Bicycles - Puerto Rico | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$41.22m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.09%, resulting in a projected market volume of US$39.01m by 2029.
Bicycles market unit sales are expected to reach 110.80k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$317.10.
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 Puerto Rico has seen a slight decline in growth due to factors such as limited availability of infrastructure and low consumer awareness. However, the market is expected to pick up with increasing government initiatives and rising health consciousness among consumers. Online sales and the introduction of electric bicycles are also anticipated to drive growth in the coming years.

Customer preferences: As the popularity of eco-friendly transportation options continues to rise, consumers in Puerto Rico are increasingly turning to bicycles as a means of transportation. This shift is driven by a growing awareness of the environmental impact of traditional vehicles and a desire for a more active and sustainable lifestyle. Additionally, with the rise of bike-sharing programs and the development of bike-friendly infrastructure, bicycles are becoming a more accessible and convenient choice for commuters.

Trends in the market: In Puerto Rico, the Bicycles Market is experiencing a surge in electric bicycle sales, with consumers looking for eco-friendly and cost-effective transportation options. This trend is expected to continue, as the government has implemented policies to promote the use of electric bikes. Additionally, there is a growing interest in bike-sharing programs, with major cities like San Juan and Ponce launching initiatives to improve public transportation and reduce traffic congestion. These developments are significant for industry stakeholders, as they present opportunities for growth and innovation in the market. However, they also pose challenges in terms of infrastructure and regulations. Overall, the rise of electric bicycles and bike-sharing programs in Puerto Rico is indicative of a shift towards sustainable and efficient modes of transportation.

Local special circumstances: In Puerto Rico, the Bicycles Market is heavily influenced by the island's unique geography and cultural practices. Due to the mountainous terrain, mountain biking is a popular activity, leading to a higher demand for mountain bikes. Additionally, the island's warm climate and laid-back lifestyle make bicycles a preferred mode of transportation for locals. Furthermore, the government has implemented regulations promoting eco-friendly transportation, further driving the demand for bicycles.

Underlying macroeconomic factors: The Bicycles Market in Puerto Rico is heavily influenced by macroeconomic factors such as economic stability, consumer spending power, and government policies. The country's tourism industry and overall economic health play a significant role in the demand for bicycles. Additionally, fiscal policies that encourage the use of bicycles for transportation and leisure activities can positively impact market growth. However, fluctuations in global economic trends and currency exchange rates can also affect the affordability and availability of bicycles in Puerto Rico. Furthermore, the country's infrastructure and investment in sustainable transportation options can also impact the growth of the Bicycles Market.

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.