Bicycles - United Kingdom

United Kingdom

The Bicycles market in the United Kingdom is projected to reach a revenue of US$1.31bn in 2024.
It is expected to experience an annual growth rate of -1.25% (CAGR 2024-2029), resulting in a projected market volume of US$1.23bn by 2029.
The unit sales of Bicycles market in the market are expected to reach 1.47m bicycles in 2029.
The volume weighted average price of Bicycles market in the market is expected to be US$0.76k in 2024.
From an international perspective, it is evident that China will generate the highest revenue of US$12,370m in 2024.
Despite the emergence of electric bikes, traditional bicycles continue to dominate the United Kingdom market, reflecting the country's enduring love for cycling.

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Analyst Opinion

The Bicycles market in United Kingdom has been experiencing steady growth in recent years.

Customer preferences: One of the main reasons for the growth in the Bicycles market in United Kingdom is the increasing popularity of cycling as a means of transportation and leisure activity. Many people are opting for bicycles as a sustainable and eco-friendly mode of transport, especially in urban areas where traffic congestion is a major issue. Additionally, cycling is seen as a healthy and cost-effective way to stay fit, which has further contributed to the growing demand for bicycles.

Trends in the market: One of the key trends in the Bicycles market in United Kingdom is the rise in demand for electric bicycles. With advancements in technology, electric bicycles have become more efficient and affordable, making them a popular choice among consumers. Electric bicycles offer the benefits of traditional bicycles, such as exercise and environmental friendliness, while also providing an added convenience of motorized assistance. This trend is expected to continue as more people recognize the advantages of electric bicycles. Another trend in the market is the increasing popularity of specialized bicycles. There has been a growing demand for bicycles designed for specific purposes, such as mountain biking, road racing, and commuting. This trend can be attributed to the growing interest in these activities and the desire for bicycles that are tailored to meet the specific needs of different riders. Manufacturers have responded to this demand by offering a wide range of specialized bicycles to cater to the diverse preferences of consumers.

Local special circumstances: The Bicycles market in United Kingdom is also influenced by local special circumstances. One such circumstance is the government's focus on promoting cycling as a means of reducing carbon emissions and improving public health. The government has implemented various initiatives, such as cycling infrastructure development and awareness campaigns, to encourage more people to take up cycling. These efforts have created a favorable environment for the growth of the Bicycles market in United Kingdom.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the Bicycles market in United Kingdom. One of the key factors is the increasing disposable income of consumers. As people have more money to spend, they are more likely to invest in bicycles for transportation and leisure purposes. Additionally, the growing trend of urbanization has led to an increase in the number of people living in cities, where bicycles are a convenient mode of transport. Furthermore, the COVID-19 pandemic has also played a role in the growth of the Bicycles market, as people have been seeking alternative modes of transport to avoid crowded public transportation. In conclusion, the Bicycles market in United Kingdom is experiencing growth due to customer preferences for sustainable and healthy modes of transport, such as cycling. The market has witnessed trends such as the rise in demand for electric bicycles and specialized bicycles. Local special circumstances, such as government initiatives to promote cycling, have also contributed to the growth of the market. Additionally, underlying macroeconomic factors, such as increasing disposable income and urbanization, have further fueled the growth of the Bicycles market in United Kingdom.

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).