Regular Bicycles - Cyprus | Statista Market Forecast

Revenue in the Regular Bicycles market in Cyprus is forecasted to reach US$4.81m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -5.92%, leading to a projected market volume of US$3.55m by 2029.
Unit sales in the Regular Bicycles market are expected to hit 13.74k bicycles in 2029.
The volume weighted average price of Regular Bicycles market in the market in 2024 is projected to be US$281.10.
Looking at in Cyprus specifically, it is evident that the most 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 Cyprus has seen a minimal decline in growth rate due to various factors such as economic instability, increasing competition, and changing consumer preferences. However, the convenience and health benefits offered by regular bicycles continue to drive demand for this market.

Customer preferences: As more people in Cyprus embrace a healthy and active lifestyle, there has been a growing demand for regular bicycles in the market. However, with the rise of e-bikes and other alternative modes of transportation, traditional bicycles are facing competition. This shift towards more technologically advanced options is driven by the younger generation's desire for convenience and efficiency, as well as the growing trend of sustainability and eco-friendliness. Additionally, the rise of cycling events and tourism in Cyprus has also contributed to the demand for regular bicycles.

Trends in the market: In Cyprus, the Regular Bicycles Market within the Bicycles Market is experiencing a surge in demand for e-bikes, with more consumers looking for eco-friendly and cost-effective transportation options. This trend is expected to continue as the government implements policies to promote cycling infrastructure and reduce carbon emissions. Furthermore, there is a growing interest in bike-sharing programs, providing potential opportunities for industry stakeholders to tap into the sharing economy. This shift towards sustainable and shared transportation is likely to have a significant impact on the overall growth and development of the Regular Bicycles Market in Cyprus.

Local special circumstances: In Cyprus, the Regular Bicycles Market within the Bicycles Market is influenced by the country's small size and limited road infrastructure, making it a popular choice for short-distance travel. Additionally, the country's warm climate and active outdoor lifestyle contribute to the demand for regular bicycles. The market is also impacted by regulations that promote sustainable transportation, leading to the popularity of eco-friendly bicycles. These unique factors differentiate the Cyprus market from others, creating a niche market for regular bicycles.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market in Cyprus is also impacted by macroeconomic factors such as consumer spending patterns, inflation rates, and government policies. The country's stable economic growth and low inflation rates have led to increased disposable income and higher consumer confidence, driving demand for bicycles. Moreover, government initiatives promoting sustainable transportation and investments in cycling infrastructure have further boosted the market. However, economic uncertainties and fluctuations in currency exchange rates may hinder market growth in the short term.

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.