Analysis of Bicycles (Non Electric) Market Size in South Africa:
Between 2013 and 2023, the market experienced fluctuations with a noticeable peak in 2013 at $140.19 million, followed by a decline to $98.485 million in 2023. The year-on-year variations indicate fluctuations, with the largest decline of -18.92% in 2016, and a moderate CAGR of -1.09% projected for 2023-2028. The forecasted 5-year growth rate also points to a decrease of -5.35% by 2028.
The market is expected to continue its downward trend through 2024 and beyond. Market participants should watch for factors such as shifts in consumer preferences, potential impact of economic policies, and competitive pressures from electric bicycles impacting the non-electric segment.
