Nigeria: Bicycle Market 2025

Bicycle Market Size in Nigeria

The Nigerien bicycle market contracted sharply to $X in 2021, shrinking by -27.1% against the previous year. Overall, consumption, however, saw a buoyant expansion. Bicycle consumption peaked at $X in 2020, and then declined significantly in the following year.

Bicycle Production in Nigeria

In value terms, bicycle production shrank notably to $X in 2021 estimated in export price. Overall, production, however, saw prominent growth. The pace of growth appeared the most rapid in 2016 when the production volume increased by 220% against the previous year. Bicycle production peaked at $X in 2020, and then contracted remarkably in the following year.

Bicycle Exports

Exports from Nigeria

In 2021, overseas shipments of bicycles and other cycles were finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. Overall, exports posted a significant expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 900%. Over the period under review, the exports reached the maximum at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, bicycle exports soared to $X in 2021. In general, exports showed significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 1,112% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Niger (X units), Gambia (X units) and Tanzania (X units) were the main destinations of bicycle exports from Nigeria, with a combined 54% share of total exports. These countries were followed by Cameroon, Benin, the Netherlands, Angola, Cote d'Ivoire, Burkina Faso, Kenya, Thailand and Italy, which together accounted for a further 40%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cameroon (with a CAGR of +38.3%), while the other leaders experienced more modest paces of growth.

In value terms, Niger ($X) remains the key foreign market for bicycles and other cycles exports from Nigeria, comprising 21% of total exports. The second position in the ranking was taken by Tanzania ($X), with an 8.7% share of total exports. It was followed by Cameroon, with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Niger stood at +44.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Tanzania (+45.4% per year) and Cameroon (+54.7% per year).

Export Prices by Country

The average bicycle export price stood at $X per unit in 2021, with an increase of 8.1% against the previous year. Over the period under review, export price indicated prominent growth from 2012 to 2021: its price increased at an average annual rate of +6.9% 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 -11.8% against 2017 indices. The most prominent rate of growth was recorded in 2017 an increase of 60% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2018 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Kenya ($X per unit), while the average price for exports to Gambia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+13.0%), while the prices for the other major destinations experienced more modest paces of growth.

Bicycle Imports

Imports into Nigeria

Bicycle imports into Nigeria reduced markedly to X units in 2021, with a decrease of -38.6% compared with 2020. Overall, imports showed a abrupt slump. The most prominent rate of growth was recorded in 2019 with an increase of 59%. Imports peaked at X units in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, bicycle imports declined significantly to $X in 2021. Over the period under review, imports, however, posted tangible growth. The pace of growth appeared the most rapid in 2019 when imports increased by 91% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports remained at a lower figure.

Imports by Country

China (X units), Japan (X units) and South Korea (X units) were the main suppliers of bicycle imports to Nigeria, with a combined 86% share of total imports.

From 2015 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +35.7%), while imports for the other leaders experienced mixed trend patterns.

In value terms, China ($X) constituted the largest supplier of bicycles and other cycles to Nigeria, comprising 54% of total imports. The second position in the ranking was held by the UK ($X), with a 13% share of total imports. It was followed by South Korea, with a 13% share.

From 2015 to 2021, the average annual rate of growth in terms of value from China stood at +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+19.3% per year) and South Korea (+39.7% per year).

Import Prices by Country

In 2021, the average bicycle import price amounted to $X per unit, shrinking by -25.7% against the previous year. Over the period under review, the import price, however, continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2018 an increase of 72%. Over the period under review, average import prices reached the maximum at $X per unit in 2020, and then contracted dramatically in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2015 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+28.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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