Bicycles - Turkey

Turkey

Turkey's Bicycles market is projected to achieve a revenue of US$0.65bn in 2024.
This indicates the expected financial performance of the market within the country.
Moreover, it is anticipated that the market will experience an annual growth rate of 5.76% from 2024 to 2029 (CAGR 2024-2029).
As a result, the market volume is projected to reach US$0.86bn by 2029.
Additionally, in 2029, the unit sales of Bicycles market in Turkey are expected to reach 1.12m bicycles.
This demonstrates the anticipated demand for Bicycles market within the country.
Furthermore, the volume weighted average price of Bicycles market within the Turkish market is expected to be around US$0.63k in 2024.
This metric provides insights into the pricing dynamics of the market.
In terms of international comparisons, it is evident that China is projected to generate the highest revenue in the Bicycles market, amounting to US$12,370m in 2024.
Turkey's bicycle market is experiencing a surge in demand as more commuters seek eco-friendly transportation options in the country's congested urban areas.

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Analyst Opinion

The Bicycles market in Turkey has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growth in the Bicycles market in Turkey is the increasing popularity of cycling as a recreational activity. More and more people are choosing to ride bicycles for leisure, exercise, and commuting purposes. This shift in customer preferences towards a healthier and more sustainable lifestyle has contributed to the rising demand for bicycles in the country.

Trends in the market: The Bicycles market in Turkey is also being driven by the growing awareness of environmental issues and the need for greener transportation options. As people become more conscious of the impact of carbon emissions on the environment, they are turning to bicycles as a more eco-friendly mode of transportation. This trend is particularly evident in urban areas, where traffic congestion and air pollution are major concerns. Another trend in the market is the increasing popularity of electric bicycles. With advancements in technology, electric bicycles have become more affordable and accessible to a wider range of consumers. The convenience and ease of use offered by electric bicycles have made them a popular choice among commuters, especially in crowded cities where traffic congestion is a major issue.

Local special circumstances: Turkey's unique geographical location and diverse landscapes also contribute to the growth of the Bicycles market. The country offers a wide range of terrains, from flat coastal areas to hilly regions, making it an ideal destination for cycling enthusiasts. Additionally, the government has been investing in the development of cycling infrastructure, such as bike lanes and cycling routes, to encourage more people to take up cycling as a sport or recreational activity.

Underlying macroeconomic factors: The Bicycles market in Turkey is also influenced by macroeconomic factors such as income levels and consumer spending. As the economy grows and disposable incomes increase, more people have the financial means to purchase bicycles. Additionally, the COVID-19 pandemic has accelerated the demand for bicycles as people seek alternative modes of transportation and outdoor activities while adhering to social distancing measures. This has further boosted the growth of the Bicycles market in Turkey. In conclusion, the Bicycles market in Turkey is experiencing significant growth due to changing customer preferences, increasing awareness of environmental issues, and the availability of diverse cycling terrains. The government's investment in cycling infrastructure and the impact of macroeconomic factors such as rising incomes and the COVID-19 pandemic have also contributed to the market's growth.

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.

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).