Bicycles - South America

South America

The Bicycles market in South America is projected to generate a revenue of US$1.69bn in 2024.
It is expected to experience a steady annual growth rate of 1.49% (CAGR 2024-2029), resulting in a projected market volume of US$1.82bn by 2029.
By that year, unit sales in the Bicycles market are forecasted to reach 5.05m bicycles.
In 2024, the volume weighted average price of Bicycles market in South America is expected to be US$306.00.
However, when looking at the international market, it is evident that China will generate the highest revenue with US$12,370m in 2024.
In South America, the demand for electric bicycles has been slowly increasing, reflecting a growing interest in sustainable transportation options.

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Analyst Opinion

The Bicycles market in South America is experiencing significant growth and development.

Customer preferences: One of the main reasons for the growth of the Bicycles market in South America is the increasing interest in health and fitness. As more people are becoming conscious of the importance of leading an active lifestyle, there is a growing demand for bicycles as a means of exercise and transportation. Additionally, bicycles are also seen as a more environmentally friendly option compared to cars or motorcycles, which further contributes to their popularity.

Trends in the market: One of the key trends in the Bicycles market in South America is the rise of electric bicycles. With technological advancements and improvements in battery life, electric bicycles have become more accessible and appealing to consumers. These bikes provide an alternative mode of transportation that is both efficient and eco-friendly. The convenience of electric bicycles, especially in urban areas with heavy traffic, has made them a popular choice among commuters. Another trend in the market is the increasing popularity of mountain biking. South America is known for its diverse and picturesque landscapes, making it an ideal destination for outdoor activities such as mountain biking. This has led to a surge in demand for mountain bikes, as enthusiasts seek bikes that are specifically designed for off-road adventures.

Local special circumstances: In South America, there are certain local factors that contribute to the growth of the Bicycles market. For example, many cities in the region have implemented initiatives to promote cycling as a means of transportation. This includes the development of dedicated bike lanes and the implementation of bike-sharing programs. These initiatives have not only increased the visibility of bicycles as a viable mode of transportation but have also made cycling safer and more convenient for commuters.

Underlying macroeconomic factors: The growth of the Bicycles market in South America can also be attributed to favorable macroeconomic conditions. Economic stability and rising disposable incomes have allowed consumers to invest in recreational activities such as cycling. Additionally, the tourism industry in South America has been flourishing, with more tourists visiting the region to explore its natural beauty. This has created a demand for bicycle rentals and guided cycling tours, further boosting the market. In conclusion, the Bicycles market in South America is experiencing growth and development due to changing customer preferences, including the increasing interest in health and fitness and the demand for eco-friendly transportation options. The rise of electric bicycles and the popularity of mountain biking are notable trends in the market. Local initiatives to promote cycling and favorable macroeconomic conditions also contribute to the market's growth.

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).