Bicycles - Italy | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$1.43bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.45%, resulting in a projected market volume of US$1.39bn by 2029.
Bicycles market unit sales are expected to reach 1.39m bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$910.90.
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 Italy is facing a negligible decline in growth rate, influenced by factors such as changing consumer preferences, increasing competition, and limited government support for electric bicycles. Despite this, the market is still driven by the convenience and health benefits offered by both regular and electric bicycles.

Customer preferences: As the trend towards environmentally friendly transportation continues to grow, Italian consumers are increasingly turning to electric bicycles as a sustainable and convenient mode of transportation. This shift is driven by a combination of factors, including rising concerns about air pollution and the desire for a more active lifestyle. Additionally, the emergence of innovative e-bike sharing schemes in major cities is making it easier for consumers to access and use electric bicycles. This trend is expected to continue as more individuals prioritize sustainability and health in their daily lives.

Trends in the market: In Italy, the Bicycles Market is seeing a surge in e-bike sales, with more consumers opting for electric bikes for their daily commute. This trend is expected to continue as the government offers subsidies and incentives for e-bike purchases. Additionally, there is a growing trend of using bike-sharing services in major cities, promoting environmentally-friendly transportation. These developments have significant implications for industry stakeholders, as they need to adapt to the changing market and invest in innovative technologies to meet consumer demand.

Local special circumstances: In Italy, the Bicycles Market is heavily influenced by the country's long-standing cycling culture and its scenic landscapes, making it a popular mode of transportation and leisure activity. Additionally, the government has implemented policies to promote sustainable transportation, including incentives for purchasing electric bicycles. This has led to a growing demand for eco-friendly and high-quality bicycles in the market. Furthermore, Italy's mountainous terrain has created a niche for mountain bikes, catering to the country's adventurous cyclists.

Underlying macroeconomic factors: The Bicycles Market in Italy is impacted by macroeconomic factors such as consumer spending, government policies, and economic growth. As the economy continues to grow, disposable income and consumer confidence increase, leading to higher demand for bicycles. Additionally, government initiatives promoting sustainable transportation and the rise of eco-tourism have also contributed to the growth of the market. Furthermore, the increasing trend towards health and fitness, as well as the growing awareness of the environmental benefits of cycling, are expected to drive the demand for bicycles in Italy.

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.