South-Eastern Asia: Bicycle Market 2025

Bicycle Market Size in South-Eastern Asia

For the fifth year in a row, the Southeast Asian bicycle market recorded growth in sales value, which increased by 0.1% to $X in 2021. The total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +7.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +72.0% against 2016 indices. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in years to come.

Bicycle Production in South-Eastern Asia

In value terms, bicycle production dropped to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 25%. As a result, production reached the peak level of $X, and then shrank in the following year.

Bicycle Exports

Exports in South-Eastern Asia

In 2021, shipments abroad of bicycles and other cycles increased by 31% to X units, rising for the fourth consecutive year after two years of decline. Over the period under review, exports showed a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, bicycle exports soared to $X in 2021. Total exports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +7.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +94.6% against 2016 indices. The growth pace was the most rapid in 2020 with an increase of 26%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the near future.

Exports by Country

Cambodia represented the largest exporter of bicycles and other cycles in South-Eastern Asia, with the volume of exports amounting to X units, which was near 41% of total exports in 2021. The Philippines (X units) took the second position in the ranking, followed by Indonesia (X units), Vietnam (X units), Thailand (X units) and Singapore (X units). All these countries together took approx. 58% share of total exports. Malaysia (X units) took a little share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by the Philippines (with a CAGR of +36.5%), while the other leaders experienced more modest paces of growth.

In value terms, Cambodia ($X) remains the largest bicycle supplier in South-Eastern Asia, comprising 61% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 22% share of total exports. It was followed by Vietnam, with a 9.3% share.

From 2012 to 2021, the average annual growth rate of value in Cambodia amounted to +9.2%. In the other countries, the average annual rates were as follows: Indonesia (+6.4% per year) and Vietnam (+20.5% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per unit in 2021, shrinking by -4.4% against the previous year. Export price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.0% 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 -9.3% against 2016 indices. The most prominent rate of growth was recorded in 2014 an increase of 67%. As a result, the export price attained the peak level of $X per unit. From 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cambodia ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cambodia (+4.3%), while the other leaders experienced more modest paces of growth.

Bicycle Imports

Imports in South-Eastern Asia

In 2021, overseas purchases of bicycles and other cycles increased by 34% to X units, rising for the fourth year in a row after two years of decline. Overall, imports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2020 when imports increased by 58%. The volume of import peaked in 2021 and is likely to see gradual growth in the near future.

In value terms, bicycle imports soared to $X in 2021. In general, imports enjoyed a buoyant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The Philippines represented the main importer of bicycles and other cycles in South-Eastern Asia, with the volume of imports recording X units, which was near 42% of total imports in 2021. Malaysia (X units) ranks second in terms of the total imports with a 17% share, followed by Vietnam (16%), Thailand (12%) and Singapore (6.8%). Myanmar (X units) held a little share of total imports.

From 2012 to 2021, average annual rates of growth with regard to bicycle imports into the Philippines stood at +31.0%. At the same time, Vietnam (+85.8%), Thailand (+14.4%), Singapore (+12.8%) and Malaysia (+1.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +85.8% from 2012-2021. By contrast, Myanmar (-12.4%) illustrated a downward trend over the same period. The Philippines (+42 p.p.), Vietnam (+16 p.p.) and Thailand (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Malaysia and Myanmar saw its share reduced by -26.8% and -30.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X), Malaysia ($X) and Singapore ($X) were the countries with the highest levels of imports in 2021, with a combined 71% share of total imports.

Among the main importing countries, Vietnam, with a CAGR of +75.2%, recorded the highest growth rate of the value of imports, 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 South-Eastern Asia amounted to $X per unit, surging by 16% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 46%. As a result, import price reached the peak level of $X per unit. From 2014 to 2021, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Myanmar (+10.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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