Bicycles - Slovakia | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$137.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.48%, resulting in a projected market volume of US$148.10m by 2029.
Bicycles market unit sales are expected to reach 167.70k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$799.50.
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 Slovakia is experiencing slow growth due to factors such as limited adoption of electric bikes, low consumer awareness, and lack of convenience in purchasing. The overall market is impacted by the stagnant growth of the sub-markets, leading to a negligible growth rate.

Customer preferences: As the cycling culture grows in Slovakia, there has been a noticeable increase in demand for electric bicycles. This trend is driven by a growing concern for the environment and a desire for convenient and sustainable transportation options. Additionally, the rise in popularity of e-bikes can be attributed to an aging population seeking alternative modes of transportation that are easier on the joints. This shift towards electric bicycles highlights a shift towards more eco-friendly and accessible forms of transportation in the country.

Trends in the market: In Slovakia, the Bicycles Market is experiencing a surge in demand for electric bicycles, with more consumers seeking eco-friendly and cost-effective transportation options. This trend is expected to continue as the government invests in improving cycling infrastructure and promotes cycling as a healthy and sustainable mode of transport. Additionally, the rise of e-commerce has led to an increase in online sales of bicycles and accessories. This presents opportunities for industry stakeholders to tap into the growing online market and offer innovative products and services to meet evolving consumer needs.

Local special circumstances: In Slovakia, the Bicycles Market is heavily influenced by the country's geographical landscape, with its mountainous terrain and numerous biking trails attracting both locals and tourists. The country also has a strong cycling culture, with many cities implementing bike-friendly infrastructure and hosting annual cycling events. Additionally, government initiatives promoting sustainable transportation have led to an increase in the use of bicycles for daily commuting. Furthermore, the growing popularity of e-bikes in Slovakia has contributed to the market's growth, with many consumers seeking convenient and eco-friendly transportation options.

Underlying macroeconomic factors: The Bicycles Market in Slovakia is also impacted by macroeconomic factors such as consumer spending power, government policies on transportation and sustainability, and international trade agreements. A growing trend towards eco-friendly modes of transportation and increasing disposable income in the country are driving the demand for bicycles. Additionally, government initiatives such as subsidies for electric bicycles and investments in infrastructure for cycling are expected to further boost market growth. Furthermore, international trade agreements, such as the EU's Single Market, have made it easier for bicycle manufacturers to export their products to Slovakia, contributing to the overall market performance.

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.