Vietnam: Bicycle Market 2025

Bicycle Market Size in Vietnam

For the third year in a row, the Vietnamese bicycle market recorded growth in sales value, which increased by 23% to $X in 2021. Over the period under review, consumption saw a strong expansion. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the immediate term.

Bicycle Production in Vietnam

In value terms, bicycle production declined remarkably to $X in 2021 estimated in export price. Overall, the total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +7.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +36.5% against 2018 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 66% against the previous year. As a result, production reached the peak level of $X, and then declined rapidly in the following year.

Bicycle Exports

Exports from Vietnam

In 2021, exports of bicycles and other cycles from Vietnam skyrocketed to X units, picking up by 17% against the previous year's figure. In general, exports showed a resilient expansion. The pace of growth was the most pronounced in 2020 with an increase of 54% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, bicycle exports reduced modestly to $X in 2021. Over the period under review, exports posted significant growth. The pace of growth was the most pronounced in 2020 with an increase of 115% against the previous year. As a result, the exports reached the peak of $X, and then declined slightly in the following year.

Exports by Country

The Netherlands (X units), Canada (X units) and the UK (X units) were the main destinations of bicycle exports from Vietnam, with a combined 59% share of total exports. These countries were followed by the United States, Germany, Japan, India, Australia and Italy, which together accounted for a further 25%.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +96.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for bicycle exported from Vietnam were the United States ($X), the Netherlands ($X) and Canada ($X), with a combined 63% share of total exports.

Among the main countries of destination, the United States, with a CAGR of +103.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average bicycle export price amounted to $X per unit, with a decrease of -16.2% against the previous year. Over the period under review, export price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +4.2% 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 increased by +44.5% against 2018 indices. The most prominent rate of growth was recorded in 2020 an increase of 40%. As a result, the export price reached the peak level of $X per unit, and then dropped notably in the following year.

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 the United States ($X per unit), while the average price for exports to Australia ($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 the United States (+26.0%), while the prices for the other major destinations experienced more modest paces of growth.

Bicycle Imports

Imports into Vietnam

For the fifth year in a row, Vietnam recorded growth in overseas purchases of bicycles and other cycles, which increased by 26% to X units in 2021. Overall, imports showed significant growth. The pace of growth appeared the most rapid in 2015 when imports increased by 2,783% against the previous year. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, bicycle imports skyrocketed to $X in 2021. Over the period under review, imports saw a significant expansion. The growth pace was the most rapid in 2015 with an increase of 2,434% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2021, China (X units) was the main bicycle supplier to Vietnam, accounting for a approx. 99% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +88.0%.

In value terms, China ($X) constituted the largest supplier of bicycles and other cycles to Vietnam.

From 2012 to 2021, the average annual growth rate of value from China totaled +86.6%.

Import Prices by Country

The average bicycle import price stood at $X per unit in 2021, with an increase of 62% against the previous year. Overall, the import price, however, showed a abrupt shrinkage. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to -0.7% per year.

Source: IndexBox Platform

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