Global Bicycle Market 2024

Bicycle Market Size

In 2021, the global bicycle market decreased by -2.1% to $X, falling for the second consecutive year after three years of growth. The market value increased at an average annual rate of +2.2% from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. Global consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Bicycle Production

In value terms, bicycle production expanded notably to $X in 2021 estimated in export price. In general, production, however, posted a prominent increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by 296%. As a result, production reached the peak level of $X. From 2019 to 2021, global production growth remained at a somewhat lower figure.

Bicycle Exports

Exports

Global bicycle exports skyrocketed to X units in 2021, rising by 16% on the previous year's figure. Overall, total exports indicated a slight expansion from 2012 to 2021: its volume increased at an average annual rate of +1.7% 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 +30.8% against 2019 indices. The pace of growth appeared the most rapid in 2015 with an increase of 101% against the previous year. Over the period under review, the global exports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, bicycle exports surged to $X in 2021. The total export value increased at an average annual rate of +3.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 with an increase of 38% against the previous year. Over the period under review, the global exports attained the peak figure in 2021 and are expected to retain growth in years to come.

Exports by Country

China prevails in exports structure, finishing at X units, which was near 69% of total exports in 2021. Japan (X units), Cambodia (X units), Taiwan (Chinese) (X units), Italy (X units), Portugal (X units), Bangladesh (X units) and India (X units) held a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to bicycle exports from China stood at +2.2%. At the same time, Bangladesh (+10.5%), Portugal (+5.6%), Cambodia (+4.6%), Italy (+4.5%) and India (+2.4%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing exporter exported in the world, with a CAGR of +10.5% from 2012-2021. Japan experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-13.7%) illustrated a downward trend over the same period. China (+2.7 p.p.) and India (+1.6 p.p.) significantly strengthened its position in terms of the global exports, while Taiwan (Chinese) saw its share reduced by -6.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest bicycle supplier worldwide, comprising 41% of global exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with an 11% share of global exports. It was followed by Cambodia, with a 5% share.

In China, bicycle exports increased at an average annual rate of +5.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (-3.5% per year) and Cambodia (+9.2% per year).

Export Prices by Country

The average bicycle export price stood at $X per unit in 2021, picking up by 9.8% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.1%. The pace of growth was the most pronounced in 2014 an increase of 48% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per unit), while Japan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+11.7%), while the other global leaders experienced more modest paces of growth.

Bicycle Imports

Imports

Global bicycle imports skyrocketed to X units in 2021, with an increase of 46% against the previous year's figure. Over the period under review, total imports indicated perceptible growth from 2012 to 2021: its volume increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +64.7% against 2019 indices. Global imports peaked at X units in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, bicycle imports soared to $X in 2021. The total import value increased at an average annual rate of +4.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Paraguay (X units), distantly followed by the United States (X units) and Japan (X units) were the largest importers of bicycles and other cycles, together creating 49% of total imports. The Philippines (X units), the Netherlands (X units), the UK (X units), Germany (X units), Russia (X units), Canada (X units), France (X units), Malaysia (X units), Chile (X units) and Vietnam (X units) held a minor 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 Vietnam (with a CAGR of +85.8%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($X) constitutes the largest market for imported bicycles and other cycles worldwide, comprising 18% of global imports. The second position in the ranking was held by Germany ($X), with a 7.9% share of global imports. It was followed by the Netherlands, with a 7.8% share.

In the United States, bicycle imports increased at an average annual rate of +2.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Germany (+2.8% per year) and the Netherlands (+7.8% per year).

Import Prices by Country

The average bicycle import price stood at $X per unit in 2021, declining by -16.3% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 42%. Over the period under review, average import prices attained the maximum at $X per unit in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($X per unit), while Paraguay ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+6.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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