Bicycles - Jamaica | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$5.91m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.67%, resulting in a projected market volume of US$6.42m by 2029.
Bicycles market unit sales are expected to reach 18.15k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$277.60.
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 Jamaica is facing a slight decline in growth rate, influenced by factors such as the increasing popularity of electric bicycles, changing consumer preferences, and the limited availability of bike-friendly infrastructure. However, the overall market is still driven by the convenience and health benefits offered by bicycles, as well as the growing awareness of sustainable transportation options.

Customer preferences: With the rising awareness of environmental sustainability and the desire for a healthier lifestyle, there has been a growing demand for eco-friendly and electric bicycles in Jamaica. The popularity of cycling as a form of exercise and transportation has also increased, especially among younger generations. This trend is further fueled by the government's efforts to promote cycling infrastructure and initiatives such as bike-sharing programs. Additionally, the rise of social media and influencer culture has also led to an increase in the adoption of bicycles as a trendy and stylish mode of transportation.

Trends in the market: In Jamaica, the Bicycles Market is experiencing a shift towards e-bikes, with more consumers looking for sustainable and convenient transportation options. This trend is expected to continue as the government promotes cycling as a means of reducing traffic congestion and carbon emissions. Additionally, there is a growing demand for high-end bicycles among tourists, creating opportunities for rental and tour companies. For industry stakeholders, this trend presents a chance for growth and diversification, but also requires investment in infrastructure and services to support the expanding market.

Local special circumstances: In Jamaica, the Bicycles Market has seen steady growth due to the country's warm climate and scenic landscapes, making it an ideal destination for cycling enthusiasts. Additionally, the government's efforts to promote eco-tourism have led to an increase in demand for bicycles as a sustainable mode of transportation. Furthermore, the cultural preference for outdoor activities and the lack of public transportation in certain areas has also contributed to the market's growth. However, the import duties and taxes on bicycles in Jamaica can be a barrier for foreign companies looking to enter the market.

Underlying macroeconomic factors: The Bicycles Market in Jamaica is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. The demand for bicycles is highly dependent on the overall economic climate of the country, as consumers' disposable income and purchasing power greatly impact their ability to afford bicycles. Additionally, government policies, such as import tariffs and taxes, can significantly affect the cost and availability of bicycles in the market. Furthermore, the overall economic growth and stability of the country also play a crucial role in determining the demand for bicycles, as a thriving economy often leads to an increase in consumer spending on leisure activities like cycling.

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.