Regular Bicycles - Cuba | Statista Market Forecast

The revenue in the Regular Bicycles market in Cuba is forecasted to reach US$24.17m in 2024.
This represents an expected annual growth rate (CAGR 2024-2029) of -0.48%, leading to a projected market volume of US$23.60m by 2029.
The unit sales in the Regular Bicycles market are anticipated to reach 87.27k bicycles in 2029.
The volume weighted average price of Regular Bicycles market in Cuba in 2024 is expected to be US$233.00.
When considering the international scenario, it is evident that the highest revenue will be generated the United States, amounting to 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 Cuba is facing a negligible decline in its growth rate due to factors such as limited availability of resources and low consumer purchasing power. Despite this, the market is still driven by the convenience and affordability of traditional bicycles.

Customer preferences: There has been a notable increase in demand for regular bicycles in Cuba, as consumers are increasingly opting for environmentally-friendly and cost-effective transportation options. This trend is also influenced by the country's shift towards sustainable living and a growing interest in outdoor activities. Additionally, with the rise of digital platforms and e-commerce, consumers are now able to easily access and purchase regular bicycles online, further contributing to the growth of the market.

Trends in the market: In Cuba, the Regular Bicycles Market within the Bicycles Market is experiencing a surge in demand as people turn to bicycles as a more affordable mode of transportation. This trend is significant as it reflects the economic challenges facing the country and the potential shift towards a more sustainable lifestyle. Additionally, with the recent increase in tourism, there is a growing market for rental bicycles, providing opportunities for industry stakeholders to tap into this market. This trend is expected to continue as Cuba opens up to more international visitors, creating potential for growth and investment in the Regular Bicycles Market.

Local special circumstances: In Cuba, the Regular Bicycles Market within the Bicycles Market is shaped by its unique economic and political circumstances. With limited access to imported goods, the country has a thriving market for locally-made bicycles. The demand for affordable transportation options has also led to the popularity of regular bicycles among the working class. Additionally, the government's focus on promoting sustainable and eco-friendly modes of transportation has further boosted the market for regular bicycles in Cuba.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market is greatly impacted by macroeconomic factors such as consumer spending power, trade policies, and infrastructure development in Cuba. With the recent economic reforms in Cuba, there has been a rise in disposable income and purchasing power, leading to increased demand for regular bicycles. Additionally, the government's focus on promoting tourism and improving transportation infrastructure has also contributed to the growth of the regular bicycles market in Cuba. However, the market may face challenges due to trade policies and restrictions on imports, which can limit the availability of bicycles and impact market growth.

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.