Regular Bicycles - Malta | Statista Market Forecast

In 2024, revenue in the Regular Bicycles market in Malta is forecasted to reach US$3.69m.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -4.09%, leading to a projected market volume of US$3.00m by 2029.
Unit sales in the Regular Bicycles market in Malta are expected to reach 8.92k bicycles by 2029.
The volume weighted average price of Regular Bicycles market in Malta in 2024 is projected to be US$341.50.
It is indicated from an international perspective that the highest revenue will be generated the United States, 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 Malta has seen moderate growth, driven by factors such as consumer preference for traditional bicycles and the minimal decline in the overall Bicycles Market. This can be attributed to the cultural significance of cycling in Malta and the country's relatively small size, making it convenient for people to use bicycles as a mode of transportation. However, the market's growth rate is impacted by the lack of innovation and limited product offerings, hindering its potential for further expansion.

Customer preferences: Consumers in Malta are increasingly opting for regular bicycles as a sustainable and cost-effective mode of transportation. This trend is driven by a growing awareness of environmental issues and a desire to lead a healthier lifestyle. Additionally, the rise of bike-sharing programs and dedicated bike lanes in urban areas has made cycling more convenient and appealing to consumers. Furthermore, the popularity of cycling as a recreational activity has also contributed to the growth of the regular bicycles market in Malta.

Trends in the market: In Malta, the Regular Bicycles Market within the Bicycles Market is experiencing a surge in demand for electric bicycles. This trend is driven by the government's efforts to promote sustainable transportation and reduce carbon emissions. With the rise of eco-tourism and the increasing popularity of cycling as a leisure activity, the demand for regular bicycles is expected to continue its upward trajectory. This presents opportunities for industry stakeholders to tap into the growing market and offer innovative products and services, such as electric bike rentals and guided cycling tours. Additionally, the shift towards e-bikes has implications for the traditional bicycle market, with potential challenges for manufacturers and retailers to adapt to changing consumer preferences.

Local special circumstances: In Malta, the Regular Bicycles Market within the Bicycles Market is influenced by the country's small size and limited road infrastructure. This has led to a growing demand for compact and lightweight bicycles suitable for urban commuting. Additionally, the country's strong cycling culture and government initiatives promoting sustainable transportation have further boosted the market. These factors have also led to the popularity of electric bicycles, which offer a convenient and eco-friendly mode of transportation in Malta's densely populated cities.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market in Malta is affected by macroeconomic factors such as consumer spending, employment rates, and government policies. Countries with stable economies and high levels of disposable income tend to have a higher demand for regular bicycles, as they are seen as a cost-effective mode of transportation. Additionally, government initiatives promoting eco-friendly transportation options and investments in cycling infrastructure can also drive market growth. Conversely, economic downturns and high unemployment rates may lead to a decline in the demand 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.