Bicycles - Cyprus

Cyprus

Revenue in the Bicycles market in Cyprus is forecasted to reach US$10.78m in 2024.
The expected annual growth rate (CAGR 2024-2029) is -0.07%, leading to a projected market volume of US$10.74m by 2029.
Bicycles market unit sales are anticipated to reach 19.31k bicycles in 2029.
The volume weighted average price of the Bicycles market in Cyprus in 2024 is predicted to be US$0.50k.
An international perspective reveals that the highest revenue will be generated China (US$12,370m in 2024).
Cyprus sees an increasing demand for high-end bicycles, reflecting a growing interest in premium cycling experiences among affluent consumers.

Market

Region

Region comparison

Currency

Analyst Opinion

The Bicycles market in Cyprus has seen significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: One of the key factors driving the growth of the Bicycles market in Cyprus is the increasing interest in outdoor activities and a shift towards more sustainable modes of transportation. Customers are increasingly looking for ways to stay active and reduce their carbon footprint, and bicycles provide a convenient and eco-friendly solution. Additionally, the rising popularity of cycling as a recreational activity has also contributed to the growth of the market.

Trends in the market: The Bicycles market in Cyprus has witnessed several trends in recent years. One of the notable trends is the growing demand for electric bicycles. With advancements in technology, electric bicycles have become more affordable and accessible to a wider range of customers. The convenience of electric bicycles, coupled with their ability to cover longer distances with ease, has made them a popular choice among commuters and recreational cyclists alike. Another trend in the market is the increasing popularity of mountain bikes. Cyprus is known for its diverse terrain, including mountains and off-road trails, making it an ideal destination for mountain biking enthusiasts. The demand for mountain bikes has been fueled by the growing interest in adventure tourism and outdoor activities, with customers seeking bikes that can withstand rugged terrains and provide a thrilling riding experience.

Local special circumstances: Cyprus has a unique geography and climate, which has influenced the development of the Bicycles market in the country. The mild Mediterranean climate, with long summers and mild winters, provides favorable conditions for outdoor activities, including cycling. The availability of scenic routes and well-maintained cycling infrastructure has further contributed to the growth of the market. Additionally, the government has implemented initiatives to promote cycling as a mode of transportation, such as the development of dedicated cycling lanes and the introduction of bike-sharing programs in major cities.

Underlying macroeconomic factors: The growth of the Bicycles market in Cyprus is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has increased disposable income and consumer spending power. As a result, customers have more discretionary income to invest in recreational activities and leisure products, including bicycles. Furthermore, the tourism industry in Cyprus has been thriving, attracting a large number of international tourists who are interested in exploring the country's natural beauty and cultural heritage. This has created a demand for rental bicycles and cycling tours, further driving the growth of the market. In conclusion, the Bicycles market in Cyprus is experiencing significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The increasing interest in outdoor activities and sustainable transportation, coupled with the unique geography and climate of Cyprus, has created a favorable environment for the growth of the market. With the continued focus on promoting cycling as a mode of transportation and the rising popularity of electric and mountain bikes, the market is expected to continue its upward trajectory in the coming years.

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).