Bicycles - Romania | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$411.50m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.86%, resulting in a projected market volume of US$451.20m by 2029.
Bicycles market unit sales are expected to reach 484.50k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$808.30.
From an international perspective it is shown that the most revenue will be generated China (US$12bn in 2024).

Definition:

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 or additionally with an assisting electrical engine. Unlike electrically powered scooters and mopeds, electrical bicycles always have pedals allowing them to be ridden with human power.

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 bicycles market covers all types of bicycles including road and racing bicycles, off-road bicycles, special purpose bicycles, electrical bicycles, hybrid bicycles, as well as bicycle supplies. However, motorcycles, scooters, mopeds, secondhand 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
Off-road bicycles such as mountain bikes and cyclocross bikes
Special purpose bicycles such as folding-, BMX-, recumbent-, cargo, and kid´s bikes
Electrical and hybrid bicycles
Bicycle supplies such as bags, locks, separate bicycle baskets
Bicycle spare parts such as bicycle tubes, bicycle tires
New bicycles, e.g., new road and racing bicycles, new off-road bicycles

Motorcycles, scooters, mopeds
Secondhand bicycles
Bike-sharing bicycles
Rented bicycles

The Bicycles Market in Romania has been experiencing slow growth, influenced by factors such as limited consumer awareness and preference for traditional transportation methods. However, the increasing popularity of electric bicycles and the government's initiatives to promote cycling as a sustainable mode of transport are expected to drive market growth in the future.

Customer preferences: As the popularity of eco-friendly and sustainable transportation options continues to rise, more and more consumers in Romania are turning to bicycles as a primary mode of transportation. This trend is driven by a growing awareness of the environmental impact of cars and a desire for a healthier and more active lifestyle. Additionally, with the rise of bike-sharing programs and a push for improved cycling infrastructure, bicycles have become a convenient and accessible option for many consumers.

Trends in the market: In Romania, the Bicycles Market is experiencing a surge in demand for electric bikes, as consumers seek eco-friendly and cost-effective transportation options. This trend is expected to continue, with the government offering subsidies for electric bikes and the development of bike-sharing programs in major cities. Additionally, there is a growing trend of using mobile apps for bike rentals and route planning, making it easier for consumers to incorporate cycling into their daily routines. These trends have significant implications for industry stakeholders, as they highlight the increasing importance of sustainability and technology in the Bicycles Market. As such, companies in this market should focus on developing innovative and environmentally-friendly products and services to stay competitive.

Local special circumstances: In Romania, the Bicycles Market is influenced by the country's geographical diversity, with mountainous regions providing opportunities for mountain biking and flat terrain for road cycling. Additionally, the cultural preference for outdoor activities and eco-friendly transportation has led to a growing demand for bicycles. The government's initiatives to promote sustainable transportation, such as bike-sharing programs, have also contributed to the market's growth. Moreover, the recent surge in e-commerce and online shopping in Romania has led to an increase in online sales of bicycles and accessories, further driving the market's expansion.

Underlying macroeconomic factors: The Bicycles Market in Romania is greatly affected by macroeconomic factors such as the country's economic growth, consumer spending, and government policies. As the economy grows, consumers have more disposable income to spend on bicycles, leading to an increase in demand. Additionally, government policies promoting environmental sustainability and the use of alternative modes of transportation, such as bicycles, can also drive market growth. However, any economic downturn or changes in consumer spending patterns can have a negative impact on the market. Furthermore, the increasing popularity of e-commerce and online sales platforms is also influencing the market, as consumers are now able to purchase bicycles online, leading to a shift in traditional retail sales.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of 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.