Regular Bicycles - Georgia | Statista Market Forecast

Revenue in the Regular Bicycles market in Georgia is forecasted to reach US$17.54m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 0.28%, leading to a projected market volume of US$17.79m by 2029.
Unit sales in the Regular Bicycles market are expected to hit 40.63k bicycles by 2029.
The volume-weighted average price of Regular Bicycles market in 2024 is projected to be US$447.20.
Looking at the international perspective, the United States is set to generate the highest revenue, reaching 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 Georgia is seeing minimal growth due to factors such as low consumer demand and limited availability of high-quality bicycles. Despite the convenience offered by online services, the market's growth rate remains stagnant.

Customer preferences: With the rise of environmental awareness, there is a growing trend towards eco-friendly and sustainable products in the Regular Bicycles Market within the Bicycles Market. Consumers are now seeking bikes made from recycled materials and with less carbon footprint. This shift is also driven by the increasing popularity of biking as a mode of transportation, especially in urban areas. Additionally, there is a growing demand for electric bicycles, catering to the needs of a more health-conscious and environmentally conscious consumer base.

Trends in the market: In Georgia, the Regular Bicycles Market within the Bicycles Market is experiencing a surge in demand for electric bicycles, as consumers seek more eco-friendly transportation options. This trend is expected to continue, with the government's push for sustainable mobility solutions and the increasing availability of electric bike rental services. Additionally, there is a growing trend towards customization and personalization in the Regular Bicycles Market, as consumers look for unique and tailored options. This trend presents opportunities for manufacturers to offer customizable features and for retailers to provide personalized services to cater to this demand. Overall, these trends signal a shift towards more sustainable and personalized transportation options, which could have positive implications for the industry and its stakeholders.

Local special circumstances: In Georgia, the Regular Bicycles Market is heavily influenced by the country's mountainous terrain and outdoor culture. The demand for durable and high-performance bicycles is driven by the popularity of mountain biking and adventure tourism. Additionally, the government's efforts to promote cycling as a sustainable mode of transportation have boosted the market. However, strict regulations on cycling safety and maintenance may hinder market growth.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market in Georgia is greatly impacted by macroeconomic factors such as consumer spending habits, disposable income levels, and overall economic stability. As the country continues to experience a stable economic growth, more individuals are able to afford bicycles, leading to an increase in demand for regular bicycles. Fiscal policies that promote sustainable transportation and encourage the use of bicycles also play a significant role in driving the market growth. Additionally, with the rising concern for environmental sustainability, more consumers are opting for regular bicycles as a mode of transportation, further boosting 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.