Regular Bicycles - Colombia | Statista Market Forecast

In 2024, revenue in the Regular Bicycles market in Colombia is forecasted to reach US$212.80m.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -0.22%, leading to a projected market volume of US$210.40m by 2029.
The unit sales of Regular Bicycles market in Colombia are expected to reach 718.30k bicycles in 2029.
The volume weighted average price of Regular Bicycles market in the Colombian market in 2024 is projected to be US$256.80.
From a global perspective, it is evident 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 Regular Bicycles market in Colombia is facing a negligible decline in growth rate due to various factors such as changing consumer preferences, increasing competition, and economic slowdown. Despite the decline, the market is expected to continue its steady growth due to the convenience and health benefits offered by bicycles.

Customer preferences: As the popularity of eco-friendly transportation options continues to rise in Colombia, there has been a noticeable increase in demand for regular bicycles. This trend is largely driven by the younger generation, who prioritize sustainability and health-conscious choices. Additionally, with the rise of urbanization and traffic congestion in major cities, more people are turning to regular bicycles as a convenient and cost-effective mode of transportation. This shift towards more sustainable and active lifestyles is also reflected in the growing number of bike-sharing programs and bike-friendly infrastructure in the country.

Trends in the market: In Colombia, the Regular Bicycles Market within the Bicycles Market is experiencing a surge in demand for electric bicycles, as consumers seek more eco-friendly and convenient transportation options. Additionally, there is a growing trend of bike-sharing services, with major cities like Bogota and Medellin implementing public bike systems. These trends signal a shift towards sustainable transportation and could have significant implications for bike manufacturers, retailers, and urban planners in the country.

Local special circumstances: In Colombia, the Regular Bicycles Market within the Bicycles Market is heavily influenced by the country's topography and climate. The hilly terrain and tropical climate make regular bicycles a popular choice for transportation and recreation. Additionally, the Colombian government has implemented initiatives to promote cycling as a sustainable and healthy mode of transportation, further driving the demand for regular bicycles in the market.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market in Colombia is greatly impacted by macroeconomic factors such as the country's economic stability, government policies, and consumer spending power. Colombia's growing economy and rising disposable income have led to an increase in demand for bicycles, including regular bicycles. Additionally, the government's initiatives to promote sustainable transportation and improve infrastructure for cyclists have also contributed to the market growth. However, the market may face challenges due to fluctuations in global economic trends and changes in fiscal policies that may impact consumer spending. Nevertheless, the increasing awareness about the health benefits of cycling and the growing trend of eco-friendly transportation are expected to continue driving the demand for regular bicycles in Colombia.

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.