Sri Lanka: Motorcycle And Bicycle Market 2024

Motorcycle And Bicycle Market Size in Sri Lanka

The Sri Lankan motorcycle and bicycle market contracted notably to $X in 2021, shrinking by -42.2% against the previous year. In general, consumption saw a relatively flat trend pattern. Motorcycle and bicycle consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Motorcycle And Bicycle Production in Sri Lanka

In value terms, motorcycle and bicycle production reduced sharply to $X in 2021 estimated in export price. Overall, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the production volume increased by 122% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then contracted markedly in the following year.

Motorcycle And Bicycle Exports

Exports from Sri Lanka

In 2021, shipments abroad of motorcycles and bicycles increased by 75% to X units, rising for the fourth consecutive year after two years of decline. Over the period under review, exports, however, recorded a perceptible decrease. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, motorcycle and bicycle exports skyrocketed to $X in 2021. In general, exports showed a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

India (X units) was the main destination for motorcycle and bicycle exports from Sri Lanka, accounting for a 27% share of total exports. Moreover, motorcycle and bicycle exports to India exceeded the volume sent to the second major destination, the Netherlands (X units), threefold. The third position in this ranking was held by the UK (X units), with an 8.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to India totaled +21.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-1.4% per year) and the UK (-19.7% per year).

In value terms, India ($X) emerged as the key foreign market for motorcycles and bicycles exports from Sri Lanka, comprising 26% of total exports. The second position in the ranking was held by the UK ($X), with a 9.5% share of total exports. It was followed by Germany, with a 7.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to India amounted to +23.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-18.1% per year) and Germany (+14.0% per year).

Export Prices by Country

In 2021, the average motorcycle and bicycle export price amounted to $X per unit, remaining relatively unchanged against the previous year. Overall, export price indicated a temperate expansion from 2012 to 2021: its price increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, motorcycle and bicycle export price decreased by -20.9% against 2018 indices. The pace of growth was the most pronounced in 2018 an increase of 39% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2019 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Poland ($X per unit), while the average price for exports to Spain ($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 France (+6.9%), while the prices for the other major destinations experienced more modest paces of growth.

Motorcycle And Bicycle Imports

Imports into Sri Lanka

For the third consecutive year, Sri Lanka recorded decline in overseas purchases of motorcycles and bicycles, which decreased by -18.9% to X units in 2021. In general, imports faced a abrupt slump. The most prominent rate of growth was recorded in 2014 when imports increased by 45% against the previous year. As a result, imports attained the peak of X units. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, motorcycle and bicycle imports shrank remarkably to $X in 2021. Over the period under review, imports continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2014 with an increase of 82% against the previous year. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Japan (X units) constituted the largest motorcycle and bicycle supplier to Sri Lanka, with a 65% share of total imports. Moreover, motorcycle and bicycle imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The third position in this ranking was taken by South Korea (X units), with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan amounted to -11.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-0.4% per year) and South Korea (+7.1% per year).

In value terms, India ($X), Japan ($X) and China ($X) appeared to be the largest motorcycle and bicycle suppliers to Sri Lanka, together accounting for 66% of total imports. These countries were followed by South Korea and Canada, which together accounted for a further 3.9%.

In terms of the main suppliers, Canada, with a CAGR of +18.6%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average motorcycle and bicycle import price stood at $X per unit in 2021, waning by -59.5% against the previous year. Over the period under review, the import price saw a drastic downturn. The most prominent rate of growth was recorded in 2014 an increase of 25%. The import price peaked at $X per unit in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

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 India ($X per unit), while the price for Canada ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+8.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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