Venezuela: Bicycle Market 2022

Bicycle Market Size in Venezuela

The Venezuelan bicycle market dropped significantly to $X in 2021, waning by -44.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a abrupt descent. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Bicycle Exports

Exports from Venezuela

In 2021, the amount of bicycles and other cycles exported from Venezuela shrank dramatically to X units, dropping by -17.6% compared with the previous year. Over the period under review, exports saw a abrupt contraction. The growth pace was the most rapid in 2015 when exports increased by 113% against the previous year. Over the period under review, the exports hit record highs at X units in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, bicycle exports skyrocketed to $X in 2021. Overall, exports recorded a deep slump. The pace of growth appeared the most rapid in 2013 with an increase of 73%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Chile (X units), Germany (X units) and the Dominican Republic (X units) were the main destinations of bicycle exports from Venezuela, together comprising 78% of total exports. Israel, Guyana and Trinidad and Tobago lagged somewhat behind, together comprising a further 22%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Guyana (with a CAGR of +280.0%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) emerged as the key foreign market for bicycle exports from Venezuela, comprising 55% of total exports. The second position in the ranking was held by Chile ($X), with a 22% share of total exports. It was followed by Israel, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany stood at +22.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+35.4% per year) and Israel (+47.5% per year).

Export Prices by Country

The average bicycle export price stood at $X per unit in 2021, growing by 57% against the previous year. Overall, the export price recorded a remarkable increase. The growth pace was the most rapid in 2019 an increase of 78%. As a result, the export price reached the peak level of $X per unit. From 2020 to 2021, the the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Germany ($X per unit), while the average price for exports to Trinidad and Tobago ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (+29.5%), while the prices for the other major destinations experienced more modest paces of growth.

Bicycle Imports

Imports into Venezuela

Bicycle imports into Venezuela contracted sharply to X units in 2021, falling by -49.3% on 2020. In general, imports showed a abrupt contraction. The most prominent rate of growth was recorded in 2016 when imports increased by 240% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, bicycle imports declined rapidly to $X in 2021. Overall, imports recorded a abrupt descent. The most prominent rate of growth was recorded in 2020 with an increase of 411% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) was the main bicycle supplier to Venezuela, accounting for a 93% share of total imports. It was followed by the United States (X units), with a 1.6% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -15.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.9% per year) and Poland (+107.8% per year).

In value terms, China ($X) constituted the largest supplier of bicycle to Venezuela, comprising 78% of total imports. The second position in the ranking was held by the United States ($X), with a 7.2% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China amounted to -10.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+1.4% per year) and Poland (+90.7% per year).

Import Prices by Country

In 2021, the average bicycle import price amounted to $X per unit, picking up by 18% against the previous year. Overall, the import price continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2020 when the average import price increased by 72% against the previous year. The import price peaked at $X per unit in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+29.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

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