Bicycles - Cambodia | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$7.59m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.25%, resulting in a projected market volume of US$7.49m by 2029.
Bicycles market unit sales are expected to reach 32.16k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$201.10.
From an international perspective it is shown that the most revenue will be generated China (US$12bn in 2024).

Definition:

Bicycles are means of transport designed to transport people and goods for professional and private purposes. They are used for leisure activities such as travelling or for physical exercise. Depending on the specific purpose and rider, bicycles come in different shapes and features.

They are powered by mere human strength or additionally with an assisting electrical engine. Unlike electrically powered scooters and mopeds, electrical bicycles always have pedals allowing them to be ridden with human power.

In recent years, different renting models have been established such as bike-sharing, in which bicycles can be rented for a defined period in exchange for a fee. These rented bikes are not included in this market outlook. Only bikes that were purchased for ownership are covered.

Structure:

The bicycles market covers all types of bicycles including road and racing bicycles, off-road bicycles, special purpose bicycles, electrical bicycles, hybrid bicycles, as well as bicycle supplies. However, motorcycles, scooters, mopeds, secondhand bicycles, as well as bikes purchased by bike-sharing services are not included.

Additional information:

The market comprises the number of bicycles sold, the average price paid per bicycle, revenue, and revenue growth as the key performance indicators. Revenue is derived as the product of the average price per bicycle times the number of bicycles purchased. Therefore, revenue excludes any profits from bike-sharing fees. Revenues are including VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.

Road and racing bicycles such as cruiser, standard, gravel road-, touring-, and fixed gear bikes
Off-road bicycles such as mountain bikes and cyclocross bikes
Special purpose bicycles such as folding-, BMX-, recumbent-, cargo, and kid´s bikes
Electrical and hybrid bicycles
Bicycle supplies such as bags, locks, separate bicycle baskets
Bicycle spare parts such as bicycle tubes, bicycle tires
New bicycles, e.g., new road and racing bicycles, new off-road bicycles

Motorcycles, scooters, mopeds
Secondhand bicycles
Bike-sharing bicycles
Rented bicycles

The Bicycles Market in Cambodia is experiencing steady growth, with factors such as increasing demand for eco-friendly transportation, rising health consciousness among consumers, and convenience of online purchasing driving the market. However, the overall growth rate is hindered by minimal decline in sales, possibly due to economic constraints and limited access to technology in certain regions of the country.

Customer preferences: With the rise in environmental consciousness and the need for sustainable transportation options, consumers in Cambodia are increasingly turning to bicycles as a mode of transportation. This trend is further fueled by the country's growing middle class and urbanization, leading to a shift away from motorized vehicles. Additionally, the popularity of cycling as a leisure activity is also on the rise, with more people seeking outdoor and eco-friendly forms of recreation. As a result, the demand for high-quality and affordable bicycles is expected to continue to grow in the Cambodian market.

Trends in the market: In Cambodia, the Bicycles Market is experiencing a surge in demand for electric bicycles, as consumers seek more eco-friendly and cost-effective transportation options. This trend is expected to continue as the government promotes sustainable development and introduces policies to reduce traffic congestion and air pollution. Industry stakeholders should anticipate a shift towards electric bicycles and invest in infrastructure and technologies to support this trend. Additionally, there is an emerging market for bike-sharing services, which could further drive the growth of the Bicycles Market in Cambodia.

Local special circumstances: In Cambodia, the Bicycles Market is heavily influenced by the country's geography and cultural practices. Due to the flat terrain and warm climate, bicycles are a common mode of transportation for both urban and rural areas. Additionally, cycling is deeply ingrained in Cambodian culture, with many locals using bicycles for leisure and exercise. However, the market is also impacted by government regulations, such as import tariffs and licensing requirements for bicycle businesses. These factors contribute to the unique dynamics of the Bicycles Market in Cambodia.

Underlying macroeconomic factors: The Bicycles Market in Cambodia is heavily influenced by macroeconomic factors such as the country's economic growth, government policies, and global market trends. Cambodia's strong economic growth has led to an increase in disposable income, driving the demand for bicycles as a mode of transportation. Additionally, the government's focus on promoting sustainable and eco-friendly transportation has also contributed to the growth of the Bicycles Market. However, fluctuations in global economic conditions and trade policies can impact the import and export of bicycles, affecting market performance. Moreover, the country's infrastructure development and investment in the tourism sector can also influence the demand for bicycles as a popular mode of transportation for tourists.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of bicycles and the respective average prices for bicycles.

Modeling approach:

Market sizes are determined through a Bottom-Up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use publications of industry associations, expert blogs, and data provided by governments and scientific institutions. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, and consumer spending per capita (based on current prices). This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the ARIMA time series forecast and forecasts based on previous growth rates are well suited for forecasting the future demand for bicycles due to the brick and mortar nature of this market. The main drivers are GDP, consumer spending per capita, and population.

Additional notes:

The data is modeled using current exchange rates. The market is updated once a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

The bicycle market in Germany has been enjoying dynamic development for a very long time. Bicycles are a popular way to get around in both urban and rural areas, with young children learning to ride firmly entrenched in the national culture. Germany has a variety of scenic bike routes, but looking out for bike lanes in a city is a daily part of life both for cyclists and pedestrians. Many cyclists value the multiple advantages cycling brings – physical activity, saving money by foregoing commuting with public transport or driving, and the eco-friendly aspect. A German city, Munster, even made it on the list of the eight most bike-friendly cities in the world in 2022.