Asia: Bicycle Market 2024

Bicycle Market Size in Asia

In 2021, the Asian bicycle market decreased by -4.1% to $X, falling for the second consecutive year after two years of growth. The market value increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Bicycle Production in Asia

In value terms, bicycle production expanded notably to $X in 2021 estimated in export price. Overall, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the production volume increased by 19%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Bicycle Exports

Exports in Asia

In 2021, approx. X units of bicycles and other cycles were exported in Asia; growing by 15% against the previous year. Total exports indicated a modest expansion from 2012 to 2021: its volume increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +32.0% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 144%. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in years to come.

In value terms, bicycle exports skyrocketed to $X in 2021. Total exports indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +55.3% against 2019 indices. The pace of growth appeared the most rapid in 2015 when exports increased by 87%. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

China dominates exports structure, finishing at X units, which was near 81% of total exports in 2021. Japan (X units), Cambodia (X units), Taiwan (Chinese) (X units), Bangladesh (X units), India (X units) and the Philippines (X units) took a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to bicycle exports from China stood at +2.2%. At the same time, the Philippines (+36.5%), Bangladesh (+10.5%), Cambodia (+4.6%) and India (+2.4%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in Asia, with a CAGR of +36.5% from 2012-2021. Japan experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-13.7%) illustrated a downward trend over the same period. China (+3.4 p.p.), India (+1.9 p.p.) and the Philippines (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese) saw its share reduced by -8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest bicycle supplier in Asia, comprising 64% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 17% share of total exports. It was followed by Cambodia, with a 7.8% share.

In China, bicycle exports expanded at an average annual rate of +5.4% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (-3.5% per year) and Cambodia (+9.2% per year).

Export Prices by Country

The export price in Asia stood at $X per unit in 2021, jumping by 18% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2014 an increase of 36% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per unit), while Japan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+11.7%), while the other leaders experienced more modest paces of growth.

Bicycle Imports

Imports in Asia

In 2021, overseas purchases of bicycles and other cycles increased by 24% to X units, rising for the second year in a row after four years of decline. The total import volume increased at an average annual rate of +4.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, bicycle imports soared to $X in 2021. The total import value increased at an average annual rate of +3.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Japan (X units) and the Philippines (X units) represented roughly 35% of total imports in 2021. Malaysia (X units) held the next position in the ranking, followed by Vietnam (X units), Saudi Arabia (X units), India (X units) and Thailand (X units). All these countries together held near 29% share of total imports. South Korea (X units), the United Arab Emirates (X units), Kazakhstan (X units), Singapore (X units), Iraq (X units) and Iran (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Vietnam (with a CAGR of +85.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constitutes the largest market for imported bicycles and other cycles in Asia, comprising 31% of total imports. The second position in the ranking was held by Vietnam ($X), with a 9.1% share of total imports. It was followed by South Korea, with an 8.9% share.

In Japan, bicycle imports declined by an average annual rate of -2.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Vietnam (+75.2% per year) and South Korea (+1.5% per year).

Import Prices by Country

The import price in Asia stood at $X per unit in 2021, increasing by 5.1% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 7.5% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2021, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was South Korea ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+9.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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