Regular Bicycles - Slovakia | Statista Market Forecast

The revenue in the Regular Bicycles market in Slovakia is forecasted to reach US$58.56m in 2024.
This projection anticipates an annual growth rate (CAGR 2024-2029) of -2.46%, leading to a projected market volume of US$51.72m by 2029.
Unit sales in the Regular Bicycles market are expected to hit 114.40k bicycles in 2029.
The volume-weighted average price of Regular Bicycles market in Slovakia in 2024 is expected to be US$455.10.
From a global perspective, the United States is forecasted to generate the highest revenue in the market, amounting to US$7bn in 2024.
In Slovakia, the demand for regular bicycles in the market is steadily increasing, driven by 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 Slovakia is facing a negligible decline in growth due to factors such as low disposable income and competition from e-bikes. However, increasing health consciousness and convenience of online shopping are driving the market's growth.

Customer preferences: The Regular Bicycles Market within the Bicycles Market has seen a rise in demand for eco-friendly and sustainable options, as consumers become more environmentally conscious. This has led to a shift towards electric bicycles, which offer a greener mode of transportation. Additionally, there is a growing preference for customizable and personalized bicycles, as individuals look for unique and stylish options to reflect their personal tastes and lifestyles. This trend is influenced by the increasing importance placed on self-expression and individuality in Slovakian culture.

Trends in the market: In Slovakia, the Regular Bicycles Market within the Bicycles Market is experiencing a surge in demand for e-bikes, driven by the growing trend of eco-friendly transportation and the increasing availability of government subsidies for electric vehicles. This trend is expected to continue in the coming years, with the market projected to grow at a significant rate. Additionally, there is a rise in the popularity of bike-sharing programs, leading to increased sales of regular bicycles as well. This trend is significant for industry stakeholders as it presents new opportunities for growth and diversification. However, it also poses challenges in terms of infrastructure and regulations for bike-sharing programs. Overall, the current trajectory of these trends indicates a positive outlook for the Regular Bicycles Market in Slovakia and presents potential implications for industry stakeholders to capitalize on the growing demand for alternative and sustainable means of transportation.

Local special circumstances: In Slovakia, the Regular Bicycles Market is heavily influenced by the country's mountainous terrain and strong cycling culture. The demand for high-performance mountain bikes is particularly high, with many local manufacturers catering to this niche market. Additionally, the government's promotion of eco-friendly transportation options has led to an increase in the popularity of regular bicycles as a sustainable mode of transportation. This, coupled with the country's strong cycling infrastructure, has created a conducive environment for the growth of the Regular Bicycles Market in Slovakia.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market in Slovakia is influenced by macroeconomic factors such as economic stability, consumer purchasing power, and government policies. A strong and stable economy, along with favorable government policies promoting sustainable transportation, can drive the demand for regular bicycles. On the other hand, economic downturns and high unemployment rates may negatively impact consumer spending and decrease demand for regular bicycles. Additionally, investments in infrastructure and urban development can also play a role in the growth of the regular bicycles market, as well as the overall health and sustainability of the country.

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.