Bicycles - South Africa

South Africa

The Bicycles market in South Africa is expected to witness a significant growth in revenue, projected to reach €66.23m in 2024.
This growth is anticipated to continue at an annual rate of 1.69%, resulting in a projected market volume of €72.02m by 2029.
In terms of unit sales, the Bicycles market is forecasted to reach 0.31m bicycles in 2029.
Furthermore, the volume weighted average price of Bicycles market in the South African market is expected to be €187.70 in 2024.
When considering the international landscape, it is noteworthy that China is projected to generate the highest revenue in the Bicycles market, with an estimated €11,470m in 2024.
The demand for electric bicycles in South Africa has been steadily increasing due to their eco-friendly nature and the country's growing focus on sustainability.

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Analyst Opinion

The Bicycles market in South Africa is experiencing significant growth and development. Customer preferences in the Bicycles market in South Africa are shifting towards more environmentally friendly and sustainable transportation options.

As consumers become more aware of the impact of their choices on the environment, there is a growing demand for bicycles as an alternative to cars or public transportation. Bicycles offer a cost-effective and eco-friendly mode of transportation, making them an attractive option for many South Africans. Trends in the market indicate that there is an increasing interest in cycling as a recreational activity and a form of exercise.

The popularity of cycling events and races has grown in recent years, leading to a greater demand for bicycles and related accessories. Additionally, there is a rising trend of using bicycles for commuting purposes, especially in urban areas where traffic congestion is a major issue. Local special circumstances in South Africa contribute to the development of the Bicycles market.

The country has a diverse landscape with scenic routes and trails, making it an ideal location for cycling enthusiasts. The government has also taken initiatives to promote cycling as a means of transportation, such as the construction of dedicated cycling lanes in some cities. These factors have further fueled the demand for bicycles in the country.

Underlying macroeconomic factors also play a role in the growth of the Bicycles market in South Africa. The country has experienced economic growth in recent years, leading to an increase in disposable income for many consumers. As a result, more people are able to afford bicycles and are willing to invest in them for various purposes.

Additionally, the COVID-19 pandemic has had an impact on the market, with more people looking for outdoor activities and alternative modes of transportation to avoid crowded spaces. In conclusion, the Bicycles market in South Africa is developing due to changing customer preferences, increasing interest in cycling as a recreational activity and commuting option, local special circumstances, and underlying macroeconomic factors. The market is expected to continue growing as more consumers recognize the benefits of bicycles in terms of cost, health, and environmental impact.

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).