Bicycles - Oman

Oman

In 2024, the Bicycles market in Oman is projected to generate revenue of US$41.48m.
It is expected to experience an annual growth rate of 0.79% from 2024 to 2029, resulting in a projected market volume of US$43.14m by 2029.
The unit sales of Bicycles market are expected to reach 142.40k bicycles in 2029.
The volume weighted average price of Bicycles market in Oman is expected to be US$275.00 in 2024.
When considering the international market, China is anticipated to generate the highest revenue, reaching US$12,370m in 2024.
E-bike sales are surging in Oman as consumers seek eco-friendly transportation options amidst growing concerns about air pollution and traffic congestion in the country.

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Analyst Opinion

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

Customer preferences: Omani consumers have shown a growing interest in bicycles as a means of transportation and leisure activity. This can be attributed to several factors. Firstly, there is a growing concern for the environment and a desire to reduce carbon emissions. Bicycles provide a sustainable and eco-friendly alternative to cars and motorcycles. Additionally, there is a rising awareness of the health benefits of cycling, leading more people to incorporate it into their daily routines. Furthermore, bicycles are seen as a cost-effective mode of transportation, especially for short distances, as they do not require fuel and have minimal maintenance costs.

Trends in the market: One noticeable trend in the Bicycles market in Oman is the increasing popularity of electric bicycles. These bicycles are equipped with a battery-powered motor that assists the rider, making it easier to navigate hilly terrain or longer distances. Electric bicycles appeal to a wider range of consumers, including those who may not have the physical stamina to ride a traditional bicycle. The convenience and ease of use offered by electric bicycles have contributed to their growing demand in Oman. Another trend in the market is the rise of online sales channels for bicycles. With the increasing penetration of internet access and the growing popularity of e-commerce platforms, consumers are now able to browse and purchase bicycles online. This has opened up new opportunities for both local and international bicycle brands to reach a wider customer base in Oman. Online sales channels also offer the convenience of home delivery, making it easier for consumers to access bicycles without having to visit physical stores.

Local special circumstances: Oman's unique geography and climate also play a role in the development of the Bicycles market. The country's diverse landscapes, including mountains, deserts, and coastline, provide ample opportunities for outdoor activities such as cycling. Additionally, Oman's pleasant weather for most of the year makes it conducive to outdoor sports and recreation, including cycling. These factors have contributed to the growing popularity of bicycles as a means of exploring Oman's natural beauty and engaging in outdoor fitness activities.

Underlying macroeconomic factors: The Bicycles market in Oman is also influenced by underlying macroeconomic factors. The country has been making significant investments in infrastructure development, including the construction of dedicated cycling lanes and pathways. This has created a safer and more accessible environment for cyclists, encouraging more people to take up cycling as a mode of transportation. Furthermore, the government's initiatives to promote a healthy lifestyle and reduce traffic congestion have also contributed to the growth of the Bicycles market. In conclusion, the Bicycles market in Oman is experiencing growth due to customer preferences for sustainable and cost-effective transportation options, as well as the rising popularity of cycling as a recreational activity. The market is also influenced by trends such as the increasing demand for electric bicycles and the rise of online sales channels. Oman's unique geography and favorable climate, along with government initiatives and infrastructure development, further contribute to the growth of the market.

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).