Regular Bicycles - Jamaica | Statista Market Forecast

Revenue in the Regular Bicycles market in Jamaica is forecasted to reach US$5.57m by 2024.
This projection anticipates an annual growth rate (CAGR 2024-2029) of 0.82%, leading to a market volume of US$5.80m by 2029.
Unit sales in the Regular Bicycles market are expected to hit 17.76k bicycles in 2029.
The volume-weighted average price of Regular Bicycles market in Jamaica is projected to be US$264.70 in 2024.
It is evident from a global standpoint that the United States will generate the highest revenue in the market, with 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 Jamaica has been facing a negligible decline in growth rate due to factors such as low consumer awareness, limited access to digital technology, and lack of convenience in online services. Despite this, the market is expected to witness growth in the near future with the increasing popularity of cycling as a means of transportation and exercise.

Customer preferences: One notable shift in consumer preferences within the Regular Bicycles Market in Jamaica is the growing demand for eco-friendly and sustainable options. With a strong emphasis on environmental conservation and a growing awareness of the impact of traditional transportation methods, consumers are increasingly opting for regular bicycles as a means of transportation. This trend is particularly prominent among younger generations, who prioritize sustainability and environmental responsibility in their purchasing decisions. As a result, bicycle manufacturers are incorporating more sustainable materials and production methods to cater to this demand.

Trends in the market: In Jamaica, there is a noticeable increase in the demand for regular bicycles, driven by the growing popularity of eco-tourism and the emphasis on sustainable transportation. This trend is expected to continue as the government implements initiatives to promote cycling as a means of reducing carbon emissions. Additionally, there is a rising interest in electric bicycles, with more manufacturers introducing affordable options. This shift towards eco-friendly transportation has significant implications for industry stakeholders, as it presents opportunities for growth and innovation. However, it also poses challenges, such as the need for infrastructure development and addressing safety concerns on the roads.

Local special circumstances: In Jamaica, the Regular Bicycles Market within the Bicycles Market is largely influenced by the country's tropical climate and hilly terrain. These factors contribute to the demand for bicycles with durable frames and good suspension systems. Additionally, the country's strong cycling culture and government initiatives promoting eco-friendly transportation have also led to a growing market for regular bicycles. Furthermore, Jamaica's strict regulations on motorized vehicles also make regular bicycles a popular mode of transportation for locals.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market in Jamaica is strongly influenced by macroeconomic factors such as the country's economic stability, consumer disposable income, and government policies. The growth of this market is closely tied to the overall economic health of the country, as a stable economy and higher disposable income leads to increased consumer spending on bicycles. In addition, government initiatives promoting sustainable transportation and investments in infrastructure for bicycle-friendly cities are also driving the demand for regular bicycles in Jamaica. However, economic instability and high import tariffs on bicycles can hinder market growth in the country.

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.