Bicycles - Peru | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$74.55m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.16%, resulting in a projected market volume of US$70.33m by 2029.
Bicycles market unit sales are expected to reach 225.90k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$281.40.
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 Peru has been experiencing slight decline in growth rate, due to various factors such as economic instability, limited infrastructure for cycling, and increasing competition from other modes of transportation. However, the market is still driven by factors such as rising health consciousness among consumers and the convenience of online sales.

Customer preferences: With the rise of eco-consciousness and the increasing popularity of sustainable transportation options, there has been a noticeable shift towards electric bicycles in Peru. This trend is driven by the country's efforts to reduce carbon emissions and alleviate traffic congestion in urban areas. Furthermore, the convenience and cost-effectiveness of electric bikes compared to traditional modes of transportation have also contributed to their growing demand among consumers. This shift towards electric bicycles is expected to continue as more Peruvians prioritize environmentally-friendly and efficient modes of transportation.

Trends in the market: In Peru, the Bicycles Market is experiencing a surge in demand for electric bicycles, with more consumers opting for eco-friendly transportation options. Additionally, there is a growing trend of using bike-sharing services in major cities, providing convenient and affordable transportation solutions. These trends reflect a shift towards sustainable and efficient modes of transportation, highlighting the increasing importance of environmental consciousness in the market. Industry stakeholders should take note of these trends and consider investing in innovative and sustainable bicycle technology to stay competitive in the market.

Local special circumstances: In Peru, the Bicycles Market is heavily influenced by the country's diverse topography, with its varying terrains and altitudes. This has led to the development of specialized bicycles for different regions, such as mountain bikes for the Andes and city bikes for urban areas. Additionally, the Peruvian culture values physical activity and outdoor recreation, making bicycles a popular mode of transportation and leisure activity. The government has also implemented initiatives to promote cycling, such as building bike lanes and organizing cycling events. These factors contribute to the unique dynamics of the Bicycles Market in Peru, setting it apart from other markets.

Underlying macroeconomic factors: The Bicycles Market in Peru is heavily influenced by macroeconomic factors such as national economic health and fiscal policies. Peru's strong economic growth and stable inflation rate have contributed to the increasing demand for bicycles, as consumers have more disposable income to spend on leisure activities. Additionally, the government's investment in infrastructure development, including the expansion of bike lanes and cycling infrastructure, has also boosted the market for bicycles in the country. However, challenges such as high import tariffs and limited access to credit for small businesses in the market may hinder its growth potential. Furthermore, global economic trends, such as increasing awareness of sustainable transportation and the rise of e-commerce, are also expected to impact the Bicycles Market in Peru.

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.