Regular Bicycles - Peru | Statista Market Forecast

In 2024, revenue in the Regular Bicycles market in Peru is forecasted to reach US$7bn.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -2.10%, leading to a projected market volume of US$62.93m by 2029.
Unit sales in the Regular Bicycles market are expected to reach 220.70k bicycles in 2029.
The volume weighted average price of Regular Bicycles market in the market in 2024 is expected to be US$267.50.
It is evident from an international standpoint that the United States will generate the most revenue (US$7bn in 2024).
in Peru, located South_America, is known for its rich history and diverse culture.
The country is famous for the Inca Empire and the iconic Machu Picchu.
In recent years, in Peru has seen significant economic growth and development, with sectors like tourism and mining playing a crucial role in its economy.

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 Peru is facing a minimal decline in growth rate due to factors such as economic instability, lack of infrastructure, and increasing popularity of alternative modes of transportation. Despite this, the market is still expected to experience steady growth due to the growing health consciousness and convenience of using bicycles for daily commute.

Customer preferences: The Regular Bicycles Market in Peru has seen a rise in demand for electric bicycles, as consumers are looking for eco-friendly and cost-effective transportation options. This trend is driven by a growing awareness of environmental issues and a desire for sustainable living. Additionally, there has been a shift towards more leisurely cycling, with consumers seeking bikes that offer comfort and style rather than just functionality. This can be attributed to a growing middle class and changing lifestyle preferences.

Trends in the market: In Peru, the Regular Bicycles Market within the Bicycles Market is experiencing a surge in demand for electric bicycles, as consumers are seeking eco-friendly and cost-effective transportation options. This trend is expected to continue, with the government promoting the use of bicycles as a means to reduce traffic congestion and improve air quality. This presents opportunities for industry stakeholders to capitalize on the growing market, while also addressing sustainability concerns. Additionally, the rise of e-commerce in the country is further fueling the demand for regular bicycles, as more consumers opt for online shopping and home delivery services. Overall, these trends highlight the potential for growth and innovation in the Regular Bicycles Market in Peru.

Local special circumstances: In Peru, the Regular Bicycles Market within the Bicycles Market is heavily influenced by the country's diverse geography, ranging from the Andes mountains to the Amazon rainforest. This has led to the development of specialized bicycles for various terrains, such as mountain bikes for rugged terrain and city bikes for urban areas. Additionally, Peru's strong cycling culture and government support for cycling infrastructure have contributed to the growth of the Regular Bicycles Market. However, regulatory barriers, such as high import tariffs on bicycles, have also posed challenges for market players.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market in Peru is heavily impacted by macroeconomic factors such as consumer spending, government policies, and economic stability. With a growing middle class and increasing disposable income, there is a growing demand for affordable and environmentally-friendly transportation options, driving the growth of the Regular Bicycles Market. Additionally, government initiatives promoting sustainable modes of transportation and reducing carbon emissions are further boosting the market. However, economic instability and fluctuations in currency exchange rates can hinder market growth and affect consumer purchasing power.

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.