Scandinavia: Bicycle Market 2024

Bicycle Market Size in Scandinavia

The Scandinavia bicycle market was finally on the rise to reach $X in 2021, after two years of decline. Over the period under review, consumption continues to indicate a mild slump. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Bicycle Production in Scandinavia

In value terms, bicycle production skyrocketed to $X in 2021 estimated in export price. In general, production saw perceptible growth. As a result, production reached the peak level and is likely to continue growth in the immediate term.

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Bicycle Exports

Exports in Scandinavia

In 2021, shipments abroad of bicycles and other cycles decreased by -17.2% to X units for the first time since 2017, thus ending a three-year rising trend. Overall, exports saw a slight decrease. The most prominent rate of growth was recorded in 2020 with an increase of 35%. The volume of export peaked at X units in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, bicycle exports dropped dramatically to $X in 2021. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 54%. As a result, the exports attained the peak of $X, and then reduced remarkably in the following year.

Exports by Country

In 2021, Sweden (X units) was the main exporter of bicycles and other cycles, creating 82% of total exports. Norway (X units) ranks second in terms of the total exports with a 12% share, followed by Finland (6.8%).

Sweden experienced a relatively flat trend pattern with regard to volume of exports of bicycles and other cycles. At the same time, Finland (+3.2%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +3.2% from 2012-2021. By contrast, Norway (-8.0%) illustrated a downward trend over the same period. While the share of Sweden (+8.8 p.p.) and Finland (+2.1 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Norway (-10.9 p.p.) displayed negative dynamics.

In value terms, Sweden ($X) remains the largest bicycle supplier in Scandinavia, comprising 84% of total exports. The second position in the ranking was taken by Norway ($X), with a 9.5% share of total exports.

In Sweden, bicycle exports expanded at an average annual rate of +1.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Norway (-9.0% per year) and Finland (+6.2% per year).

Export Prices by Country

The export price in Scandinavia stood at $X per unit in 2021, with an increase of 1.8% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2016 when the export price increased by 36%. The level of export peaked in 2021 and is likely to see steady growth in the near future.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Sweden ($X per unit), while Norway ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (+2.9%), while the other leaders experienced mixed trends in the export price figures.

Bicycle Imports

Imports in Scandinavia

For the third year in a row, Scandinavia recorded decline in overseas purchases of bicycles and other cycles, which decreased by -6% to X units in 2021. Overall, imports showed a perceptible curtailment. The most prominent rate of growth was recorded in 2018 when imports increased by 8.3% against the previous year. The volume of import peaked at X units in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, bicycle imports amounted to $X in 2021. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 12% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

Sweden (X units) and Finland (X units) were the key importers of bicycles and other cycles in 2021, finishing at approx. 43% and 31% of total imports, respectively. It was distantly followed by Norway (X units), mixing up a 26% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Finland (with a CAGR of +0.5%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the largest bicycle importing markets in Scandinavia were Sweden ($X), Finland ($X) and Norway ($X).

Finland, with a CAGR of +6.4%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2021, the import price in Scandinavia amounted to $X per unit, with an increase of 14% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.5%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Norway ($X per unit), while Sweden ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (+5.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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