The Bicycles market in Thailand has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Bicycles market in Thailand have shifted towards more sustainable and eco-friendly modes of transportation.
With increasing concerns about pollution and traffic congestion, many consumers are opting for bicycles as a convenient and environmentally-friendly alternative. Additionally, the rising popularity of cycling as a recreational activity has also contributed to the growth of the market. Trends in the Bicycles market in Thailand indicate a rising demand for electric bicycles.
As consumers become more conscious about the environment and seek more efficient modes of transportation, electric bicycles have gained popularity. These bicycles offer the benefits of traditional bicycles, with the added advantage of electric assistance, making them ideal for commuting longer distances or tackling hilly terrains. Another trend in the market is the growing popularity of folding bicycles.
With limited space in urban areas, many consumers are opting for compact and portable bicycles that can be easily folded and stored. Folding bicycles are also convenient for commuters who need to combine cycling with other modes of transportation, such as buses or trains. Local special circumstances in Thailand have also contributed to the growth of the Bicycles market.
The government has been actively promoting cycling as a means of transportation and has implemented various initiatives to improve cycling infrastructure, such as dedicated bike lanes and parking facilities. These efforts have encouraged more people to take up cycling and have created a conducive environment for the Bicycles market to thrive. Underlying macroeconomic factors have also played a role in the development of the Bicycles market in Thailand.
The country's growing middle class, rising disposable incomes, and increasing urbanization have led to a higher demand for bicycles. Additionally, the tourism industry in Thailand has also contributed to the growth of the market, as tourists often rent bicycles to explore popular tourist destinations. In conclusion, the Bicycles market in Thailand is experiencing significant growth due to changing customer preferences towards sustainable and eco-friendly transportation options, emerging trends such as electric and folding bicycles, local special circumstances that promote cycling, and underlying macroeconomic factors such as a growing middle class and tourism industry.
These factors are likely to continue driving the growth of the market in the coming years.
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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