Regular Bicycles - Guatemala | Statista Market Forecast

In 2024, revenue in the Regular Bicycles market in Guatemala is forecasted to reach US$27.13m.
This revenue is projected to exhibit an annual growth rate (CAGR 2024-2029) of 0.55%, leading to an estimated market volume of US$27.88m by 2029.
The unit sales in the Regular Bicycles market of Guatemala are expected to hit 92.46k bicycles by 2029.
The volume weighted average price of Regular Bicycles market in the Guatemalan market in 2024 is anticipated to be US$249.60.
It is evident from an international standpoint that the United States will generate the highest revenue in the Regular Bicycles market, 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 Guatemala has seen a slight decline in growth, impacted by factors such as low disposable income and limited infrastructure for cycling. Despite this, the market continues to grow moderately due to increasing health consciousness and the convenience of online shopping for bicycles.

Customer preferences: As the popularity of eco-friendly transportation options continues to rise, the Regular Bicycles Market within the Bicycles Market has seen a significant increase in demand. This trend is driven by the growing awareness and appreciation for sustainable living among consumers in Guatemala. Additionally, the rise in health and fitness consciousness has led to an increased demand for regular bicycles as a means of exercise and physical activity. This shift towards a more active lifestyle is also influenced by the cultural value placed on outdoor activities and the desire for a healthier, more balanced lifestyle.

Trends in the market: In Guatemala, the Regular Bicycles Market within the Bicycles Market is experiencing a surge in demand for eco-friendly and affordable transportation options. As a result, there is a growing trend of using electric bicycles, which offer a greener alternative to traditional modes of transportation. Additionally, there is a rise in the popularity of bike-sharing programs, providing easy access to bicycles for short-term use. These trends indicate a shift towards sustainable and cost-effective transportation solutions, which could have significant implications for industry stakeholders, such as increased competition and the need for innovation in the development of more eco-friendly bicycles.

Local special circumstances: In Guatemala, the Regular Bicycles Market within the Bicycles Market is influenced by the country's mountainous terrain and cultural preference for outdoor activities. This has led to a demand for durable and versatile bicycles that can handle rough terrain. Additionally, government initiatives promoting cycling as a sustainable mode of transportation have further boosted the market. However, limited infrastructure and safety concerns have hindered the growth of the market.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market in Guatemala is influenced by macroeconomic factors such as the country's economic stability, government policies, and global economic trends. Countries with strong economic growth and stable political environments are expected to have higher demand for regular bicycles, as consumers have higher disposable incomes and are more likely to invest in leisure activities. Additionally, investments in infrastructure development, such as bike lanes and cycling-friendly cities, can also drive the growth of the Regular Bicycles Market in Guatemala. The increasing awareness of the health benefits of cycling and the rising popularity of eco-friendly transportation options also contribute to the market growth. However, factors such as high import duties and limited disposable income in some regions may hinder the growth of the Regular Bicycles Market in Guatemala.

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.