Bicycles - Saudi Arabia

Saudi Arabia

Revenue in the Bicycles market is projected to reach €390.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.33%, resulting in a projected market volume of €505.70m by 2029.
Bicycles market unit sales are expected to reach 1,750.00k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to €259.10.
From an international perspective it is shown that the most revenue will be generated in China (€11,470m in 2024).

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Bicycles Market in Saudi Arabia has seen moderate growth due to factors such as increasing health consciousness and government initiatives to promote cycling. However, the market's growth rate remains subdued, possibly due to economic challenges and competition from other modes of transportation.

Customer preferences: With the rise of environmental awareness and government initiatives promoting cycling as a sustainable mode of transportation, there has been a growing demand for electric bicycles in Saudi Arabia. This trend is further fueled by the country's young population, who are increasingly adopting a more active and health-conscious lifestyle. Additionally, the emergence of bike-sharing programs in major cities has also contributed to the popularity of bicycles as a convenient and eco-friendly means of transportation.

Trends in the market: In Saudi Arabia, the Bicycles Market is experiencing a surge in demand due to the increasing popularity of cycling as a means of transportation and leisure activity. This trend is expected to continue as the government promotes cycling as a sustainable mode of transport and invests in developing dedicated cycling lanes. Additionally, there is a growing trend of electric bicycles, driven by the rising awareness of environmental sustainability. This presents opportunities for industry stakeholders to tap into the growing market and offer innovative solutions to cater to the evolving consumer preferences. Moreover, with the rise of e-commerce platforms, online sales of bicycles and related accessories are also on the rise, providing convenience and accessibility to customers. As the market continues to evolve, it is crucial for industry players to stay updated with these trends and adapt their strategies to stay competitive in the market.

Local special circumstances: In Saudi Arabia, the Bicycles Market is influenced by the country's cultural and religious norms, as well as its desert terrain. Despite these challenges, the market is rapidly growing due to government initiatives to promote healthy lifestyles and reduce traffic congestion. The country's Vision 2030 plan also includes promoting cycling as a means of transportation. Additionally, the rise of tourism in Saudi Arabia has led to an increase in demand for bicycle rentals and guided tours, creating new opportunities for the market.

Underlying macroeconomic factors: The Bicycles Market market in Saudi Arabia is also affected by macroeconomic factors such as the country's overall economic health, government policies, and global economic trends. The government's initiatives to promote a healthy lifestyle and reduce carbon emissions have led to an increase in demand for bicycles. Additionally, the country's growing population and rising disposable income have also contributed to the growth of the market. However, fluctuations in oil prices and changes in government policies can significantly impact the market's performance. Furthermore, the increasing focus on sustainable transportation and the rise of e-commerce have also influenced the demand for bicycles in the country.

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.

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).