Cuba: Bicycle Market 2025

Bicycle Market Size in Cuba

In 2021, the Cuban bicycle market decreased by -24.6% to $X, falling for the second year in a row after two years of growth. In general, consumption, however, saw a tangible increase. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Bicycle Production in Cuba

In value terms, bicycle production skyrocketed to $X in 2021 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 99% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Bicycle Exports

Exports from Cuba

In 2021, the amount of bicycles and other cycles exported from Cuba skyrocketed to X units, picking up by 123% compared with the previous year's figure. In general, exports saw a notable increase. The pace of growth was the most pronounced in 2015 with an increase of 197%. As a result, the exports reached the peak of X units. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, bicycle exports soared to $X in 2021. Over the period under review, exports recorded a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Guatemala (X units) and Chile (X units) were the main destinations of bicycle exports from Cuba.

From 2012 to 2021, the biggest increases were recorded for Guatemala (with a CAGR of +41.4%).

In value terms, the largest markets for bicycle exported from Cuba were Guatemala ($X) and Chile ($X).

Among the main countries of destination, Guatemala, with a CAGR of +74.6%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The average bicycle export price stood at $X per unit in 2021, with an increase of 5.1% against the previous year. Overall, the export price, however, showed a perceptible shrinkage. The pace of growth was the most pronounced in 2013 when the average export price increased by 63%. As a result, the export price attained the peak level of $X per unit. From 2014 to 2021, the average export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Guatemala ($X per unit), while the average price for exports to Chile totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Guatemala (+16.0%).

Bicycle Imports

Imports into Cuba

In 2021, after two years of growth, there was decline in purchases abroad of bicycles and other cycles, when their volume decreased by -3.4% to X units. In general, imports, however, showed a strong increase. The pace of growth appeared the most rapid in 2019 when imports increased by 146% against the previous year. Over the period under review, imports reached the peak figure at X units in 2020, and then fell slightly in the following year.

In value terms, bicycle imports declined markedly to $X in 2021. Over the period under review, imports, however, recorded prominent growth. The pace of growth was the most pronounced in 2015 with an increase of 161%. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Panama (X units) was the main bicycle supplier to Cuba, accounting for a 91% share of total imports. It was followed by China (X units), with a 3% share of total imports. The Dominican Republic (X units) ranked third in terms of total imports with a 1.9% share.

From 2012 to 2021, the average annual growth rate of volume from Panama totaled +53.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-4.2% per year) and the Dominican Republic (+76.5% per year).

In value terms, Panama ($X) constituted the largest supplier of bicycles and other cycles to Cuba, comprising 93% of total imports. The second position in the ranking was taken by China ($X), with a 1.9% share of total imports. It was followed by the Dominican Republic, with a 0.9% share.

From 2012 to 2021, the average annual growth rate of value from Panama totaled +45.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-4.2% per year) and the Dominican Republic (+69.4% per year).

Import Prices by Country

The average bicycle import price stood at $X per unit in 2021, reducing by -38.5% against the previous year. Over the period under review, the import price continues to indicate a pronounced descent. The most prominent rate of growth was recorded in 2014 an increase of 66%. The import price peaked at $X per unit in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Panama ($X per unit), while the price for the Dominican Republic ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+0.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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