Bicycles - Brunei Darussalam

Brunei Darussalam

The Bicycles market in Brunei Darussalam is expected to achieve a revenue of US$6.64m in 2024.
This projected figure indicates a steady growth rate, with an anticipated annual increase of -2.17% between 2024 and 2029.
By the end of 2029, the market volume is projected to reach US$5.95m units.
Furthermore, it is predicted that the unit sales of Bicycles market will reach 19.58k bicycles by 2029.
In 2024, the volume weighted average price of Bicycles market in Brunei Darussalam is estimated to be US$289.20.
This indicator provides valuable insights into the pricing dynamics within the market.
It is worth noting that China is expected to generate the highest revenue in the Bicycles market internationally, reaching a staggering US$12,370m in 2024.
This highlights the significant impact that the Chinese market has on the global cycling industry.
Brunei Darussalam's bicycle market is experiencing a surge in demand due to the country's growing focus on eco-friendly transportation alternatives.

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Analyst Opinion

The Bicycles market in Brunei Darussalam has been experiencing significant growth in recent years.

Customer preferences: Customers in Brunei Darussalam have shown a growing interest in bicycles as a means of transportation and recreation. The increasing awareness about the health and environmental benefits of cycling has led to a rise in demand for bicycles. Additionally, the government's efforts to promote cycling as a sustainable mode of transportation have further contributed to the growing popularity of bicycles among the population.

Trends in the market: One of the key trends in the Bicycles market in Brunei Darussalam is the growing demand for electric bicycles. Electric bicycles offer the convenience of motorized assistance while still providing the benefits of cycling. This trend can be attributed to the increasing focus on sustainability and the desire for a greener mode of transportation. The availability of a wide range of electric bicycles in the market has also made them more accessible to consumers. Another trend in the market is the rising popularity of mountain bikes. Brunei Darussalam is known for its beautiful natural landscapes and outdoor recreational activities. Mountain biking has gained traction among adventure enthusiasts who seek to explore the country's rugged terrains. This trend has led to an increase in the sales of mountain bikes and related accessories.

Local special circumstances: Brunei Darussalam's small size and well-developed infrastructure make it an ideal country for cycling. The compact nature of the country allows for shorter commuting distances, making bicycles a convenient mode of transportation for many residents. Furthermore, the government has invested in the development of cycling infrastructure, including dedicated bike lanes and parking facilities, which has further encouraged the use of bicycles.

Underlying macroeconomic factors: The growing Bicycles market in Brunei Darussalam can be attributed to several underlying macroeconomic factors. Firstly, the country's strong economic growth has resulted in an increase in disposable income, allowing more people to afford bicycles. Additionally, the government's efforts to diversify the economy and reduce dependence on oil have led to the development of industries such as tourism and recreation, which have further boosted the demand for bicycles. In conclusion, the Bicycles market in Brunei Darussalam is experiencing significant growth due to customer preferences for sustainable transportation options, such as electric bicycles, and the popularity of outdoor recreational activities like mountain biking. The local special circumstances, including the country's small size and well-developed cycling infrastructure, further contribute to the growth of the market. The underlying macroeconomic factors, such as strong economic growth and government initiatives to diversify the economy, also play a significant role in driving the demand for bicycles in Brunei Darussalam.

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).