The Bicycles market in MENA is experiencing minimal growth, influenced by factors such as the region's cultural preference for traditional modes of transportation, limited infrastructure for cycling, and high cost of electric bicycles. However, with increasing health awareness and government initiatives promoting cycling, the market is expected to see a steady rise in demand.
Customer preferences: As urbanization and traffic congestion continue to rise in MENA, there is a growing demand for alternative modes of transportation, with bicycles emerging as a popular choice. This shift is driven by a combination of factors, including a desire for more sustainable and eco-friendly options, as well as a renewed focus on health and fitness. Additionally, the rise of bike-sharing programs and the availability of e-bikes have made cycling more accessible and convenient for consumers.
Trends in the market: In the MENA region, the Bicycles Market is experiencing a rise in popularity due to the growing trend of sustainable and eco-friendly transportation options. Governments in countries like Morocco and Tunisia are promoting cycling as a means of reducing traffic congestion and improving air quality. Additionally, there is a growing demand for electric bikes, with sales expected to increase in the coming years. This trend not only aligns with global efforts towards reducing carbon emissions, but also presents opportunities for industry stakeholders to tap into a new market segment. However, the lack of proper infrastructure and safety measures for cyclists remains a challenge in some countries, which could potentially hinder the growth of the market.
Local special circumstances: In the MENA region, the Bicycles Market is influenced by cultural and geographical factors. In countries such as Egypt and Morocco, bicycles are a popular mode of transportation due to their affordability and practicality in navigating through crowded urban areas. Additionally, in countries with warmer climates like the UAE and Saudi Arabia, cycling is a popular leisure activity, leading to a demand for high-end bicycles. Furthermore, some countries in the region have implemented regulations to promote cycling, such as bike-sharing programs in cities like Dubai and Amman. These unique factors contribute to the growth and development of the Bicycles Market in the MENA region, setting it apart from other markets.
Underlying macroeconomic factors: The MENA region's bicycles market is influenced by macroeconomic factors such as economic growth, government policies, and consumer spending. Countries with stable economies and supportive policies for the cycling industry, such as government subsidies and investments in infrastructure, are experiencing higher market growth. Additionally, the rising awareness of environmental sustainability and health benefits of cycling is driving the demand for bicycles in the region. However, economic challenges and political instability in some countries may hinder market growth.
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).
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