ASEAN: Bicycle Market 2024

Bicycle Market Size in ASEAN

For the fifth consecutive year, the ASEAN bicycle market recorded growth in sales value, which increased by 0.2% to $X in 2021. The total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +7.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +72.0% against 2016 indices. Over the period under review, the market hit record highs in 2021 and is likely to continue growth in the immediate term.

Bicycle Production in ASEAN

In value terms, bicycle production contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when the production volume increased by 25% against the previous year. As a result, production attained the peak level of $X, and then contracted in the following year.

Bicycle Exports

Exports in ASEAN

In 2021, shipments abroad of bicycles and other cycles increased by 31% to X units, rising for the fourth year in a row after two years of decline. Over the period under review, exports saw a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, bicycle exports skyrocketed to $X in 2021. Total exports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +7.3% 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 +94.6% against 2016 indices. The pace of growth appeared the most rapid in 2020 with an increase of 26%. The level of export peaked in 2021 and is likely to see gradual growth in years to come.

Exports by Country

Cambodia was the main exporting country with an export of about X units, which finished at 41% of total exports. The Philippines (X units) ranks second in terms of the total exports with a 22% share, followed by Indonesia (18%), Vietnam (6.7%), Thailand (5.6%) and Singapore (5.2%). Malaysia (X units) held a minor share of total exports.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +36.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cambodia ($X) remains the largest bicycle supplier in ASEAN, comprising 61% of total exports. The second position in the ranking was held by Indonesia ($X), with a 22% share of total exports. It was followed by Vietnam, with a 9.3% share.

In Cambodia, bicycle exports expanded at an average annual rate of +9.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Indonesia (+6.4% per year) and Vietnam (+20.5% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per unit, declining by -4.4% against the previous year. Export price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, bicycle export price decreased by -9.3% against 2016 indices. The growth pace was the most rapid in 2014 an increase of 67% 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 Cambodia ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cambodia (+4.3%), while the other leaders experienced more modest paces of growth.

Bicycle Imports

Imports in ASEAN

In 2021, overseas purchases of bicycles and other cycles increased by 34% to X units, rising for the fourth consecutive year after two years of decline. Over the period under review, imports posted a strong expansion. The growth pace was the most rapid in 2020 when imports increased by 58% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to see steady growth in the near future.

In value terms, bicycle imports soared to $X in 2021. In general, imports enjoyed a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the Philippines (X units) represented the main importer of bicycles and other cycles, making up 42% of total imports. It was distantly followed by Malaysia (X units), Vietnam (X units), Thailand (X units) and Singapore (X units), together committing a 53% share of total imports. Myanmar (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to bicycle imports into the Philippines stood at +31.0%. At the same time, Vietnam (+85.8%), Thailand (+14.4%), Singapore (+12.8%) and Malaysia (+1.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +85.8% from 2012-2021. By contrast, Myanmar (-12.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the Philippines, Vietnam and Thailand increased by +42, +16 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X), Malaysia ($X) and Singapore ($X) constituted the countries with the highest levels of imports in 2021, with a combined 72% share of total imports.

Vietnam, with a CAGR of +75.2%, recorded 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 more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2021, increasing by 16% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 46%. As a result, import price attained the peak level of $X per unit. From 2014 to 2021, the import prices failed to regain momentum.

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 Singapore ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Myanmar (+10.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform