Regular Bicycles - Uruguay | Statista Market Forecast

In 2024, revenue in the Regular Bicycles market in Uruguay is forecasted to achieve US$32.26m.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.03%, leading to a projected market volume of US$33.96m by 2029.
Unit sales in the Regular Bicycles market are expected to reach 76.52k bicycles in 2029.
The volume weighted average price of Regular Bicycles market in 2024 is projected to be US$369.60.
It is evident from an international standpoint that the United States will generate the most revenue (US$7bn in 2024).
Uruguay is a country located South_America, known for its beautiful beaches and rich cultural heritage.
In Uruguay, the demand for Regular Bicycles in the market is steadily increasing due to a growing interest in outdoor activities.

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 Uruguay has seen a decrease in growth rate due to factors such as limited consumer awareness and preference for traditional bicycles. Despite this, the market is expected to see steady growth in the coming years thanks to the convenience and eco-friendliness of regular bicycles.

Customer preferences: There has been a growing trend towards eco-friendly and sustainable transportation options in Uruguay, leading to an increased demand for regular bicycles. This can be attributed to the country's strong emphasis on environmental conservation and the rising popularity of cycling as a form of exercise and leisure activity. Additionally, with the rise of remote work and flexible schedules, more individuals are opting for bicycles as a means of transportation, further driving the growth of the regular bicycles market.

Trends in the market: In Uruguay, the Regular Bicycles Market is experiencing a surge in demand due to the increasing popularity of eco-friendly transportation options. This trend is expected to continue as the government promotes sustainable mobility and invests in bicycle infrastructure. Furthermore, with the rise of health and wellness awareness, there is a growing trend of using regular bicycles for exercise and recreation purposes. This presents opportunities for industry stakeholders to tap into this market and offer innovative solutions such as electric-assisted bicycles. Additionally, the shift towards online retail and e-commerce platforms is also impacting the Regular Bicycles Market, with a rise in online sales and rental services. These trends highlight the potential for growth and innovation in the Regular Bicycles Market in Uruguay.

Local special circumstances: In Uruguay, the Regular Bicycles Market within the Bicycles Market is influenced by the country's strong cycling culture and government initiatives promoting sustainable transportation. Additionally, the market is impacted by the country's small size and flat terrain, making bicycles a practical mode of transportation. Furthermore, Uruguay has a low import tariff on bicycles, making them more affordable for consumers. These unique factors contribute to the growth and popularity of the Regular Bicycles Market in Uruguay.

Underlying macroeconomic factors: The regular bicycles market in Uruguay is heavily influenced by macroeconomic factors such as economic stability, consumer spending power, and government policies. With a stable economy and a growing middle class, there is a high demand for bicycles as an affordable mode of transportation. Additionally, favorable government policies promoting sustainable transportation and investments in cycling infrastructure have further boosted the market. However, fluctuations in exchange rates and import tariffs can impact the cost of bicycles, affecting consumer purchasing behavior. Furthermore, the increasing trend towards healthy and eco-friendly lifestyles has also contributed to the growth of the regular bicycles market in Uruguay.

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.