Bicycles - Morocco | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$20.03m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.14%, resulting in a projected market volume of US$18.91m by 2029.
Bicycles market unit sales are expected to reach 101.50k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$168.30.
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 Morocco is experiencing minimal decline in growth rate, influenced by factors such as increasing adoption of electric bicycles, rising health consciousness among consumers, and the convenience of online sales. Despite this, the market continues to see steady growth due to the high demand for both regular and electric bicycles in the country.

Customer preferences: As the trend towards sustainability and eco-consciousness continues to grow, consumers in Morocco are showing a preference for bicycles as a mode of transportation. This is further fueled by the country's increasing urbanization and traffic congestion. Additionally, the rise of fitness and outdoor activities among the younger population has also contributed to the demand for bicycles. This shift towards a more active and environmentally-friendly lifestyle is expected to drive the growth of the Bicycles Market in Morocco.

Trends in the market: In Morocco, the Bicycles Market is experiencing a surge in demand for electric bicycles, with government initiatives promoting eco-friendly transportation. Additionally, there is a growing trend of bike-sharing services in major cities, providing convenient and affordable transportation options. These trends highlight a shift towards sustainable modes of transportation and a growing awareness of the benefits of cycling. Industry stakeholders can capitalize on this trend by investing in electric bike technology and expanding bike-sharing networks, potentially leading to increased revenue and positive environmental impact.

Local special circumstances: In Morocco, the Bicycles Market is heavily influenced by the country's unique cultural and geographical factors. Cycling is deeply ingrained in Moroccan culture, with bicycles being a popular mode of transportation for daily activities. However, the market is also affected by the government's regulations on vehicle emissions, leading to a rise in demand for eco-friendly bicycles. Additionally, the country's diverse terrain and landscape make it a popular destination for biking enthusiasts, further driving the demand for high-quality bicycles.

Underlying macroeconomic factors: The Bicycles Market in Morocco is heavily influenced by macroeconomic factors such as the country's economic health, government policies, and global economic trends. The overall economic stability of Morocco plays a significant role in the growth of the Bicycles Market, as it affects consumer spending and purchasing power. Additionally, government initiatives to promote sustainable transportation and increase access to bicycles through infrastructure development and subsidies also impact the market. Furthermore, the trend towards eco-friendly and healthy lifestyles globally is driving the demand for bicycles, making Morocco a potential market for 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).

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.