Regular Bicycles - Panama | Statista Market Forecast

In 2024, revenue in the Regular Bicycles market in Panama is forecasted to reach US$26.48m.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -3.46%, leading to a projected market volume of US$22.20m by 2029.
By 2029, unit sales in the Regular Bicycles market of Panama are expected to reach 69.48k bicycles.
The volume weighted average price of Regular Bicycles market in Panama in 2024 is expected to be US$316.50.
From an international perspective, it is evident that the United States will generate the most revenue (US$7bn in 2024).
In Panama, the demand for Regular Bicycles in the market is steadily increasing due to a growing interest in eco-friendly transportation options.

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 Panama has seen a minimal decline in growth due to various factors such as economic instability and competition from alternative modes of transportation. Despite this, the market continues to grow as consumers seek affordable and sustainable options for commuting and leisure.

Customer preferences: There has been a growing interest in eco-friendly and sustainable transportation options in Panama, leading to a rise in demand for regular bicycles. This trend is driven by a combination of factors, including a cultural appreciation for nature and a desire for cost-effective means of transportation. Additionally, with the rise of health and wellness consciousness, regular bicycles are seen as a way to incorporate physical activity into daily routines.

Trends in the market: In Panama, the Regular Bicycles Market within the Bicycles Market is experiencing a surge in demand for e-bikes, as consumers seek more sustainable and efficient modes of transportation. This trend is expected to continue, with the government promoting the use of bicycles and implementing policies to improve bike infrastructure. This presents opportunities for industry stakeholders to tap into this growing market and develop innovative products and services. Additionally, the rise of bike-sharing programs in urban areas is also contributing to the growth of the Regular Bicycles Market, providing convenient and affordable options for commuters.

Local special circumstances: In Panama, the Regular Bicycles Market within the Bicycles Market is heavily influenced by the country's unique geography and culture. With its tropical climate and diverse terrain, Panama offers a wide range of cycling opportunities, from mountain biking to leisurely rides along the coastline. Additionally, the government's focus on promoting eco-tourism has led to an increase in demand for bicycles as a means of transportation. This has created a thriving market for regular bicycles, catering to both locals and tourists alike.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market in Panama is impacted by various macroeconomic factors. Global economic trends, such as the rise in demand for sustainable and eco-friendly transportation options, are driving the growth of the market. Additionally, the national economic health of Panama, with a stable GDP growth rate and increasing disposable income, is positively influencing the market. Fiscal policies, such as tax incentives for bicycle purchases, are also contributing to the growth of the market. Moreover, the government's investment in infrastructure developments, including bike lanes and cycling-friendly cities, is further boosting the demand for regular bicycles in the country. These factors, along with the growing health and wellness trend, are expected to continue driving the growth of the Regular Bicycles Market in Panama.

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.