Bicycles - Portugal

Portugal

In 2024, the Bicycles market in Portugal is expected to generate a revenue of US$271.50m.
This projection indicates a positive growth trend for the market, with an estimated compound annual growth rate (CAGR 2024-2029) of 0.26%.
By 2029, the projected market volume is anticipated to reach US$271.50m.
Furthermore, the unit sales of Bicycles market in Portugal are forecasted to reach 0.31m bicycles by 2029.
This growth in sales volume can be attributed to various factors such as increasing demand and market penetration.
Taking into account the market dynamics, it is worth noting that the volume weighted average price of Bicycles market in Portugal is expected to be US$0.80k in 2024.
This metric reflects the average price at which Bicycles market are sold in the market, considering the varying weights of different price points.
From an international perspective, China is projected to generate the highest revenue in the Bicycles market, amounting to US$12,370m in 2024.
This highlights the significant market potential and demand for Bicycles market China.
The demand for electric bicycles is surging in Portugal as consumers seek eco-friendly transportation options in urban areas.

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Analyst Opinion

The Bicycles market in Portugal has been experiencing significant growth in recent years, driven by changing customer preferences and favorable macroeconomic factors.

Customer preferences: Portuguese consumers are increasingly turning to bicycles as a mode of transportation, driven by concerns over environmental sustainability and the desire for a healthier lifestyle. Bicycles offer a cost-effective and eco-friendly alternative to cars, particularly in urban areas where traffic congestion is a major issue. Furthermore, the growing popularity of cycling as a recreational activity has also contributed to the demand for bicycles in Portugal.

Trends in the market: One of the key trends in the Portuguese bicycle market is the rising popularity of electric bicycles. Electric bicycles offer the benefits of traditional bicycles, such as exercise and reduced carbon emissions, while also providing the convenience of motorized assistance. The demand for electric bicycles has been driven by improvements in battery technology, which have made these bikes more efficient and affordable. Additionally, the government has introduced incentives and subsidies to promote the use of electric bicycles, further fueling their popularity. Another trend in the market is the growing demand for high-end bicycles. Portuguese consumers are increasingly willing to invest in premium bicycles that offer better performance and durability. This trend is driven by a combination of factors, including rising disposable incomes and a growing interest in cycling as a sport. High-end bicycles are often associated with advanced technology, lightweight materials, and superior design, which appeals to enthusiasts and professional cyclists.

Local special circumstances: Portugal's geography and climate also play a role in shaping the bicycle market. The country has a diverse landscape, including coastal regions, mountains, and plains, which provide a variety of cycling opportunities. The mild Mediterranean climate makes Portugal an attractive destination for cycling tourism, attracting both domestic and international visitors. This has led to the development of specialized bicycle tourism services, such as guided tours and rental services, which contribute to the overall growth of the market.

Underlying macroeconomic factors: The Portuguese economy has been recovering from the financial crisis, with improving employment rates and rising disposable incomes. This has had a positive impact on consumer spending, including the purchase of bicycles. Additionally, the government has implemented measures to promote sustainable transportation, such as the development of cycling infrastructure and the introduction of bike-sharing programs. These initiatives have further stimulated the demand for bicycles in Portugal. In conclusion, the Bicycles market in Portugal is experiencing growth due to changing customer preferences towards eco-friendly transportation and a healthier lifestyle. The rising popularity of electric bicycles and high-end bicycles reflects these changing preferences. The country's geography and climate, along with government initiatives, also contribute to the growth of the market. Overall, the positive macroeconomic factors in Portugal, including improving employment rates and rising disposable incomes, are driving the demand for bicycles.

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).