Bicycles - Ireland

Ireland

Revenue in the Bicycles market is projected to reach €268.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.96%, resulting in a projected market volume of €342.20m by 2029.
Bicycles market unit sales are expected to reach 540.60k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to €0.58k.
From an international perspective it is shown that the most revenue will be generated in China (€11,350m in 2024).

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Analyst Opinion

The Bicycles market in Ireland is experiencing a subdued growth rate due to factors such as limited consumer awareness, high prices, and lack of infrastructure. However, the market is expected to grow as the government promotes cycling for health and environmental benefits. The Electric Bicycles sub-market is also gaining traction due to technological advancements and increasing demand for eco-friendly transportation options. Overall, the market is driven by rising health and environmental consciousness among consumers, along with the convenience of online shopping for bicycles.

Customer preferences: Consumers in Ireland are increasingly prioritizing sustainable and eco-friendly options when it comes to their transportation choices. This has led to a growing demand for bicycles as a mode of transportation, particularly in urban areas. Additionally, there has been a rise in interest for electric bicycles, as consumers look for more efficient and convenient ways to get around. This trend is also influenced by a growing emphasis on health and wellness, with many individuals choosing to incorporate cycling into their daily routine for exercise and stress relief.

Trends in the market: In Ireland, the Bicycles Market is experiencing a surge in demand for e-bikes, with sales increasing by 50% in 2020. This trend is expected to continue as consumers seek more sustainable and efficient modes of transportation. Additionally, there is a growing interest in bike-sharing programs, with cities like Dublin and Cork implementing initiatives to promote cycling as a viable option for commuting. These trends indicate a shift towards a more eco-friendly and active lifestyle, presenting opportunities for businesses to tap into this market and for city planners to invest in infrastructure to support this mode of transportation.

Local special circumstances: In Ireland, the Bicycles Market is influenced by the country's strong cycling culture and its beautiful landscapes, making it a popular mode of transportation for both locals and tourists. Additionally, the government's push for sustainable transportation has led to the implementation of bike-friendly policies and infrastructure, further driving the market. Furthermore, the trend towards healthier lifestyles and eco-friendly options has also contributed to the growth of the Bicycles Market in Ireland.

Underlying macroeconomic factors: The Bicycles Market in Ireland is heavily influenced by macroeconomic factors such as economic stability, consumer spending, and government policies. With a strong economy and a growing middle class, Ireland has seen a rise in consumer demand for bicycles as a mode of transportation and leisure activity. Government initiatives promoting sustainable transportation and investments in cycling infrastructure have also contributed to the growth of the market. Additionally, global trends towards healthier and more environmentally friendly lifestyles have further fueled the demand for bicycles in Ireland.

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).