The Bicycles market in Ireland has witnessed significant growth in recent years, driven by changing customer preferences and favorable macroeconomic factors.
Customer preferences: Irish consumers are increasingly adopting bicycles as a mode of transportation, driven by their desire for a more sustainable and healthy lifestyle. The rising awareness about the environmental impact of cars and the benefits of cycling have led to a shift in consumer preferences towards bicycles. Additionally, the growing popularity of cycling as a recreational activity has also contributed to the increasing demand for bicycles in Ireland.
Trends in the market: One of the key trends in the Irish Bicycles market is the growing demand for electric bicycles. Electric bicycles provide the convenience of a traditional bicycle while also offering the option of motorized assistance, making them particularly appealing to consumers who want to commute longer distances or tackle hilly terrains. The advancements in battery technology and the availability of a wide range of electric bicycle models have further fueled the demand for electric bicycles in Ireland. Another trend in the market is the increasing popularity of folding bicycles. Folding bicycles are compact and easy to carry, making them ideal for urban commuters who need to combine cycling with other modes of transportation such as buses or trains. The convenience and portability offered by folding bicycles have made them a preferred choice for many Irish consumers.
Local special circumstances: Ireland's geography and climate also play a role in the development of the Bicycles market. The country's relatively small size and its network of well-maintained cycling paths and lanes make it conducive for cycling. Additionally, the temperate climate in Ireland allows for year-round cycling, further contributing to the demand for bicycles.
Underlying macroeconomic factors: The strong economic growth in Ireland has had a positive impact on the Bicycles market. As disposable incomes have increased, consumers have more spending power to invest in bicycles. Furthermore, the government's initiatives to promote cycling as a sustainable mode of transportation, such as the development of cycling infrastructure and the provision of subsidies for electric bicycles, have also supported the growth of the market. In conclusion, the Bicycles market in Ireland is experiencing growth due to changing customer preferences towards sustainable transportation options, the popularity of cycling as a recreational activity, and favorable macroeconomic factors. The increasing demand for electric and folding bicycles, along with Ireland's geography and climate, are driving the growth of the market. The strong economic growth and government support for cycling further contribute to the development of the market.
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).
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