Bicycles - Belgium

Belgium

In Belgium, the Bicycles market is set to achieve a remarkable revenue of US$1.56bn by 2024.
This projection indicates a steady growth rate of 4.88% annually (CAGR 2024-2029), resulting in a projected market volume of US$1.98bn by 2029.
Furthermore, it is estimated that unit sales in the Bicycles market will reach 0.93m bicycles by 2029.
The volume weighted average price of Bicycles market in Belgium is expected to be US$1.95k in 2024.
However, when we examine the global market, it becomes evident that the highest revenue will be generated China, amounting to a staggering US$12,370m in 2024.
Belgium's bicycle market is experiencing a surge in demand for electric bikes as consumers embrace eco-friendly transportation options.

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Analyst Opinion

The Bicycles market in Belgium has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Bicycles market in Belgium have shifted towards more sustainable and eco-friendly modes of transportation.

With increasing awareness about the environmental impact of traditional modes of transportation, many consumers are opting for bicycles as a greener alternative. Additionally, there is a growing interest in health and fitness among the population, leading to an increased demand for bicycles for recreational and fitness purposes. Trends in the Bicycles market in Belgium include the rise of electric bicycles, also known as e-bikes.

E-bikes have gained popularity due to their convenience and ability to assist riders in covering longer distances or tackling hilly terrains. The market has also witnessed a surge in the demand for folding bicycles, as they offer compactness and ease of storage, making them suitable for urban dwellers with limited space. Local special circumstances in Belgium have contributed to the development of the Bicycles market.

Belgium is known for its well-developed cycling infrastructure, including dedicated bike lanes and paths. This infrastructure has made cycling a convenient and safe mode of transportation, further driving the demand for bicycles. Additionally, Belgium has a strong cycling culture, with events such as the Tour de France and the Tour of Flanders attracting both professional and amateur cyclists.

This cultural affinity towards cycling has created a favorable environment for the growth of the Bicycles market. Underlying macroeconomic factors have also played a role in the development of the Bicycles market in Belgium. The country has a stable economy with a high standard of living, which has increased consumers' purchasing power.

As a result, more individuals are able to afford bicycles and are willing to invest in quality products. Furthermore, government initiatives promoting sustainable transportation and offering incentives for purchasing bicycles have further stimulated the market. In conclusion, the Bicycles market in Belgium has experienced growth due to changing customer preferences towards sustainable transportation, emerging trends such as e-bikes and folding bicycles, local special circumstances including well-developed cycling infrastructure and a strong cycling culture, and underlying macroeconomic factors such as a stable economy and government initiatives.

These factors have contributed to the increasing popularity and demand for bicycles in Belgium.

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).