Bicycles - Kuwait | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$75.08m 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$82.54m by 2029.
Bicycles market unit sales are expected to reach 246.30k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$303.80.
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 Kuwait is experiencing slow growth due to factors such as low consumer awareness, limited availability of infrastructure, and cultural preferences for other modes of transportation. However, with the rise of health consciousness and the government's focus on promoting eco-friendly transportation, there is a potential for growth in both Regular and Electric Bicycles sub-markets.

Customer preferences: As the population in Kuwait becomes more health-conscious, there has been a noticeable trend towards environmentally-friendly modes of transportation, such as bicycles. This shift is driven by a desire for a more active lifestyle and a greater emphasis on sustainability. Additionally, there has been a growing interest in cycling as a form of leisure and recreation, with the development of dedicated bike paths and cycling events. This reflects a cultural shift towards promoting physical activity and reducing carbon emissions.

Trends in the market: In Kuwait, the Bicycles Market is experiencing a surge in popularity due to the rise of eco-friendly transportation options. This trend is expected to continue as the government implements initiatives to promote cycling and reduce traffic congestion. Additionally, there is a growing demand for electric bicycles, reflecting a shift towards more sustainable and efficient modes of transportation. This presents an opportunity for industry stakeholders to capitalize on the increasing demand for bicycles and related products and services. However, it also poses challenges for traditional automotive and oil-based industries, as the shift towards bicycles could potentially impact their market share. Overall, the current trend towards bicycles in Kuwait highlights a growing focus on sustainability and presents both opportunities and challenges for industry stakeholders.

Local special circumstances: In Kuwait, the Bicycles Market is heavily influenced by the country's hot and dry climate, making it a popular mode of transportation for daily commutes and recreational activities. Additionally, Kuwaiti culture values physical fitness, leading to a high demand for bicycles as a means of exercise. Furthermore, the government has implemented regulations and initiatives to promote cycling as a sustainable and eco-friendly mode of transportation, further driving the growth of the Bicycles Market in Kuwait.

Underlying macroeconomic factors: The Bicycles Market in Kuwait is impacted by various macroeconomic factors such as economic stability, government policies, and consumer spending habits. The country's strong economic growth, driven by its oil industry, has led to an increase in disposable income and a growing middle class. This, coupled with government initiatives to promote cycling as a sustainable mode of transportation, has fueled the demand for bicycles in the market. Moreover, the rising awareness about health and fitness, coupled with the growing popularity of outdoor activities, has also contributed to the growth of the market. However, fluctuating oil prices and geopolitical tensions in the region can have a significant impact on the overall economic health of the country and, consequently, the Bicycles Market.

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.