Regular Bicycles - Kuwait | Statista Market Forecast

In 2024, revenue in the Regular Bicycles market in Kuwait is projected to reach US$43.95m.
This revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of -1.76%, leading to a projected market volume of US$40.21m by 2029.
Unit sales in the Regular Bicycles market in Kuwait are expected to reach 203.40k bicycles in 2029.
The volume weighted average price of Regular Bicycles market in Kuwait in 2024 is projected to be US$203.00.
It is highlighted from an international perspective that the United States will generate the most revenue in the Regular Bicycles market worldwide, 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 Kuwait has shown a negligible decline in growth rate due to factors such as economic slowdown, decrease in consumer purchasing power, and increasing competition from alternative modes of transportation. However, the market is still driven by the convenience and health benefits offered by bicycles.

Customer preferences: The Regular Bicycles Market within the Bicycles Market in Kuwait has seen a notable increase in demand for electric bicycles, as consumers are increasingly seeking eco-friendly and efficient transportation options. This trend is also influenced by the growing awareness of the benefits of cycling for both personal health and the environment. Additionally, there has been a rise in popularity of cycling as a leisure activity, driven by the desire for outdoor activities and a shift towards more active lifestyles. This has also led to an increase in demand for high-quality and durable bicycles, as consumers prioritize value and longevity in their purchases.

Trends in the market: In Kuwait, the Regular Bicycles Market within the Bicycles Market is experiencing a surge in demand for electric bicycles, driven by the country's push towards sustainability and eco-friendly transportation. This trend is expected to continue as the government plans to invest in infrastructure for cycling and promote cycling as a popular mode of transportation. Additionally, there is a growing trend of e-bike rentals and bike-sharing schemes, providing convenient and affordable options for commuters. These trends signify a shift towards a more environmentally conscious society and present opportunities for industry stakeholders to tap into this growing market.

Local special circumstances: In Kuwait, the Regular Bicycles Market within the Bicycles Market is heavily influenced by the country's hot and dry climate. This has led to a demand for bicycles with features such as larger tires for better grip on sandy terrain and water bottle holders for hydration. Additionally, Kuwait has a strong bike culture, with events and races organized regularly, driving the sales of high-end, performance bicycles. The country's strict regulations on motorized vehicles also contribute to the popularity of bicycles as a primary mode of transportation, further boosting the Regular Bicycles Market within the Bicycles Market.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market in Kuwait is influenced by macroeconomic factors such as consumer spending power, government policies, and global economic trends. With a strong economy and high consumer disposable income, there is a growing demand for regular bicycles in Kuwait. Additionally, government initiatives to promote cycling as a sustainable mode of transportation and investments in infrastructure to support cycling are driving market growth. However, fluctuations in oil prices and global economic uncertainty may impact consumer purchasing power and affect market performance.

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.