Bicycles - New Zealand

New Zealand

Revenue in the Bicycles market is projected to reach US$153.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.04%, resulting in a projected market volume of US$145.30m by 2029.
Bicycles market unit sales are expected to reach 189.50k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$0.69k.
From an international perspective it is shown that the most revenue will be generated in China (US$12,370m in 2024).

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Analyst Opinion

The Bicycles market in New Zealand has been experiencing minimal decline in growth rate due to various factors, such as increasing adoption of electric technologies, rising environmental awareness among consumers, and the convenience of online bike services. Despite the decline, the market is expected to continue growing due to the demand for sustainable transportation options.

Customer preferences: The Bicycles Market in New Zealand has seen a significant increase in demand for e-bikes, as consumers look for sustainable and convenient transportation options. This trend is driven by a growing awareness of environmental concerns and a desire for healthier lifestyles. Additionally, the rise of urbanization and increasing traffic congestion has also contributed to the popularity of e-bikes as a practical mode of transportation. As a result, the market has seen a shift towards more technologically advanced and efficient e-bike models, such as those with longer battery life and smart features.

Trends in the market: In New Zealand, the Bicycles Market is experiencing a surge in demand for electric bikes, with sales increasing by 67% in 2020. This trend is expected to continue, driven by the government's push for sustainable transportation options and the growing interest in outdoor activities due to the pandemic. The rise of e-bikes also presents opportunities for bike-sharing and rental services. Additionally, there is a growing trend of using cycling as a mode of transportation, leading to the development of more bike-friendly infrastructure. This shift towards sustainable and active transportation has the potential to reduce traffic congestion and carbon emissions, making it a significant trend for both industry stakeholders and the environment.

Local special circumstances: In New Zealand, the Bicycles Market is heavily influenced by the country's geography and its strong cycling culture. With its diverse terrain and scenic landscapes, cycling is a popular recreational activity in New Zealand. Moreover, the government has implemented policies to promote cycling as a sustainable mode of transportation, leading to a high demand for bicycles. Additionally, the country's strict environmental regulations have also contributed to the growth of the Bicycles Market, with consumers opting for eco-friendly and sustainable transportation options.

Underlying macroeconomic factors: The Bicycles Market in New Zealand is greatly impacted by macroeconomic factors such as consumer spending, interest rates, and inflation. As the country experiences economic growth and a stable job market, consumers have more disposable income to spend on bicycles. Furthermore, government initiatives promoting sustainability and healthy lifestyles have also contributed to the growth of the market. However, fluctuations in global economic conditions and trade policies may affect the availability and cost of materials used in bicycle production, ultimately impacting the performance of the market. Additionally, changes in fiscal policies and tax laws can also influence consumer behavior and purchasing power, thus affecting the demand for bicycles in the country.

Methodology

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. The scenario analysis is based on a Monte Carlo simulation approach generating a range of possible outcomes by creating random variations in forecasted data points, based on assumptions about potential fluctuations in future values. By running numerous simulated scenarios, the model provides an estimated distribution of results, allowing for an analysis of likely ranges and confidence intervals around the forecast.

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).