Regular Bicycles - Iraq | Statista Market Forecast

In 2024, revenue in the Regular Bicycles market in Iraq is forecasted to reach US$55.71m.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -0.84%, leading to a projected market volume of US$53.41m by 2029.
The unit sales in the Regular Bicycles market are expected to reach 304.00k bicycles in 2029.
The volume weighted average price of Regular Bicycles market in the market in 2024 is expected to be US$174.60.
It is observed 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 Iraq has been experiencing a negligible decline in growth rate, influenced by factors such as economic instability, limited infrastructure, and lack of government support. Despite these challenges, the market continues to offer convenience and affordability to consumers, driving its growth.

Customer preferences: The demand for eco-friendly and sustainable transportation options has led to a growing interest in regular bicycles in Iraq. As consumers become more conscious of their environmental impact, they are increasingly turning to bicycles as a mode of transportation. Additionally, there has been a shift towards healthier lifestyles, with cycling being seen as a convenient and cost-effective way to incorporate physical activity into daily routines. This trend is expected to continue as the government invests in infrastructure and promotes cycling as a viable transportation option.

Trends in the market: In Iraq, the Regular Bicycles Market within the Bicycles Market is experiencing a shift towards more eco-friendly and sustainable options. This trend is driven by increasing awareness of environmental issues and government initiatives promoting cycling as a means of transportation. Additionally, there is a growing demand for electric bicycles, which offer a greener alternative to traditional gasoline-powered vehicles. These trends are significant for industry stakeholders, as they present opportunities for growth and innovation. However, they may also bring challenges, such as the need for investment in infrastructure and addressing cultural barriers to cycling. Overall, the trajectory of these trends suggests a promising future for the Regular Bicycles Market in Iraq.

Local special circumstances: In Iraq, the Regular Bicycles Market is influenced by the country's challenging terrain and limited infrastructure, with many roads and pathways being unpaved. This presents a unique opportunity for durable, all-terrain bicycles to cater to the local population's transportation needs. Additionally, cultural factors such as a strong cycling culture and government initiatives promoting cycling as a sustainable mode of transportation also contribute to the growth of the Regular Bicycles Market in Iraq. Furthermore, regulatory circumstances, such as import restrictions on motorized vehicles, also drive the demand for regular bicycles in the country.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market is affected by macroeconomic factors such as consumer spending, inflation rates, and interest rates. In countries with stable economies and strong consumer spending, there is a higher demand for regular bicycles, as they are seen as a cost-effective and environmentally-friendly mode of transportation. On the other hand, countries with high inflation rates and interest rates may see a decrease in demand for regular bicycles, as consumers prioritize essential purchases over luxury items. Additionally, government policies such as subsidies for electric bicycles and tax incentives for bike commuters can also impact the market for regular bicycles.

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.