Regular Bicycles - Iceland | Statista Market Forecast

In 2024, revenue in the Regular Bicycles market in Iceland is forecasted to reach US$18.67m.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -3.45%, leading to a projected market volume of US$15.67m by 2029.
Unit sales in the Regular Bicycles market in Iceland are expected to reach 30.99k bicycles by 2029.
The volume weighted average price of Regular Bicycles market in Iceland in 2024 is expected to be US$521.60.
It is indicated from a global perspective 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 Iceland has seen a slight decline in growth due to factors such as a limited market size, high competition, and changing consumer preferences. Despite this, the market is expected to experience steady growth due to the rising trend of sustainable transportation and government initiatives promoting cycling.

Customer preferences: The Regular Bicycles Market within the Bicycles Market in Iceland has seen a rise in demand for electric bicycles, as consumers prioritize convenience and eco-friendliness. Additionally, there has been a growing interest in bike-sharing programs, reflecting a shift towards sustainable transportation solutions. This trend is driven by a combination of cultural values, such as a focus on environmentalism, and demographic shifts, as younger generations prioritize health and sustainability.

Trends in the market: In Iceland, the Regular Bicycles Market within the Bicycles Market is experiencing a surge in demand for electric bicycles. This trend is driven by the country's push towards sustainable transportation and the availability of government subsidies. As a result, manufacturers are investing in developing advanced electric bicycles to cater to this growing demand. This trend is expected to continue in the coming years, with potential implications for industry stakeholders such as increased competition, the need for innovation, and the potential for new market entrants.

Local special circumstances: In Iceland, the Regular Bicycles Market is heavily influenced by the country's unique geography and climate. With its rugged terrain and cold weather, there is a high demand for durable and weather-resistant bicycles. Additionally, the country's strong cycling culture and emphasis on sustainability also drive the market, with many locals opting for bicycles as their main mode of transportation. Furthermore, strict regulations on car usage and efforts to reduce carbon emissions also contribute to the popularity of regular bicycles in Iceland.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market in Iceland is heavily influenced by macroeconomic factors such as the overall economic health of the country, government fiscal policies, and global economic trends. Countries with strong economic growth and stable fiscal policies are likely to see higher demand for regular bicycles due to increased disposable income and consumer spending. On the other hand, regions with economic challenges and uncertain fiscal policies may experience slower market growth. Additionally, the rising trend of sustainable and eco-friendly transportation is also contributing to the growth of the regular bicycles market in Iceland.

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.