Bicycles - Panama | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$29.84m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.22%, resulting in a projected market volume of US$28.07m by 2029.
Bicycles market unit sales are expected to reach 73.14k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$347.90.
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 Panama is experiencing a slight decline in growth rate, influenced by factors such as low consumer awareness and limited access to online services. However, the market is expected to see growth in the future due to increasing adoption of electric bicycles and rising health consciousness among consumers.

Customer preferences: As more and more people in Panama turn towards sustainable and eco-friendly transportation options, the demand for electric bicycles has seen a significant increase. This trend is driven by a growing concern for the environment and a desire for more efficient and cost-effective modes of transportation. Additionally, the rise in popularity of cycling as a recreational activity has also contributed to the growth of the Bicycles Market market in Panama.

Trends in the market: In Panama, the Bicycles Market is seeing a surge in demand for electric bicycles, as consumers seek eco-friendly and cost-effective transportation options. This trend is expected to continue, with the government implementing policies to promote the use of electric bikes. Additionally, there is a growing interest in bike-sharing programs, with companies such as Mobike and Lime expanding their operations in the country. These developments have significant implications for the industry, as manufacturers and retailers focus on producing and selling electric bikes and supporting infrastructure. It also presents opportunities for stakeholders to invest in bike-sharing companies and capitalize on the growing trend.

Local special circumstances: In Panama, the Bicycles Market is thriving due to the country's unique geographical landscape. With its diverse terrain, from mountains to beaches, bicycles are not only used for transportation but also for leisure activities. Additionally, Panama has a strong cycling culture, with events and races regularly held throughout the country. This, combined with the government's efforts to promote eco-friendly transportation, has led to a growing demand for bicycles. Furthermore, Panama's favorable tax policies for importing bicycles make it a popular destination for international bicycle brands, contributing to the market's growth.

Underlying macroeconomic factors: The Bicycles Market in Panama is also significantly impacted by macroeconomic factors such as the country's economic stability, government policies promoting sustainable transportation, and the overall global trend towards environmentally friendly modes of transportation. Furthermore, the increasing urbanization and rising middle class in Panama have led to a higher demand for bicycles as a cost-effective and convenient means of transportation. Additionally, the promotion of tourism and the development of cycling infrastructure in the country have also contributed to the growth of the Bicycles Market in Panama.

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.