Electric Bicycles - Malaysia | Statista Market Forecast

Revenue in the Electric Bicycles market of Malaysia is forecasted to reach US$55.71m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.08%, leading to a projected market volume of US$68.02m by 2029.
The unit sales in the Electric Bicycles market of Malaysia are expected to reach 76.33k bicycles in 2029.
The volume weighted average price of the Electric Bicycles market in Malaysia in 2024 is expected to be US$908.70.
Looking at an international perspective, it is evident that the highest revenue will be generated China (US$12bn in 2024).
In Malaysia, the Electric Bicycles market is steadily growing, driven by increasing environmental awareness and the rise of urban commuting challenges.

Definition:

Electric 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 combination of human strength and by electrically powered motors.

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 electric bicycles market covers all types of bicycles with electrical assistance, including road and racing bicycles, off-road bicycles, and special purpose bicycles. 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.

Electric Road and racing bicycles such as cruiser, e-standard, e-gravel road-,e-touring-, and e-fixed gear bikes

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

The Electric Bicycles Market in Malaysia is currently experiencing negligible growth, due to factors such as limited consumer awareness and lack of government support. Despite this, the market is expected to grow in the future as more people become aware of the benefits and convenience of electric bicycles.

Customer preferences: In Malaysia, there has been a growing interest in electric bicycles as a sustainable and cost-effective mode of transportation. This trend is particularly evident among urban dwellers who are seeking eco-friendly alternatives to traditional vehicles. Additionally, the rise of health-conscious consumers has led to an increased demand for electric bicycles, as they offer a convenient and active way to commute. Furthermore, the government's efforts to promote sustainable transportation and reduce carbon emissions have also contributed to the growing popularity of electric bicycles in the country.

Trends in the market: In Malaysia, the Electric Bicycles Market within the Bicycles Market is experiencing a surge in demand, fueled by the growing awareness and concern for environmental sustainability. This trend is expected to continue as the government implements initiatives to promote the use of electric vehicles. Additionally, there is a rising trend of incorporating smart technology into electric bicycles, allowing for features such as GPS tracking and remote control. These advancements are significant for industry stakeholders as they cater to the increasing demand for eco-friendly and convenient transportation options. However, it also poses challenges for traditional bicycle manufacturers to adapt and incorporate these technologies into their products. Overall, the trajectory of these trends suggests a promising future for the Electric Bicycles Market in Malaysia, with potential implications for the overall growth of the Bicycles Market in the country.

Local special circumstances: In Malaysia, the Electric Bicycles Market within the Bicycles Market is thriving due to the country's efforts to promote sustainable transportation and reduce carbon emissions. The government has implemented various initiatives, such as tax incentives and subsidies, to encourage the use of electric bicycles. Additionally, the country's hilly terrain and high traffic congestion make electric bicycles a popular choice for commuters. Moreover, Malaysia's strong cycling culture and increasing awareness of environmental issues have also contributed to the growth of the market.

Underlying macroeconomic factors: The Electric Bicycles Market in Malaysia is heavily influenced by macroeconomic factors such as government policies, economic stability, and consumer spending power. With the rise of environmental awareness and the need for sustainable transportation options, the demand for electric bicycles is increasing in the country. Government initiatives promoting the use of electric vehicles and investments in green energy infrastructure are further driving market growth. Additionally, the growing middle-class population and rising disposable income are increasing the affordability of electric bicycles, contributing to their popularity in the Malaysian market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of electric 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.