Bicycles - Sweden

Sweden

Revenue in the Bicycles market is projected to reach US$720.70m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.08%, resulting in a projected market volume of US$923.40m by 2029.
Bicycles market unit sales are expected to reach 871.60k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$0.96k.
From an international perspective it is shown that the most revenue will be generated in China (US$12,370m in 2024).

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Analyst Opinion

The Bicycles Market in Sweden has seen moderate growth due to factors such as increasing demand for eco-friendly transportation, rising health consciousness, and convenience of online shopping. However, the market's growth rate is subdued due to factors like limited infrastructure and high cost of electric bicycles.

Customer preferences: As sustainability becomes a growing concern among consumers in Sweden, there has been a noticeable shift towards eco-friendly and sustainable bicycles. This trend is fueled by a cultural emphasis on environmental responsibility and a desire to reduce carbon emissions. Additionally, the rise of urbanization and increasing traffic congestion has resulted in a greater demand for convenient and efficient modes of transportation, making bicycles a popular choice among city dwellers. This shift towards sustainable and convenient transportation options is expected to continue driving growth in the Bicycles Market.

Trends in the market: In Sweden, the Bicycles Market is experiencing a surge in demand for electric bicycles, as consumers prioritize eco-friendly and cost-efficient transportation options. This trend is expected to continue, with the government's initiatives to promote cycling and reduce carbon emissions. Additionally, the market is witnessing a rise in the use of smart technology, such as e-bike sharing systems and cycling apps, providing convenience and enhancing the overall cycling experience. These developments present opportunities for industry stakeholders to tap into the growing market and cater to the evolving needs of consumers.

Local special circumstances: In Sweden, the Bicycles Market is heavily influenced by the country's strong cycling culture and its commitment to sustainability. The government's investment in bicycle infrastructure and policies promoting cycling as a means of transportation have contributed to the market's growth. Additionally, the country's vast network of scenic cycling routes and its emphasis on outdoor activities have created a demand for high-quality and specialized bicycles. Furthermore, Sweden's strict environmental regulations have led to a rise in eco-friendly and electric bicycles, catering to the environmentally conscious consumer base.

Underlying macroeconomic factors: The Bicycles Market in Sweden is impacted by macroeconomic factors such as consumer spending, economic growth, and government policies. The country's strong economy, high disposable income, and favorable government initiatives promoting cycling as a sustainable mode of transportation have contributed to the growth of the market. Additionally, the increasing trend towards healthy and eco-friendly lifestyles has also driven the demand for bicycles in the country, further propelling market growth. Furthermore, the presence of established bicycle manufacturers and a well-developed cycling infrastructure have also positively influenced the market's performance.

Methodology

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. The scenario analysis is based on a Monte Carlo simulation approach generating a range of possible outcomes by creating random variations in forecasted data points, based on assumptions about potential fluctuations in future values. By running numerous simulated scenarios, the model provides an estimated distribution of results, allowing for an analysis of likely ranges and confidence intervals around the forecast.

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).