Bicycles - Southern Africa | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$79.82m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.44%, resulting in a projected market volume of US$85.73m by 2029.
Bicycles market unit sales are expected to reach 340.20k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$202.70.
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 Southern Africa is experiencing a negligible decline in growth rate. This can be attributed to various factors such as economic downturn, limited consumer spending, and competition from other modes of transportation. However, with increasing awareness of the health benefits of cycling and the convenience of online purchasing, the market is expected to see a steady growth in the near future.

Customer preferences: The Bicycles Market market is experiencing a rise in demand for electric bicycles, driven by the growing awareness of environmental sustainability and the desire for a more eco-friendly mode of transportation. Additionally, there is a trend towards more personalized and technologically advanced bicycles, with features such as GPS tracking and smartphone integration becoming increasingly popular. This shift towards greener and more high-tech options is also reflected in the use of electric bikes for commuting and leisure activities.

Trends in the market: In Southern Africa, the Bicycles Market is seeing a surge in demand for electric bicycles as consumers look for alternative modes of transportation. This trend is expected to continue as governments promote sustainable transportation options and consumers become more environmentally conscious. Additionally, there is a growing interest in bike-sharing services, with companies like Mobike and Ofo expanding their operations in the region. This trend signifies a shift towards a greener and more efficient transportation system, which could have significant implications for industry stakeholders and could potentially lead to a decrease in car sales and an increase in bike-related businesses.

Local special circumstances: In Southern Africa, the Bicycles Market is heavily influenced by the region's diverse terrain, with a mix of urban and rural areas. This has led to a demand for versatile bicycles that can be used for both commuting and leisure purposes. Additionally, cultural factors play a significant role, with cycling being a popular mode of transportation and a way to stay fit. Regulatory policies, such as import tariffs and taxes, also impact the market, making it challenging for international players to enter. Furthermore, the market is shaped by the region's economic status, with a growing middle class driving demand for premium bicycles.

Underlying macroeconomic factors: The Bicycles Market in Southern Africa is heavily influenced by macroeconomic factors such as economic growth, consumer spending, and government policies. The region's economic health, as well as global economic trends, play a significant role in shaping the demand for bicycles. Countries with stable economies and rising disposable incomes are likely to see a higher demand for bicycles, as consumers have more purchasing power. Fiscal policies, such as tax incentives and subsidies, can also impact the market by making bicycles more affordable for consumers. Additionally, the increasing focus on sustainable transportation and the promotion of cycling as a means of reducing carbon emissions are expected to drive the growth of the Bicycles Market in Southern Africa.

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.