Philippines: Bicycle Market 2025

Bicycle Market Size in the Philippines

The Philippine bicycle market reduced remarkably to $X in 2021, which is down by -24.8% against the previous year. Over the period under review, consumption, however, enjoyed a significant increase. As a result, consumption reached the peak level of $X, and then dropped remarkably in the following year.

Bicycle Production in the Philippines

In value terms, bicycle production soared to $X in 2021 estimated in export price. Overall, production continues to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2019 with an increase of 58% against the previous year. Bicycle production peaked at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Bicycle Exports

Exports from the Philippines

Bicycle exports from the Philippines soared to X units in 2021, increasing by 57% compared with 2020 figures. Over the period under review, exports showed a significant expansion. The pace of growth appeared the most rapid in 2019 with an increase of 118% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, bicycle exports surged to $X in 2021. Overall, total exports indicated a buoyant increase from 2015 to 2021: its value increased at an average annual rate of +7.3% over the last six years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +116.1% against 2018 indices. The pace of growth appeared the most rapid in 2019 when exports increased by 65%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in years to come.

Exports by Country

Ireland (X units), the Netherlands (X units) and Sweden (X units) were the main destinations of bicycle exports from the Philippines, together comprising 70% of total exports.

From 2015 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Sweden (with a CAGR of +223.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for bicycle exported from the Philippines were Ireland ($X), the United States ($X) and the Netherlands ($X), together accounting for 69% of total exports. These countries were followed by Germany, Sweden and the UK, which together accounted for a further 25%.

Sweden, with a CAGR of +120.5%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average bicycle export price amounted to $X per unit, with a decrease of -6% against the previous year. Overall, the export price recorded a sharp curtailment. The pace of growth was the most pronounced in 2020 when the average export price increased by 13% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

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 the United States ($X per unit), while the average price for exports to Sweden ($X per unit) was amongst the lowest.

From 2015 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (-19.4%), while the prices for the other major destinations experienced a decline.

Bicycle Imports

Imports into the Philippines

In 2021, imports of bicycles and other cycles into the Philippines skyrocketed to X units, picking up by 48% on the previous year. In general, imports enjoyed a significant increase. The pace of growth appeared the most rapid in 2020 when imports increased by 132% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, bicycle imports amounted to $X in 2021. Over the period under review, imports enjoyed a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 114%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, China (X units) was the main bicycle supplier to the Philippines, with a 93% share of total imports. Moreover, bicycle imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), more than tenfold.

From 2015 to 2021, the average annual rate of growth in terms of volume from China amounted to +42.6%.

In value terms, China ($X) constituted the largest supplier of bicycles and other cycles to the Philippines, comprising 90% of total imports. The second position in the ranking was taken by Japan ($X), with a 3.7% share of total imports.

From 2015 to 2021, the average annual growth rate of value from China stood at +43.1%.

Import Prices by Country

In 2021, the average bicycle import price amounted to $X per unit, dropping by -23% against the previous year. Over the period under review, import price indicated strong growth from 2015 to 2021: its price increased at an average annual rate of +5.0% over the last six years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, bicycle import price decreased by -29.2% against 2019 indices. The pace of growth appeared the most rapid in 2016 when the average import price increased by 27% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per unit), while the price for Japan stood at $X per unit.

From 2015 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+16.7%).

Source: IndexBox Platform

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