Singapore: Bicycle Market 2024

Bicycle Market Size in Singapore

The Singaporean bicycle market was finally on the rise to reach $X in 2021, after three years of decline. In general, consumption showed a buoyant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Bicycle Exports

Exports from Singapore

In 2021, after three years of growth, there was decline in shipments abroad of bicycles and other cycles, when their volume decreased by -2.5% to X units. Over the period under review, exports, however, posted a prominent increase. The pace of growth appeared the most rapid in 2020 with an increase of 161%. As a result, the exports attained the peak of X units, and then dropped slightly in the following year.

In value terms, bicycle exports dropped sharply to $X in 2021. In general, exports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2019 when exports increased by 107%. Over the period under review, the exports attained the maximum at $X in 2020, and then contracted remarkably in the following year.

Exports by Country

Indonesia (X units) was the main destination for bicycle exports from Singapore, accounting for a 96% share of total exports. It was followed by Malaysia (X units), with a 1% share of total exports. Brunei Darussalam (X units) ranked third in terms of total exports with a 0.4% share.

From 2012 to 2021, the average annual growth rate of volume to Indonesia stood at +21.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-18.7% per year) and Brunei Darussalam (-16.2% per year).

In value terms, Indonesia ($X) remains the key foreign market for bicycles and other cycles exports from Singapore, comprising 76% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 5.5% share of total exports. It was followed by Brunei Darussalam, with a 1.5% share.

From 2012 to 2021, the average annual growth rate of value to Indonesia amounted to +16.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-9.2% per year) and Brunei Darussalam (+0.5% per year).

Export Prices by Country

In 2021, the average bicycle export price amounted to $X per unit, reducing by -31.6% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 45% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while the average price for exports to Romania ($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 Brunei Darussalam (+19.9%), while the prices for the other major destinations experienced more modest paces of growth.

Bicycle Imports

Imports into Singapore

For the third consecutive year, Singapore recorded growth in purchases abroad of bicycles and other cycles, which increased by 115% to X units in 2021. Overall, imports saw prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, bicycle imports surged to $X in 2021. In general, imports recorded a remarkable increase. The pace of growth appeared the most rapid in 2020 when imports increased by 96% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest bicycle supplier to Singapore, accounting for a 86% share of total imports. Moreover, bicycle imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), more than tenfold. The UK (X units) ranked third in terms of total imports with a 2.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +13.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+2.0% per year) and the UK (+19.6% per year).

In value terms, China ($X) constituted the largest supplier of bicycles and other cycles to Singapore, comprising 43% of total imports. The second position in the ranking was taken by the UK ($X), with a 13% share of total imports. It was followed by Taiwan (Chinese), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +15.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+30.0% per year) and Taiwan (Chinese) (-0.4% per year).

Import Prices by Country

In 2021, the average bicycle import price amounted to $X per unit, shrinking by -29.1% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 30%. As a result, import price reached the peak level of $X per unit, and then fell 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 ($X per unit), while the price for China ($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 UK (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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