Bicycles - Iraq | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$81.92m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.91%, resulting in a projected market volume of US$90.05m by 2029.
Bicycles market unit sales are expected to reach 345.70k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$234.70.
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 Iraq has been experiencing minimal growth, impacted by factors such as limited consumer awareness and infrastructure for digital technologies, as well as the convenience offered by traditional modes of transportation. However, with an increasing focus on health and fitness, there is potential for growth in both Regular and Electric Bicycles sub-markets.

Customer preferences: As the younger generation in Iraq becomes more health-conscious, there has been a noticeable increase in the demand for eco-friendly and sustainable transportation options. This has led to a rise in the popularity of bicycles, with consumers opting for them as a means of both transportation and exercise. Additionally, with the rise of social media and fitness influencers, there is a growing trend towards using bicycles as a way to explore and experience the country's scenic landscapes.

Trends in the market: In Iraq, the Bicycles Market is experiencing a surge in demand for electric bicycles, driven by the need for eco-friendly transportation options. This trend is expected to continue as the government implements policies to reduce carbon emissions and promote sustainable transportation. Industry stakeholders can capitalize on this trend by investing in the development of electric bicycles and partnering with local governments to promote their usage. Additionally, the rise of e-commerce in Iraq has also led to an increase in online sales of bicycles, providing new opportunities for retailers and manufacturers to tap into this market.

Local special circumstances: In Iraq, the Bicycles Market is heavily influenced by the country's geography and cultural norms. Due to a lack of reliable public transportation, bicycles are a popular mode of transportation for both urban and rural areas. This is further fueled by the country's oil-rich economy, which has led to a growing middle class with disposable income to spend on leisure activities like cycling. Additionally, the government's efforts to promote a healthier lifestyle have led to an increase in demand for bicycles in the market.

Underlying macroeconomic factors: The Bicycles Market market in Iraq is heavily influenced by macroeconomic factors such as the country's overall economic health, government policies, and global economic trends. Iraq's economy is heavily dependent on its oil exports, making it vulnerable to fluctuations in oil prices. Additionally, the country has faced significant political instability and security concerns in recent years, which have impacted consumer confidence and overall market performance. However, the government has implemented measures to diversify the economy and stimulate growth, which could potentially lead to increased demand for bicycles in the future. Furthermore, with the rising awareness of environmental sustainability and the promotion of healthy lifestyles, the demand for bicycles is expected to increase in Iraq.

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.