Regular Bicycles - Mexico | Statista Market Forecast

Revenue in the Regular Bicycles market in Mexico is forecasted to reach US$569.20m in 2024.
This revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 0.99%, leading to an estimated market volume of US$597.90m by 2029.
The unit sales in the Regular Bicycles market of Mexico are projected to hit 1.33m bicycles in 2029.
The volume weighted average price of Regular Bicycles market in Mexico in 2024 is expected to be US$402.10.
Looking at the international landscape, it is evident 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 Mexico is facing minimal growth, influenced by factors such as low consumer interest, limited access to online services, and lack of awareness about digital technologies in the cycling industry.

Customer preferences: Consumers in Mexico are showing a growing interest in eco-friendly and sustainable transportation options, leading to a rise in demand for regular bicycles. This trend is fueled by a cultural emphasis on environmental consciousness and a desire for cost-effective means of transportation. Additionally, with increasing urbanization and traffic congestion, regular bicycles offer a convenient and healthy alternative for commuting.

Trends in the market: In Mexico, the Regular Bicycles Market within the Bicycles Market is experiencing a shift towards e-bikes, with an increase in sales and adoption among urban commuters. This trend is being driven by the need for sustainable transportation options and government initiatives promoting the use of electric vehicles. Additionally, the rise of bike-sharing programs in major cities is further fueling the demand for e-bikes. These developments present opportunities for industry players to tap into the growing market and expand their product offerings. However, it also poses challenges for traditional bicycle manufacturers to adapt to this evolving market and stay competitive.

Local special circumstances: In Mexico, the Regular Bicycles Market within the Bicycles Market is heavily influenced by the country's topography and climate. With a diverse landscape and varying weather conditions, the demand for different types of bicycles such as mountain bikes and beach cruisers remains high. Furthermore, the cultural significance of cycling in Mexico, as a mode of transportation and a popular recreational activity, also contributes to the market's growth. Additionally, regulatory initiatives promoting sustainable transportation and eco-tourism have further fueled the demand for regular bicycles in the country.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market in Mexico is heavily influenced by macroeconomic factors such as consumer spending, government policies, and economic stability. As the country's economy continues to grow and stabilize, there is an increased demand for affordable and sustainable transportation options. This, coupled with the rising awareness of the health benefits of cycling, is driving the growth of the Regular Bicycles Market in Mexico. Additionally, government initiatives to promote cycling as a means of reducing traffic congestion and pollution are also contributing to the market's growth. However, fluctuating currency exchange rates and trade policies may pose challenges for the market's performance in the future.

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.