Electric Bicycles - Ireland

Ireland

In Ireland, the revenue in the Electric Bicycles market is anticipated to achieve €135.30m by 2024.
The revenue is forecasted to demonstrate an annual growth rate (CAGR 2024-2029) of 9.63%, leading to a projected market volume of €214.30m by 2029.
The unit sales in the Electric Bicycles market are expected to reach 159.70k bicycles by 2029.
The volume weighted average price of the Electric Bicycles market in Ireland in 2024 is projected to be €1.44k.
It is highlighted that, from a global perspective, the highest revenue is set to be generated China (€10,610m in 2024).
In Ireland, the demand for electric bicycles is on the rise, reflecting a growing interest in sustainable transportation options nationwide.

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Analyst Opinion

The Electric Bicycles Market in Ireland has been steadily growing due to factors such as the rising demand for eco-friendly transportation, increasing health consciousness, and the convenience of online purchasing. Despite a mild growth rate, the market is expected to continue expanding as more consumers embrace the benefits of electric bikes.

Customer preferences: As consumers become more environmentally conscious, there has been a growing demand for eco-friendly transportation options. This has led to a rise in popularity of electric bicycles in Ireland. Additionally, the convenience and cost-effectiveness of electric bikes have also contributed to their increasing adoption. Furthermore, with the rise of urbanization and traffic congestion, electric bicycles offer a viable solution for commuters looking to navigate through busy city streets. This trend is expected to continue as more people prioritize sustainability and seek alternative modes of transportation.

Trends in the market: In Ireland, the Electric Bicycles Market within the Bicycles Market is experiencing a surge in demand due to increasing concerns about environmental sustainability and rising fuel prices. This trend is expected to continue as the government implements initiatives to promote e-mobility and reduce carbon emissions. Additionally, the growing popularity of electric bicycles as a mode of transportation and leisure activity has led to the emergence of new players in the market. This could potentially lead to increased competition and innovation, benefitting both consumers and industry stakeholders.

Local special circumstances: In Ireland, the Electric Bicycles market is experiencing growth due to the country's increasing focus on sustainable transportation options and efforts to reduce carbon emissions. Additionally, the government's initiatives to promote electric vehicles have also had a positive impact on the market. Ireland's unique geography, with its hilly terrain and varying weather conditions, has led to the development of specialized electric bicycles that cater to these specific needs. Furthermore, the Irish culture of outdoor activities and embracing eco-friendly lifestyles has also contributed to the market's growth.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Ireland is greatly impacted by macroeconomic factors. The country's economic health, along with global economic trends, plays a crucial role in the market's performance. Fiscal policies, such as tax incentives for electric bicycles, can also influence market growth. Furthermore, the increasing focus on sustainability and reducing carbon emissions is driving the demand for eco-friendly transportation options, including electric bicycles. With Ireland's commitment to reducing greenhouse gas emissions, the market for electric bicycles is expected to experience significant growth in the coming years.

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).