Bicycles - Africa

Africa

The Bicycles market in Africa is projected to generate a revenue of US$0.48bn in 2024.
This reflects the expected growth and potential of the market in the region.
The revenue is further anticipated to experience an annual growth rate of 4.56% from 2024 to 2029, resulting in a projected market volume of US$0.60bn by 2029.
This signifies the increasing demand and market expansion for Bicycles market in Africa.
In line with the growth in revenue, the unit sales of Bicycles market in Africa are expected to reach 2.49m bicycles by 2029.
This indicates the rising popularity and adoption of Bicycles market as a mode of transportation and leisure activity in the region.
The volume weighted average price of Bicycles market in Africa is projected to be US$180.90 in 2024.
This metric provides insight into the pricing dynamics and market positioning of Bicycles market in the region.
From an international perspective, it is noteworthy that China is poised to generate the highest revenue in the Bicycles market, with an estimated revenue of US$12,370m in 2024.
This highlights the significance of the Chinese market and its dominance in the global bicycle industry.

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Analyst Opinion

The Bicycles market in Africa has been experiencing significant growth in recent years. This can be attributed to a number of factors, including customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences in Africa have been shifting towards more sustainable and eco-friendly modes of transportation. Bicycles provide a cost-effective and environmentally friendly alternative to cars and motorcycles. Additionally, bicycles are often seen as a healthier mode of transportation, promoting physical activity and reducing pollution.

As a result, there has been an increasing demand for bicycles in Africa. Trends in the market have also contributed to the growth of the Bicycles market in Africa. The rise of e-commerce platforms has made it easier for consumers to access a wide variety of bicycles at competitive prices.

This has led to increased competition among retailers, driving down prices and making bicycles more affordable for consumers. Furthermore, the availability of financing options, such as installment plans and microloans, has made it easier for consumers to purchase bicycles. Local special circumstances in Africa have also played a role in the growth of the Bicycles market.

Many African countries have limited public transportation infrastructure, making bicycles a practical and convenient mode of transportation. Additionally, bicycles are often used for commercial purposes, such as food delivery and transportation of goods. This has created a demand for bicycles among entrepreneurs and small business owners.

Underlying macroeconomic factors have also contributed to the growth of the Bicycles market in Africa. Economic growth in many African countries has led to an increase in disposable income, allowing consumers to afford bicycles. Additionally, urbanization and population growth have increased the demand for transportation options, including bicycles.

Furthermore, government initiatives promoting cycling as a sustainable mode of transportation have further boosted the growth of the Bicycles market. In conclusion, the Bicycles market in Africa is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As more consumers in Africa prioritize sustainability and seek affordable transportation options, the demand for bicycles is expected to continue to rise.

Additionally, the availability of e-commerce platforms, financing options, and government initiatives will further drive the growth of the Bicycles market in Africa.

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).