Hungary: Bicycle Market 2024

Bicycle Market Size in Hungary

The Hungarian bicycle market expanded remarkably to $X in 2022, rising by X% against the previous year. In general, the total consumption indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2015 indices. Over the period under review, the market attained the peak level in 2022 and is likely to see gradual growth in the near future.

Bicycle Production in Hungary

In value terms, bicycle production surged to $X in 2022 estimated in export price. Overall, production recorded a prominent expansion. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, production hit record highs in 2022 and is expected to retain growth in years to come.

Bicycle Exports

Exports from Hungary

In 2022, shipments abroad of bicycles and other cycles increased by X% to X units, rising for the third year in a row after two years of decline. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by X%. Over the period under review, the exports hit record highs at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, bicycle exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a noticeable curtailment. The pace of growth was the most pronounced in 2021 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Belgium (X units), the Netherlands (X units) and Slovakia (X units) were the main destinations of bicycle exports from Hungary, with a combined X% share of total exports.

From 2013 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X) emerged as the key foreign market for bicycles and other cycles exports from Hungary, comprising X% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a X% share of total exports. It was followed by Poland, with a X% share.

From 2013 to 2022, the average annual growth rate of value to Belgium stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and Poland (X% per year).

Export Prices by Country

In 2022, the average bicycle export price amounted to $X per unit, surging by X% against the previous year. Overall, the export price, however, recorded a noticeable contraction. The pace of growth appeared the most rapid in 2021 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per unit), while the average price for exports to Slovakia ($X per unit) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Romania (X%), while the prices for the other major destinations experienced more modest paces of growth.

Bicycle Imports

Imports into Hungary

In 2022, approx. X units of bicycles and other cycles were imported into Hungary; declining by X% compared with 2021. Over the period under review, total imports indicated noticeable growth from 2013 to 2022: its volume increased at an average annual rate of X% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Imports peaked at X units in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, bicycle imports fell to $X in 2022. Overall, total imports indicated prominent growth from 2013 to 2022: its value increased at an average annual rate of X% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of X%. As a result, imports reached the peak of $X, and then reduced in the following year.

Imports by Country

Italy (X units), Romania (X units) and Portugal (X units) were the main suppliers of bicycle imports to Hungary, with a combined X% share of total imports. Austria, Serbia, China, Slovakia, Germany, Turkey, France, Taiwan (Chinese) and Spain lagged somewhat behind, together comprising a further X%.

From 2013 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Austria ($X), Italy ($X) and Germany ($X) were the largest bicycle suppliers to Hungary, with a combined X% share of total imports. Portugal, Romania, Serbia, Turkey, France, Slovakia, China, Taiwan (Chinese) and Spain lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, Turkey, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average bicycle import price amounted to $X per unit, rising by X% against the previous year. Over the last nine-year period, it increased at an average annual rate of X%. The growth pace was the most rapid in 2018 when the average import price increased by X%. The import price peaked at $X per unit in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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