Bicycles - Iraq

Iraq

The Bicycles market in Iraq is expected to see a substantial growth in revenue.
By 2024, the projected revenue is estimated to reach US$81.92m, indicating a positive outlook for the industry.
Furthermore, it is anticipated that the market will experience a steady annual growth rate of 1.91% from 2024 to 2029, resulting in a projected market volume of US$90.05m by the end of 2029.
In terms of unit sales, it is predicted that the Bicycles market in Iraq will witness a significant increase.
By 2029, the number of units sold is expected to reach 345.70k bicycles, reflecting the growing demand for Bicycles market in the country.
Additionally, the volume weighted average price of Bicycles market in the market is projected to be US$234.70 in 2024.
This figure provides an insight into the price dynamics within the industry, highlighting the average price at which Bicycles market are sold in Iraq.
From an international perspective, China is expected to generate the highest revenue in the Bicycles market.
In 2024 alone, China is projected to generate a revenue of US$12,370m, indicating its dominance in the global market.
The demand for bicycles in Iraq is on the rise due to the country's growing interest in eco-friendly transportation options.

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Analyst Opinion

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.

Methodology

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).