Bicycles - Lebanon | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$5.57m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.73%, resulting in a projected market volume of US$5.77m by 2029.
Bicycles market unit sales are expected to reach 21.10k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$224.90.
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 Lebanon has been facing a negligible decline in growth rate due to various factors. These include the increasing popularity of alternative modes of transportation, rising concerns about traffic congestion and pollution, and the availability of electric scooters and motorbikes. Additionally, the high cost of purchasing and maintaining bicycles may also be impacting the market's growth rate. However, with the government's efforts to promote cycling as a sustainable mode of transportation and the growing trend of fitness and wellness, the market is expected to see a gradual recovery in the future.

Customer preferences: As people in Lebanon become more health-conscious and environmentally aware, there is a growing trend towards sustainable and eco-friendly transportation options. This has resulted in an increase in demand for bicycles as a means of transportation, as well as for leisure and fitness purposes. Additionally, with the rise of social media and influencer culture, there is a growing interest in cycling as a trendy and fashionable activity, further driving the demand for bicycles in the market.

Trends in the market: In Lebanon, the Bicycles Market is experiencing a surge in demand for electric bikes, with sales increasing by 40% in the past year. This trend is driven by the growing concern for environmental sustainability and the need for alternative modes of transportation. Additionally, the government's initiatives to promote cycling as a means of reducing traffic congestion and promoting a healthier lifestyle are also contributing to the market growth. As a result, industry stakeholders are investing in innovative technologies and partnerships to cater to this demand, with potential implications for the overall transportation and mobility sector in Lebanon.

Local special circumstances: In Lebanon, the Bicycles Market is heavily influenced by the country's mountainous terrain and the popularity of cycling as a form of transportation and leisure activity. The cultural aspect of cycling is also significant, with many people participating in group rides and events. Additionally, the government has implemented regulations to promote cycling, such as the creation of bike lanes and bike sharing programs. These factors contribute to the strong demand for bicycles in the market, as well as the emergence of innovative businesses offering bike-related services and products.

Underlying macroeconomic factors: The Bicycles Market in Lebanon is heavily impacted by macroeconomic factors such as the country's economic stability, consumer spending power, and government fiscal policies. With a relatively stable economy and a growing middle class, Lebanon has seen an increase in demand for bicycles as a cost-effective mode of transportation. However, the market is also affected by global economic trends, such as fluctuations in the price of raw materials and currency exchange rates, which can impact the cost of production and ultimately the prices of bicycles in the market. Additionally, government policies and regulations related to import/export, trade agreements, and taxation can also influence the performance of the Bicycles Market in Lebanon.

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.