Regular Bicycles - India

India

In 2024, revenue in the Regular Bicycles market in India is forecasted to reach €3.35bn.
This is projected to exhibit an annual growth rate (CAGR 2024-2029) of 4.12%, leading to an estimated market volume of €4.10bn by 2029.
The unit sales in the Regular Bicycles market are anticipated to hit 24.30m bicycles by 2029.
The volume weighted average price of Regular Bicycles market in the market is expected to be €149.70 in 2024.
Looking at the international scenario, the United States is expected to generate the highest revenue in the market, with €6,399m in 2024.

Mercado

Región

Comparación de regiones

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Analyst Opinion

The Regular Bicycles Market in India is currently experiencing minimal growth due to factors such as low consumer awareness and lack of infrastructure for online sales. Despite this, the market is expected to grow steadily in the coming years as the government promotes cycling as a form of transportation and health awareness increases.

Customer preferences: The Regular Bicycles Market in India is witnessing a significant shift towards eco-friendly and sustainable transportation options, driven by increasing awareness of environmental issues and rising fuel prices. This has led to a growing demand for regular bicycles among urban dwellers, who are also prioritizing physical fitness and leisure activities. Additionally, with the influx of international brands and changing consumer preferences, there is a growing trend towards premium and customized bicycles, catering to specific needs and lifestyles.

Local special circumstances: In India, the Regular Bicycles Market is heavily influenced by the country's diverse terrain and cultural preference for cycling as a mode of transportation. The government's initiatives to promote eco-friendly transportation have also led to an increase in demand for regular bicycles. In contrast, the market for regular bicycles in the US is primarily driven by recreational and fitness purposes, with a strong emphasis on high-performance models. Additionally, the strict safety regulations in the US have a significant impact on the design and production of regular bicycles, making them more expensive compared to the Indian market.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market in India is heavily influenced by macroeconomic factors such as economic growth, government policies, and consumer spending. With the country's growing economy and rising disposable income, there is a growing demand for bicycles as a mode of transportation and for recreational purposes. The government's focus on promoting sustainable transportation and the increasing awareness of health and fitness are also driving the growth of the Regular Bicycles Market in India. Moreover, the country's large population and increasing urbanization are creating a favorable market for regular bicycles in India.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of regular 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).