Bicycles - Austria

Austria

The Bicycles market in Austria is projected to reach a revenue of US$1.75bn in 2024.
It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 2.60%, resulting in a projected market volume of US$1.99bn by 2029.
The unit sales of Bicycles market in Austria are also expected to increase, reaching 0.54m bicycles in 2029.
In 2024, the volume weighted average price of Bicycles market in Austria is expected to be US$12,370m.
From an international perspective, it is evident that China will generate the highest revenue in the Bicycles market, amounting to US$12,370m in 2024.
Austria's bicycle market is experiencing a surge in demand for electric bikes, driven by the country's commitment to sustainable transportation and its hilly terrain.

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Analyst Opinion

The Bicycles market in Austria has witnessed significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Austrian consumers have shown a growing preference for bicycles as a mode of transportation and a means of exercise. With an increasing focus on sustainable and eco-friendly transportation options, more people are opting for bicycles for their daily commute. Additionally, the popularity of cycling as a recreational activity has also contributed to the rising demand for bicycles in the country.

Trends in the market: One of the key trends in the Austrian bicycles market is the growing popularity of electric bicycles, also known as e-bikes. E-bikes offer an alternative to traditional bicycles by providing an electric motor that assists the rider's pedaling. This trend is driven by the desire for a more effortless and efficient cycling experience, particularly for longer distances or hilly terrains. E-bikes also appeal to older individuals or those with physical limitations who still want to enjoy cycling. Another trend in the market is the increasing demand for urban and commuter bicycles. As more people choose bicycles as their primary mode of transportation, there is a growing need for bicycles that are specifically designed for urban environments. These bicycles often feature lightweight frames, practical accessories such as racks and fenders, and comfortable seating positions.

Local special circumstances: Austria's geography and infrastructure play a significant role in the development of the bicycles market. The country offers a diverse range of landscapes, including mountains, lakes, and urban areas, making it ideal for various types of cycling activities. The presence of well-maintained cycling paths and bike-friendly infrastructure further encourages the use of bicycles for commuting and recreational purposes.

Underlying macroeconomic factors: The strong economy and high disposable income levels in Austria have also contributed to the growth of the bicycles market. With a stable job market and relatively high wages, consumers have the financial means to invest in bicycles and related accessories. Additionally, government initiatives and subsidies promoting cycling as a sustainable mode of transportation have further boosted the demand for bicycles in the country. In conclusion, the Bicycles market in Austria is experiencing significant growth due to changing customer preferences, emerging trends such as the popularity of e-bikes and urban bicycles, local special circumstances including the country's geography and infrastructure, and underlying macroeconomic factors such as a strong economy and government support. As the demand for bicycles continues to rise, manufacturers and retailers in Austria have a unique opportunity to cater to the evolving needs and preferences of consumers in this market.

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).