Report Update Nov 1, 2024

Republic of Korea - Bicycles and Other Cycles (Not Motorized) - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Bicycle Market 2024

Bicycle Market Size in Republic of Korea

In 2021, the South Korean bicycle market increased by 6.4% to $X, rising for the second consecutive year after four years of decline. Overall, consumption continues to indicate a relatively flat trend pattern. Bicycle consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Bicycle Exports

Exports from Republic of Korea

Bicycle exports from South Korea skyrocketed to X units in 2021, jumping by 45% on the year before. Over the period under review, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 108%. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, bicycle exports stood at $X in 2021. In general, exports recorded a prominent increase. The pace of growth appeared the most rapid in 2019 when exports increased by 83%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in the immediate term.

Exports by Country

Nigeria (X units) was the main destination for bicycle exports from South Korea, with a 56% share of total exports. Moreover, bicycle exports to Nigeria exceeded the volume sent to the second major destination, Tajikistan (X units), fivefold. The third position in this ranking was taken by the Philippines (X units), with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Nigeria totaled +100.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Tajikistan (+91.8% per year) and the Philippines (+44.2% per year).

In value terms, Nigeria ($X) remains the key foreign market for bicycles and other cycles exports from South Korea, comprising 40% of total exports. The second position in the ranking was taken by Tajikistan ($X), with a 6.7% share of total exports. It was followed by the United States, with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Nigeria totaled +50.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Tajikistan (+77.5% per year) and the United States (+19.6% per year).

Export Prices by Country

In 2021, the average bicycle export price amounted to $X per unit, waning by -30.5% against the previous year. In general, the export price showed a abrupt slump. The growth pace was the most rapid in 2020 an increase of 47%. The export price peaked at $X per unit in 2013; however, from 2014 to 2021, the export prices stood at a somewhat 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 Australia ($X per unit), while the average price for exports to Malawi ($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 Australia (+37.0%), while the prices for the other major destinations experienced more modest paces of growth.

Bicycle Imports

Imports into Republic of Korea

In 2021, the amount of bicycles and other cycles imported into South Korea fell to X units, which is down by -6.5% compared with 2020. Over the period under review, imports saw a noticeable slump. The pace of growth appeared the most rapid in 2020 with an increase of 57%. Over the period under review, imports reached the peak figure at X units in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, bicycle imports skyrocketed to $X in 2021. Overall, total imports indicated a modest expansion from 2012 to 2021: its value increased at an average annual rate of +1.5% 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 +80.4% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 56%. Imports peaked at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) was the main supplier of bicycle to South Korea, with a 96% share of total imports. It was followed by Taiwan (Chinese) (X units), with a 2.5% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -2.7%.

In value terms, China ($X) constituted the largest supplier of bicycles and other cycles to South Korea, comprising 72% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 19% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +1.4%.

Import Prices by Country

In 2021, the average bicycle import price amounted to $X per unit, with an increase of 24% against the previous year. Over the last nine years, it increased at an average annual rate of +4.4%. 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 supplying countries. In 2021, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per unit), while the price for China stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+8.2%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for bicycles and other cycles in the world?

South Africa constituted the country with the largest volume of bicycle consumption, comprising approx. 47% of total volume. Moreover, bicycle consumption in South Africa exceeded the figures recorded by the second-largest consumer, the United States, fivefold. The third position in this ranking was occupied by India, with a 5.2% share.

What are the largest producers of bicycles and other cycles in the world?

The country with the largest volume of bicycle production was China, accounting for 61% of total volume. Moreover, bicycle production in China exceeded the figures recorded by the second-largest producer, India, sevenfold. Brazil ranked third in terms of total production with a 4.7% share.

What are the leading suppliers of bicycles and other cycles to Republic of Korea?

In value terms, China constituted the largest supplier of bicycle to South Korea, comprising 69% of total imports. The second position in the ranking was occupied by Taiwan Chinese), with a 23% share of total imports.

What are the leading importers of bicycles and other cycles from Republic of Korea?

In value terms, Nigeria remains the key foreign market for bicycle exports from South Korea, comprising 42% of total exports. The second position in the ranking was occupied by Tanzania, with an 8.9% share of total exports. It was followed by the United States, with a 5.6% share.

What is the average export price for bicycles and other cycles in Republic of Korea?

In 2021, the average bicycle export price amounted to $11 per unit, shrinking by -8.3% against the previous year.

What is the average import price for bicycles and other cycles in Republic of Korea?

The average bicycle import price stood at $102 per unit in 2021, waning by -18.3% against the previous year.

This report provides an in-depth analysis of the bicycle market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 30921000 - Bicycles and other cycles (including delivery tricycles), nonmotorised
Prodcom 30921030 -
Prodcom 30921050 -

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023