Regular Bicycles - Ireland

Ireland

In 2024, revenue in the Regular Bicycles market in Ireland is forecasted to reach €133.30m.
This represents the expected financial performance of this market within the country.
The revenue is anticipated to demonstrate a Compound Annual Growth Rate (CAGR 2024-2029) of -0.84%, leading to a projected market volume of €127.80m by 2029.
This indicates a gradual increase in the size of the market over the specified time period.
Unit sales of Regular Bicycles market in Ireland are projected to reach 381.00k bicycles by 2029, reflecting the expected consumer demand for these products.
The volume weighted average price of Regular Bicycles market in Ireland is expected to be €359.60 in 2024.
This metric provides insight into the pricing dynamics within the market.
It is noteworthy that, from a global standpoint, the United States is poised to generate the highest revenue in the Regular Bicycles market, with an estimated €6,332m in 2024.

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Analyst Opinion

The Regular Bicycles Market in Ireland is experiencing minimal growth due to factors such as low consumer demand and competition from electric bicycles. Despite the convenience offered by online sales, traditional brick-and-mortar stores still dominate the market.

Customer preferences: The Regular Bicycles Market in Ireland has seen a significant increase in demand for eco-friendly and sustainable options, with consumers becoming more conscious of their environmental impact. This trend is further driven by a growing interest in healthy and active lifestyles, leading to a rise in sales of electric and hybrid bicycles. Additionally, there has been a shift towards urban commuting, with a rise in the number of bike-sharing and rental services, as well as the development of dedicated bike lanes and infrastructure.

Trends in the market: In Ireland, the Regular Bicycles Market within the Bicycles Market is experiencing a surge in demand for electric bicycles. This trend is driven by the rising awareness of environmental issues and the government's efforts to promote sustainable transportation. Additionally, there is a growing trend of using smart bicycles, equipped with GPS and other features, to track fitness and performance data. These trends indicate a shift towards a more technologically advanced and eco-friendly bicycle market in Ireland, with potential implications for industry stakeholders to adapt and innovate to meet consumer demands.

Local special circumstances: In Ireland, the Regular Bicycles Market is heavily influenced by the country's strong cycling culture and government initiatives to promote sustainable transportation. The compact size and bike-friendly infrastructure of cities like Dublin make it an ideal market for regular bicycles. Additionally, Ireland's commitment to reducing carbon emissions has created a demand for eco-friendly transportation options, further driving the growth of the Regular Bicycles Market.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market in Ireland is influenced by macroeconomic factors such as consumer spending, interest rates, and government policies. The country's strong economy and high disposable income levels have led to a growing demand for bicycles as a mode of transportation and leisure activity. Additionally, government initiatives promoting sustainable transportation and increasing investments in infrastructure for cycling have also contributed to the market's growth. However, the recent economic downturn and uncertainties surrounding Brexit may have a negative impact on consumer confidence and spending, potentially affecting the market's performance.

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).