to a boost in demand for high-quality, durable bicycles and related accessories.

Trends in the market: In Iceland, the Bicycles Market is experiencing a surge in demand for electric bicycles, with a growing number of consumers looking for eco-friendly and cost-effective transportation options. This trend is expected to continue as the government invests in infrastructure to support cycling and promotes sustainable tourism. Additionally, there is a shift towards e-bike sharing programs, providing convenient and affordable options for tourists and locals alike. These developments have significant implications for industry stakeholders, as they must adapt to changing consumer preferences and invest in innovative solutions to remain competitive in the market.

Local special circumstances: In Iceland, the Bicycles Market is heavily influenced by the country's unique landscape and climate. The rugged terrain and harsh weather conditions make bicycles a popular mode of transportation, as well as a popular recreational activity. Furthermore, the country's strong cycling culture and government initiatives promoting sustainable transportation have led to a high demand for bicycles. This has also resulted in the emergence of innovative bicycle designs and the growth of the rental and sharing economy for bicycles. Additionally, the country's small population and high income levels contribute to the market's potential for premium and high-end bicycles.

Underlying macroeconomic factors: The Bicycles Market in Iceland is largely impacted by macroeconomic factors such as the country's economic health, fiscal policies, and global economic trends. Iceland's strong economic growth and stable fiscal policies have contributed to a favorable environment for the Bicycles Market. The country's focus on sustainability and eco-tourism also presents opportunities for growth in the market. Furthermore, the increasing popularity of cycling as a mode of transportation and leisure activity, combined with a growing health-conscious population, has also driven demand for bicycles in Iceland. Additionally, the government's investments in infrastructure and initiatives to promote cycling have further boosted the market's growth potential.

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.

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).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

The bicycle market in Germany has been enjoying dynamic development for a very long time. Bicycles are a popular way to get around in both urban and rural areas, with young children learning to ride firmly entrenched in the national culture. Germany has a variety of scenic bike routes, but looking out for bike lanes in a city is a daily part of life both for cyclists and pedestrians. Many cyclists value the multiple advantages cycling brings – physical activity, saving money by foregoing commuting with public transport or driving, and the eco-friendly aspect. A German city, Munster, even made it on the list of the eight most bike-friendly cities in the world in 2022.