Bicycles - Malawi | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$1.61m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.51%, resulting in a projected market volume of US$2.01m by 2029.
Bicycles market unit sales are expected to reach 9.35k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$146.70.
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 Malawi has been experiencing slow growth due to various factors such as limited adoption of digital technologies, low awareness among consumers, and lack of convenience in accessing online services. The market is mainly driven by regular bicycles, while electric bicycles have minimal impact due to limited infrastructure and affordability.

Customer preferences: With the rise of eco-consciousness and the growing trend of sustainable living, consumers in Malawi are increasingly turning to bicycles as a mode of transportation. This is driven by a shift towards more environmentally friendly options and a desire for a healthier lifestyle. Additionally, with the increasing urbanization and traffic congestion in cities, bicycles offer a convenient and cost-effective alternative. This trend is also supported by the cultural value placed on physical activity and the growing popularity of cycling as a recreational activity among the younger population.

Trends in the market: In Malawi, the Bicycles Market is experiencing a shift towards electric bicycles, with a growing demand for eco-friendly transportation options. This trend is significant as it aligns with the country's efforts to reduce carbon emissions and promote sustainable development. It also presents opportunities for industry stakeholders to tap into this emerging market and diversify their product offerings. Additionally, there is a rise in the use of mobile technology for bike sharing and rental services, providing convenience and accessibility for consumers. This trend is expected to continue, with potential implications for traditional bicycle manufacturers and retailers to adapt and embrace digital platforms to stay competitive in the market.

Local special circumstances: In Malawi, the Bicycles Market has seen significant growth due to the country's high rate of poverty and limited access to public transportation. Bicycles are an affordable and convenient mode of transportation for many Malawians, especially in rural areas with poor road infrastructure. Additionally, the country's strong cycling culture and lack of strict regulations on cycling have contributed to the market's growth. These unique local factors have created a demand for low-cost and durable bicycles, leading to the emergence of local manufacturers and businesses catering to this market.

Underlying macroeconomic factors: The Bicycles Market in Malawi is influenced by macroeconomic factors such as national economic health, consumer spending power, and government policies. With a growing economy and increasing disposable income, the demand for bicycles as a mode of transportation is on the rise. Additionally, government initiatives promoting sustainable transportation and investments in infrastructure development are expected to drive market growth. However, challenges such as currency fluctuations and inflation may impact consumer purchasing power and hinder market growth. Moreover, global economic trends and trade policies may also affect the supply and pricing of bicycles in the country.

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.