Bicycles - Madagascar | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$1.51m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.43%, resulting in a projected market volume of US$1.79m by 2029.
Bicycles market unit sales are expected to reach 11.37k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$113.30.
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 Madagascar is experiencing minimal growth, influenced by factors such as limited consumer awareness, low disposable income, and inadequate infrastructure. The Regular Bicycles sub-market is primarily driven by traditional transportation methods, while the Electric Bicycles sub-market is hindered by high initial costs and lack of charging infrastructure. Additionally, the market's growth is impacted by the country's economic and political instability, leading to a slower adoption of digital technologies in the industry.

Customer preferences: As the population in Madagascar becomes more health-conscious, there has been a noticeable increase in demand for eco-friendly and sustainable transportation options. This has resulted in a growing preference for bicycles as a means of transportation, especially among urban dwellers. Additionally, with the rise of eco-tourism and outdoor recreational activities, there is a growing trend towards purchasing high-quality, durable bicycles for both leisure and practical purposes. This shift towards eco-friendly and active lifestyles has also led to an increase in the popularity of bicycle-sharing programs in major cities.

Trends in the market: In Madagascar, the Bicycles Market is experiencing a surge in demand for electric bicycles, as consumers seek more environmentally-friendly transportation options. This trend is expected to continue, as the government has implemented policies to promote the use of electric vehicles. Additionally, there is a growing trend of using mobile apps to rent and share bicycles, providing convenience and cost-effectiveness for users. These trends are significant as they align with global efforts towards sustainable transportation and offer opportunities for industry stakeholders to capitalize on the growing market for electric bicycles and bike-sharing services. However, it also poses challenges for traditional bicycle manufacturers and retailers, who may need to adapt their business models to stay competitive in this evolving market.

Local special circumstances: In Madagascar, the Bicycles Market is heavily influenced by the country's unique geography. With its rugged terrain and lack of developed infrastructure, bicycles have become a popular mode of transportation for both urban and rural areas. Additionally, the country's rich cultural heritage has led to a strong demand for traditional, handcrafted bicycles, creating a niche market for local artisans. Furthermore, the government's focus on promoting sustainable transportation has resulted in initiatives and policies that support the growth of the Bicycles Market.

Underlying macroeconomic factors: The Bicycles Market in Madagascar is also heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The country's economic stability and growth, as well as its trade agreements with other countries, can greatly impact the demand and supply of bicycles. Additionally, government policies and initiatives to promote sustainable transportation and reduce carbon emissions can also influence the market. Furthermore, the overall economic climate, including consumer spending power and inflation rates, can affect the purchasing decisions of individuals and businesses in 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.