Bicycles - Ukraine | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$39.03m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 29.05%, resulting in a projected market volume of US$139.70m by 2029.
Bicycles market unit sales are expected to reach 163.20k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$706.00.
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 Ukraine has seen a slow growth rate, influenced by factors such as low disposable income, lack of infrastructure, and limited awareness of the benefits of cycling. However, the market is expected to grow due to increasing health consciousness and government initiatives promoting eco-friendly transportation.

Customer preferences: As more people in Ukraine are becoming environmentally conscious, there is a growing demand for eco-friendly and sustainable bicycles. Consumers are also looking for bicycles with advanced technology, such as electric and hybrid options, to cater to their evolving lifestyle needs. Additionally, there is a shift towards online purchasing of bicycles, as it offers convenience and a wider range of options. This trend is also influenced by the increasing access to e-commerce platforms and the growing popularity of cycling as a leisure activity.

Trends in the market: In Ukraine, the Bicycles Market is experiencing a surge in demand for electric bicycles, with consumers seeking eco-friendly and cost-effective transportation options. This trend is expected to continue as the government promotes sustainable mobility and invests in cycling infrastructure. Additionally, the market is witnessing a rise in online sales and rental services, providing convenience and flexibility for customers. These trends are significant for industry stakeholders, as they present opportunities for growth and innovation. However, there may also be challenges in meeting the evolving needs and preferences of consumers. Overall, the trajectory of these trends suggests a promising future for the Bicycles Market in Ukraine.

Local special circumstances: In Ukraine, the Bicycles Market is thriving due to the country's love for outdoor activities and the government's efforts to promote sustainable transportation. The market has seen a rise in demand for electric bicycles, driven by the country's high electricity prices and concerns about air pollution. Additionally, the country's growing tourism industry has also contributed to the market's growth, with bike tours becoming a popular activity for tourists. However, the market is also heavily influenced by the country's economic instability, leading to fluctuations in consumer spending and overall market performance.

Underlying macroeconomic factors: The Bicycles Market in Ukraine is also heavily influenced by macroeconomic factors such as national economic health, global economic trends, fiscal policies, and other relevant financial indicators. For instance, countries with a strong economy and favorable business climate are likely to experience higher demand for bicycles, as consumers have more disposable income and are more likely to invest in recreational activities. On the other hand, countries with weaker economies and unstable political environments may see a decline in demand for bicycles as consumers prioritize essential expenses over non-essential purchases. Additionally, global economic trends, such as the rise of eco-friendly transportation and increasing focus on health and wellness, are also driving the growth of the Bicycles Market in Ukraine.

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.