Bicycles - Turkey | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$649.90m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.73%, resulting in a projected market volume of US$858.80m by 2029.
Bicycles market unit sales are expected to reach 1.12m bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$634.00.
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 Turkey has seen a modest growth rate, influenced by factors such as increasing consumer interest in eco-friendly transportation, government initiatives promoting cycling, and the convenience of online sales. Despite the minimal growth, the market is expected to continue expanding due to the rising popularity of electric bicycles and the demand for affordable transportation options.

Customer preferences: One notable trend in the Bicycles Market market is the growing popularity of electric bicycles. As individuals become more health-conscious and environmentally aware, they are turning to e-bikes as a more sustainable and convenient mode of transportation. Additionally, the rise of bike-sharing services and the integration of e-bikes into urban transportation systems have also contributed to the increasing demand for electric bicycles. This trend is expected to continue as governments around the world promote sustainable modes of transportation and individuals prioritize health and wellness.

Trends in the market: In Turkey, the Bicycles Market is experiencing a surge in demand for electric bicycles, driven by the increasing need for sustainable transportation options. This trend is expected to continue as the government implements policies to promote eco-friendly modes of transportation. Additionally, there is a growing trend of using bike-sharing programs in major cities, providing convenient and affordable options for short-distance travel. This shift towards greener transportation solutions presents opportunities for industry stakeholders to tap into a growing market and contribute to the country's sustainability goals.

Local special circumstances: In Turkey, the Bicycles Market is heavily influenced by the country's unique geographical landscape, with its diverse terrain ranging from mountainous regions to coastal areas. This has led to a demand for different types of bicycles, such as mountain bikes and beach cruisers. Additionally, Turkey's strong cycling culture and government initiatives promoting sustainable transportation have further fueled the growth of the market. The country's young population and increasing urbanization have also contributed to the rising popularity of bicycles as a mode of transportation and leisure activity.

Underlying macroeconomic factors: The Bicycles Market in Turkey is greatly impacted by macroeconomic factors such as the overall economic health of the country, global economic trends, fiscal policies, and other financial indicators. The growth of the market is influenced by factors such as consumer spending power, inflation rates, and interest rates, which all play a crucial role in shaping the demand for bicycles. Additionally, government initiatives and policies that promote sustainable transportation and healthy lifestyles also have a significant impact on the market's performance. The increasing urbanization and population growth in Turkey further contribute to the demand for bicycles as a means of transportation and recreation.

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.