The Bicycles market in Singapore is experiencing steady growth due to changing customer preferences, emerging trends, and local special circumstances.
Customer preferences: In recent years, there has been a shift in customer preferences towards eco-friendly and sustainable transportation options. Bicycles are seen as a greener alternative to cars and public transportation, allowing individuals to reduce their carbon footprint while also promoting a healthier lifestyle. Additionally, the rising popularity of cycling as a recreational activity has further fueled the demand for bicycles in Singapore.
Trends in the market: One of the key trends in the Bicycles market in Singapore is the growing popularity of electric bicycles (e-bikes). E-bikes offer the convenience of a traditional bicycle with the added benefit of an electric motor, making it easier for individuals to navigate hilly terrains or longer distances. The demand for e-bikes has been driven by the increasing number of bike-sharing services and the government's efforts to promote cycling as a viable mode of transportation. Another trend in the market is the rise of folding bicycles. These compact and portable bicycles have gained popularity among urban dwellers who face limited storage space or prefer to combine cycling with other modes of transportation, such as buses or trains. Folding bicycles offer the flexibility to easily fold and carry the bike when needed, making them a convenient choice for commuters.
Local special circumstances: Singapore's limited land area and well-developed infrastructure make it an ideal environment for cycling. The government has invested in the construction of dedicated cycling paths and infrastructure, making it safer and more convenient for cyclists to navigate the city. The introduction of bike-sharing services has further encouraged the use of bicycles as a mode of transportation, with numerous docking stations available throughout the city.
Underlying macroeconomic factors: The growing Bicycles market in Singapore can also be attributed to favorable macroeconomic factors. Singapore has a high GDP per capita and a strong purchasing power, allowing individuals to afford bicycles as a means of transportation or leisure. Additionally, the government's initiatives to promote a car-lite society and reduce traffic congestion have created a conducive environment for the growth of the Bicycles market. In conclusion, the Bicycles market in Singapore is witnessing growth due to changing customer preferences, emerging trends such as e-bikes and folding bicycles, local special circumstances including dedicated cycling infrastructure, and underlying macroeconomic factors. The demand for bicycles is expected to continue rising as more individuals embrace cycling as a sustainable and healthy mode of transportation.
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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