Regular Bicycles - LATAM | Statista Market Forecast

Revenue in the Regular Bicycles market in LATAM is forecasted to reach US$2.30bn by 2024.
This projection anticipates an annual growth rate (CAGR 2024-2029) of 0.23%, leading to a market volume of US$2.33bn by 2029.
Unit sales in the Regular Bicycles market are expected to hit 6.78m bicycles in 2029.
The volume weighted average price of Regular Bicycles market in the market is estimated to be US$306.70 in 2024.
Internationally, the United States is poised to generate the highest revenue in the market, reaching 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 LATAM has been facing a decline in growth rate due to factors such as changing consumer preferences, increasing competition from electric bikes, and the impact of COVID-19 on the economy. Despite this, the market still holds potential for growth with the increasing popularity of cycling as a means of transportation and fitness.

Customer preferences: The Regular Bicycles Market within the Bicycles Market in LATAM is witnessing a rise in demand for eco-friendly and sustainable options. With a growing awareness of the environmental impact of transportation, consumers are opting for regular bicycles as a means of transportation. This trend is also driven by a cultural shift towards healthier and more active lifestyles, as well as a desire for cost-effective transportation options. As a result, electric and hybrid regular bicycles are gaining popularity in the region.

Trends in the market: In the LATAM region, the Regular Bicycles Market within the Bicycles Market is experiencing a rise in demand for electric bicycles, driven by increasing concerns about pollution and a desire for more sustainable transportation options. This trend is expected to continue, with governments implementing policies and incentives to promote the use of electric bicycles. This shift towards eco-friendly transportation has implications for all stakeholders, as it presents opportunities for manufacturers to innovate and tap into a growing market, while also addressing environmental concerns.

Local special circumstances: In Latin America, the Regular Bicycles Market is heavily influenced by local infrastructure and cultural preferences. In countries like Colombia and Mexico, where cities are heavily congested, there is a growing demand for bicycles as a mode of transportation. In contrast, in countries like Brazil and Argentina, where cycling is seen as a recreational activity, the market is driven by the demand for high-end, specialized bicycles. Additionally, government initiatives promoting cycling as a sustainable mode of transport have also played a significant role in shaping the Regular Bicycles Market in LATAM.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market is also influenced by macroeconomic factors such as disposable income, consumer spending patterns, and government policies. Countries with strong economic growth and increasing disposable income levels are expected to witness higher demand for regular bicycles, as they are considered a cost-effective mode of transportation. Furthermore, government initiatives promoting sustainable transportation and reducing carbon emissions are expected to drive the market growth in the coming years. However, economic downturns and fluctuations in currency exchange rates may hinder market growth in some regions.

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.