Regular Bicycles - Azerbaijan | Statista Market Forecast

Revenue in the Regular Bicycles market in Azerbaijan is forecasted to reach US$55.86m by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 2.21%, leading to a projected market volume of US$62.31m by 2029.
Unit sales in the Regular Bicycles market are expected to hit 104.50k bicycles by 2029.
The volume weighted average price of Regular Bicycles market in the market is projected to be US$562.60 in 2024.
It is evident from an international standpoint that the highest revenue will be generated the United States (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 Bicycles Market in Azerbaijan is facing subdued growth due to factors such as economic instability and low consumer purchasing power. Despite this, the market is expected to experience growth in the coming years, driven by increasing awareness of health benefits and convenience of regular bicycles.

Customer preferences: With the rise of eco-consciousness and a growing awareness of the benefits of physical activity, there is a noticeable increase in demand for regular bicycles in Azerbaijan. Younger consumers, in particular, are opting for more sustainable modes of transportation and embracing a healthier lifestyle. This trend is also supported by the government's efforts to promote cycling as a means of reducing air pollution and promoting a more active population. As a result, the regular bicycles market is experiencing a steady growth, with a shift towards more lightweight and versatile models that cater to urban commuters and recreational riders alike.

Trends in the market: In Azerbaijan, the Regular Bicycles Market within the Bicycles Market is experiencing a rise in demand for electric bicycles. This trend is driven by the increasing popularity of eco-friendly transportation options and the government's efforts to promote sustainable mobility. Additionally, there is a growing interest in cycling as a form of exercise and leisure activity, leading to a rise in the sales of regular bicycles. This trend is expected to continue as consumers become more health-conscious and seek alternative modes of transportation. However, the influx of low-quality and counterfeit bicycles in the market poses a threat to the growth of the industry. Industry stakeholders must focus on quality control and consumer education to maintain the upward trajectory of the Regular Bicycles Market in Azerbaijan.

Local special circumstances: In Azerbaijan, the Regular Bicycles Market within the Bicycles Market is influenced by the country's geography, which is characterized by its diverse terrain and varying road conditions. This has led to the popularity of rugged and durable bicycles, suitable for navigating the country's rugged landscapes. Additionally, cultural factors such as the rising interest in outdoor activities and the country's growing eco-tourism industry have contributed to the demand for regular bicycles. Furthermore, the government's efforts to promote environmental sustainability and reduce traffic congestion through initiatives such as bike-sharing programs have also played a role in driving the market.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market in Azerbaijan is heavily influenced by macroeconomic factors such as economic stability, government policies, and consumer spending habits. The country's strong economic growth and increasing disposable income have led to a rise in demand for regular bicycles, as consumers are increasingly adopting healthier and more environmentally friendly modes of transportation. Additionally, government initiatives promoting cycling as a means to reduce traffic congestion and air pollution have also contributed to the growth of the market. However, the market is also impacted by global economic trends, such as fluctuations in oil prices, which can affect consumer purchasing power and demand for regular bicycles.

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.