Asia-Pacific: Bicycle Market 2024

Bicycle Market Size in Asia-Pacific

In 2021, the Asia-Pacific bicycle market decreased by -9.7% to $X for the first time since 2016, thus ending a four-year rising trend. The market value increased at an average annual rate of +1.9% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Bicycle Production in Asia-Pacific

In value terms, bicycle production fell to $X in 2021 estimated in export price. In general, production continues to indicate a noticeable shrinkage. The pace of growth was the most pronounced in 2015 when the production volume increased by 15% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2021, production growth failed to regain momentum.

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Bicycle Exports

Exports in Asia-Pacific

In 2021, the amount of bicycles and other cycles exported in Asia-Pacific soared to X units, with an increase of 15% compared with 2020. Total exports indicated a modest increase from 2012 to 2021: its volume increased at an average annual rate of +1.6% 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 +31.7% against 2019 indices. The pace of growth appeared the most rapid in 2015 when exports increased by 146% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, bicycle exports surged to $X in 2021. Total exports indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +55.1% against 2019 indices. The pace of growth appeared the most rapid in 2015 when exports increased by 89% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Exports by Country

China dominates exports structure, recording X units, which was near 82% 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) held a relatively small 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-Pacific, 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. While the share of China (+3.8 p.p.), India (+1.9 p.p.) and the Philippines (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Taiwan (Chinese) (-8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest bicycle supplier in Asia-Pacific, comprising 64% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 17% share of total exports. It was followed by Cambodia, with a 7.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China amounted to +5.4%. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (-3.5% per year) and Cambodia (+9.2% per year).

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per unit, rising by 18% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.9%. The pace of growth appeared the most rapid in 2014 when the export price increased by 36%. 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.

There were significant differences in the average prices amongst the major exporting countries. In 2021, 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-Pacific

In 2021, purchases abroad of bicycles and other cycles increased by 24% to X units, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +4.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached 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 +4.2% 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 the major importers of bicycles and other cycles in 2021, reaching approx. 23% and 19% of total imports, respectively. Malaysia (X units) ranks next in terms of the total imports with an 8.1% share, followed by Vietnam (7.7%), Australia (6.9%), India (6.8%), Thailand (5.8%) and South Korea (5%).

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 ($X) constitutes the largest market for imported bicycles and other cycles in Asia-Pacific, comprising 32% of total imports. The second position in the ranking was held by Australia ($X), with a 14% share of total imports. It was followed by Vietnam, with a 9.4% share.

In Japan, bicycle imports shrank by an average annual rate of -2.9% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Australia (+5.2% per year) and Vietnam (+75.2% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per unit, increasing by 2.7% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 9.8% against the previous year. The level of import peaked at $X per unit in 2013; however, from 2014 to 2021, import prices remained at a 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 Australia ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+6.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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