Regular Bicycles - Armenia | Statista Market Forecast

The Regular Bicycles market in Armenia is projected to reach US$16.13m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.20%, leading to a projected market volume of US$17.12m by 2029.
Unit sales in the Regular Bicycles market are expected to reach 32.78k bicycles by 2029.
The volume-weighted average price of Regular Bicycles market in 2024 is expected to be US$506.60.
Looking at the international perspective, the United States is poised to generate the most revenue in the Regular Bicycles market with US$7bn in 2024.

Definition:

Regular 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 without any electrically powered motors.

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 regular bicycles market covers all types of bicycles including road and racing bicycles, off-road bicycles, and special purpose bicycles. However, motorcycles, scooters, mopeds, secondhand bicycles, electric 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

Motorcycles, scooters, mopeds, electric bicycles
Secondhand bicycles
Bike-sharing bicycles
Rented bicycles

The Regular Bicycles Market in Armenia has seen slow growth due to factors such as limited consumer awareness and a lack of infrastructure for cycling. Despite this, the market is slowly expanding as more people turn to biking for transportation and leisure.

Customer preferences: As more Armenians prioritize health and sustainability, there has been a rise in demand for regular bicycles as a mode of transportation and exercise. This trend is also influenced by the growing popularity of eco-friendly lifestyles and the government's efforts to promote cycling infrastructure. Additionally, the younger generation is increasingly adopting cycling as a means of reducing carbon footprint and promoting a healthier lifestyle. This has led to a surge in sales of regular bicycles and a shift towards more eco-friendly and active transportation options.

Trends in the market: In Armenia, the Regular Bicycles Market within the Bicycles Market is seeing a shift towards electric bicycles, with more consumers opting for eco-friendly and efficient transportation options. This trend is expected to continue as the government encourages the use of electric vehicles to reduce air pollution. Additionally, there is a growing demand for bike-sharing services, providing convenient and affordable transportation in urban areas. These trends present opportunities for industry stakeholders to tap into the growing demand for sustainable transportation solutions.

Local special circumstances: In Armenia, the Regular Bicycles Market within the Bicycles Market is influenced by the country's mountainous terrain and the culture of cycling as a popular mode of transportation. The government has also implemented policies to promote cycling as a sustainable form of transportation, leading to an increase in demand for regular bicycles. Additionally, the country's economic growth and rising disposable income have contributed to a growing market for higher-end regular bicycles.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market in Armenia is greatly affected by macroeconomic factors such as economic stability, consumer spending, and government policies. A strong economy with low inflation and stable currency exchange rates can boost consumer confidence and encourage spending on leisure activities like cycling. On the other hand, economic downturns and high inflation rates may lead to a decrease in disposable income and a decline in demand for regular bicycles. Additionally, government initiatives to promote sustainable transportation and investment in infrastructure for cycling can also positively impact the market. However, factors such as high import tariffs and taxes on bicycles may pose challenges for the growth of the market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of regular 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.