Sweden: Bicycle Market 2024

Bicycle Market Size in Sweden

In 2021, the Swedish bicycle market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption continues to indicate a mild descent. The most prominent rate of growth was recorded in 2018 when the market value increased by 9.1% against the previous year. Bicycle consumption peaked at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Bicycle Production in Sweden

In value terms, bicycle production skyrocketed to $X in 2021 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Bicycle Exports

Exports from Sweden

In 2021, shipments abroad of bicycles and other cycles decreased by -18.5% to X units for the first time since 2017, thus ending a three-year rising trend. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 39% against the previous year. As a result, the exports reached the peak of X units, and then declined significantly in the following year.

In value terms, bicycle exports reduced rapidly to $X in 2021. Over the period under review, exports, however, saw a mild increase. The pace of growth was the most pronounced in 2020 when exports increased by 67% against the previous year. As a result, the exports reached the peak of $X, and then contracted sharply in the following year.

Exports by Country

Finland (X units) was the main destination for bicycle exports from Sweden, accounting for a 55% share of total exports. Moreover, bicycle exports to Finland exceeded the volume sent to the second major destination, Denmark (X units), fivefold. Norway (X units) ranked third in terms of total exports with a 9% share.

From 2012 to 2021, the average annual growth rate of volume to Finland amounted to +1.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (-12.1% per year) and Norway (-0.8% per year).

In value terms, Finland ($X) remains the key foreign market for bicycles and other cycles exports from Sweden, comprising 80% of total exports. The second position in the ranking was taken by Denmark ($X), with a 10% share of total exports. It was followed by Austria, with a 3.4% share.

From 2012 to 2021, the average annual growth rate of value to Finland amounted to +9.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (-14.5% per year) and Austria (+123.7% per year).

Export Prices by Country

In 2021, the average bicycle export price amounted to $X per unit, with an increase of 2.6% against the previous year. In general, export price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, bicycle export price increased by +90.9% against 2015 indices. The growth pace was the most rapid in 2016 when the average export price increased by 42%. The export price peaked in 2021 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Finland ($X per unit), while the average price for exports to Ghana ($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 Austria (+22.7%), while the prices for the other major destinations experienced mixed trend patterns.

Bicycle Imports

Imports into Sweden

In 2021, supplies from abroad of bicycles and other cycles decreased by -16% to X units, falling for the second consecutive year after two years of growth. Over the period under review, imports showed a noticeable decrease. The most prominent rate of growth was recorded in 2018 when imports increased by 9.4% against the previous year. Imports peaked at X units in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, bicycle imports declined to $X in 2021. In general, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when imports increased by 11% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

China (X units), the Netherlands (X units) and Taiwan (Chinese) (X units) were the main suppliers of bicycle imports to Sweden, with a combined 36% share of total imports. These countries were followed by Indonesia, the Philippines, India, Belgium, Poland, Cambodia, Bangladesh, Germany, Sri Lanka and Turkey, which together accounted for a further 54%.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +78.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest bicycle suppliers to Sweden were the Netherlands ($X), Belgium ($X) and Taiwan (Chinese) ($X), with a combined 49% share of total imports. Germany, Indonesia, China, the Philippines, Poland, Cambodia, Bangladesh, India, Turkey and Sri Lanka lagged somewhat behind, together accounting for a further 40%.

Among the main suppliers, the Philippines, with a CAGR of +88.6%, recorded the highest rates of growth with regard to 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 average bicycle import price amounted to $X per unit, surging by 14% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.4%. 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 Germany ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+16.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :