Middle East: Bicycle Market 2024

Bicycle Market Size in the Middle East

The Middle Eastern bicycle market skyrocketed to $X in 2021, jumping by 31% against the previous year. The market value increased at an average annual rate of +2.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Bicycle Production in the Middle East

In value terms, bicycle production soared to $X in 2021 estimated in export price. Over the period under review, production saw a strong expansion. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Bicycle Exports

Exports in the Middle East

In 2021, overseas shipments of bicycles and other cycles increased by 29% to X units, rising for the fourth consecutive year after two years of decline. In general, exports posted a buoyant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 38% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in the near future.

In value terms, bicycle exports soared to $X in 2021. Over the period under review, exports recorded a remarkable increase. The pace of growth was the most pronounced in 2013 with an increase of 58% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are likely to continue growth in years to come.

Exports by Country

Turkey dominates exports structure, recording X units, which was approx. 94% of total exports in 2021. The United Arab Emirates (X units) took a relatively small share of total exports.

Turkey was also the fastest-growing in terms of the bicycles and other cycles exports, with a CAGR of +9.2% from 2012 to 2021. At the same time, the United Arab Emirates (+6.2%) displayed positive paces of growth. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest bicycle supplier in the Middle East, comprising 95% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey stood at +10.8%.

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per unit, with an increase of 13% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2013 an increase of 14% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Turkey ($X per unit), while the United Arab Emirates amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+5.6%).

Bicycle Imports

Imports in the Middle East

In 2021, purchases abroad of bicycles and other cycles increased by 19% to X units, rising for the second year in a row after four years of decline. The total import volume increased at an average annual rate of +4.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 with an increase of 30% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, bicycle imports skyrocketed to $X in 2021. Total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +8.4% 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 +102.4% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Saudi Arabia (X units), distantly followed by the United Arab Emirates (X units), Iraq (X units), Iran (X units) and Israel (X units) were the main importers of bicycles and other cycles, together comprising 79% of total imports. The following importers - Kuwait (X units), Yemen (X units), Qatar (X units), Oman (X units) and Jordan (X units) - together made up 17% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Jordan (with a CAGR of +26.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest bicycle importing markets in the Middle East were the United Arab Emirates ($X), Israel ($X) and Saudi Arabia ($X), together accounting for 61% of total imports. Iran, Iraq, Kuwait, Qatar, Yemen, Oman and Jordan lagged somewhat behind, together comprising a further 33%.

Oman, with a CAGR of +15.6%, recorded the highest growth rate of the value of imports, in terms of 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

In 2021, the import price in the Middle East amounted to $X per unit, surging by 22% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.0%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Israel ($X per unit), while Jordan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+9.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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