Bicycles - Iraq

Iraq

The Bicycles market in Iraq is expected to see a substantial growth in revenue.
By 2024, the projected revenue is estimated to reach US$81.92m, indicating a positive outlook for the industry.
Furthermore, it is anticipated that the market will experience a steady annual growth rate of 1.91% from 2024 to 2029, resulting in a projected market volume of US$90.05m by the end of 2029.
In terms of unit sales, it is predicted that the Bicycles market in Iraq will witness a significant increase.
By 2029, the number of units sold is expected to reach 345.70k bicycles, reflecting the growing demand for Bicycles market in the country.
Additionally, the volume weighted average price of Bicycles market in the market is projected to be US$234.70 in 2024.
This figure provides an insight into the price dynamics within the industry, highlighting the average price at which Bicycles market are sold in Iraq.
From an international perspective, China is expected to generate the highest revenue in the Bicycles market.
In 2024 alone, China is projected to generate a revenue of US$12,370m, indicating its dominance in the global market.
The demand for bicycles in Iraq is on the rise due to the country's growing interest in eco-friendly transportation options.

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Analyst Opinion

The Bicycles market in Iraq is experiencing significant growth and development due to various factors.

Customer preferences: In recent years, there has been a growing preference for bicycles among the Iraqi population. This can be attributed to several factors, including the increasing awareness of the health benefits of cycling and the desire for a more environmentally friendly mode of transportation. Additionally, the affordability of bicycles compared to other forms of transportation, such as cars or motorcycles, makes them an attractive option for many Iraqis.

Trends in the market: One of the key trends in the Bicycles market in Iraq is the rising demand for electric bicycles. This trend is in line with the global shift towards sustainable transportation solutions. Electric bicycles offer the convenience of traditional bicycles while providing an added boost of power, making them suitable for longer distances or hilly terrains. The increasing availability and affordability of electric bicycles in the market have contributed to their growing popularity among Iraqi consumers. Another trend in the market is the emergence of specialized bicycles for various purposes. For example, mountain bikes and road bikes are gaining popularity among cycling enthusiasts and sports enthusiasts. These specialized bicycles offer enhanced performance and features tailored to specific activities, attracting a niche market of consumers who are willing to invest in high-quality bicycles.

Local special circumstances: The Bicycles market in Iraq is also influenced by local special circumstances. The country has a relatively young population, with a significant portion of the population being under the age of 30. This demographic trend has contributed to the increasing demand for bicycles as a means of transportation and recreation among the younger generation. Additionally, the ongoing urbanization and infrastructure development in major cities have created a need for alternative modes of transportation, further driving the demand for bicycles.

Underlying macroeconomic factors: Several underlying macroeconomic factors contribute to the development of the Bicycles market in Iraq. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income levels. This has allowed more Iraqis to afford bicycles and invest in them for various purposes. Furthermore, the government's focus on promoting a healthier and more sustainable lifestyle has also played a role in driving the demand for bicycles. In conclusion, the Bicycles market in Iraq is witnessing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The increasing demand for bicycles, particularly electric and specialized bicycles, reflects the desire for a healthier and more sustainable mode of transportation. With a young population and ongoing urbanization, the market is expected to continue growing 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).