Latin America and the Caribbean: Bicycle Market 2025

Bicycle Market Size in Latin America and the Caribbean

The Latin American bicycle market skyrocketed to $X in 2021, surging by 22% against the previous year. The market value increased at an average annual rate of +2.8% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Bicycle Production in Latin America and the Caribbean

In value terms, bicycle production expanded modestly to $X in 2021 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 28% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Bicycle Exports

Exports in Latin America and the Caribbean

In 2021, shipments abroad of bicycles and other cycles increased by 26% to X units, rising for the fifth consecutive year after three years of decline. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when exports increased by 50%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, bicycle exports soared to $X in 2021. Overall, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when exports increased by 76%. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Brazil (X units) and Chile (X units) represented roughly 70% of total exports in 2021. Costa Rica (X units) ranks next in terms of the total exports with a 10% share, followed by Panama (8.7%). Mexico (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Brazil (with a CAGR of +30.5%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Chile ($X) remains the largest bicycle supplier in Latin America and the Caribbean, comprising 71% of total exports. The second position in the ranking was held by Brazil ($X), with an 11% share of total exports. It was followed by Panama, with an 8.7% share.

In Chile, bicycle exports expanded at an average annual rate of +3.1% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (+38.2% per year) and Panama (-13.4% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2021, rising by 6% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the export price increased by 63%. As a result, the export price reached the peak level of $X per unit. From 2017 to 2021, the export prices failed to regain momentum.

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 Chile ($X per unit), while Costa Rica ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+13.9%), while the other leaders experienced more modest paces of growth.

Bicycle Imports

Imports in Latin America and the Caribbean

In 2021, approx. X units of bicycles and other cycles were imported in Latin America and the Caribbean; with an increase of 171% on the year before. Over the period under review, imports continue to indicate strong growth. 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 skyrocketed to $X in 2021. Overall, imports saw buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Paraguay prevails in imports structure, recording X units, which was approx. 85% of total imports in 2021. Chile (X units), Mexico (X units) and Colombia (X units) took a little share of total imports.

From 2012 to 2021, average annual rates of growth with regard to bicycle imports into Paraguay stood at +7.3%. At the same time, Mexico (+25.7%), Chile (+11.6%) and Colombia (+8.5%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +25.7% from 2012-2021. Mexico (+1.8 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Chile ($X), Mexico ($X) and Colombia ($X) constituted the countries with the highest levels of imports in 2021, with a combined 60% share of total imports.

Among the main importing countries, Mexico, with a CAGR of +20.4%, saw the highest growth rate of the value of imports, 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 Latin America and the Caribbean stood at $X per unit in 2021, dropping by -36.6% against the previous year. Overall, the import price, however, showed a perceptible expansion. The growth pace was the most rapid in 2015 when the import price increased by 121%. The level of import peaked at $X per unit in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

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 Colombia ($X per unit), while Paraguay ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (+9.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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