Bicycles - Iran | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$93.52m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.84%, resulting in a projected market volume of US$107.60m by 2029.
Bicycles market unit sales are expected to reach 401.10k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$220.40.
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 Iran is experiencing minimal growth, influenced by factors such as low consumer awareness and limited access to digital technologies. The market is primarily driven by traditional forms of transportation, with electric bicycles slowly gaining popularity. However, challenges such as high import tariffs and limited infrastructure hinder the overall growth rate of the market.

Customer preferences: As urbanization and traffic congestion continue to rise in Iran, there has been a noticeable increase in demand for bicycles as a more efficient and environmentally friendly mode of transportation. This trend is further fueled by the growing concern for physical fitness and the desire for a healthier lifestyle among consumers. As a result, there has been a surge in the popularity of cycling clubs and events, as well as the adoption of biking as a recreational activity. Additionally, the younger generation is also embracing biking as a form of self-expression and a way to connect with their peers.

Trends in the market: In Iran, the Bicycles Market is seeing a shift towards electric bicycles, as consumers seek more environmentally-friendly transportation options. This trend is being driven by government initiatives promoting sustainable mobility and the rising awareness of the benefits of cycling. As a result, manufacturers are investing in research and development of electric bicycles, and retailers are expanding their offerings. This trend is expected to continue as the country aims to reduce carbon emissions and promote healthy lifestyles. This presents opportunities for industry stakeholders to capitalize on the growing demand for electric bicycles and to incorporate sustainability into their business strategies.

Local special circumstances: In Iran, the Bicycles Market is heavily influenced by the country's geography and cultural traditions. With a large population living in urban areas, bicycles are a popular mode of transportation for short distances due to their affordability and ease of use. However, the country's strict laws and regulations on women's attire and public gatherings have hindered the growth of a vibrant cycling culture. Despite these challenges, the market is seeing growth as the government promotes cycling as a sustainable and healthy form of transportation. Additionally, the country's mountainous terrain has also led to the rise of a niche market for mountain bikes and adventure cycling tours.

Underlying macroeconomic factors: The Bicycles Market in Iran is affected by various macroeconomic factors, such as the country's economic stability, government policies, and global economic trends. Iran's economy has faced challenges due to sanctions and political instability, which have impacted consumer spending and business investments. However, the government's efforts to diversify the economy and promote tourism have created opportunities for the Bicycles Market. Furthermore, increasing environmental concerns and a growing interest in sustainable transportation have also contributed to the market's growth. These factors, along with the country's expanding middle-class population, are expected to drive the demand for bicycles in Iran.

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.