Electric Bicycles - Southeast Asia

In 2024, revenue in the Electric Bicycles market in Southeast Asia is forecasted to reach US$474.40m.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.78%, leading to a projected market volume of US$599.10m by 2029.
The unit sales of Electric Bicycles market in the market are expected to hit 743.50k bicycles by 2029.
The volume-weighted average price of Electric Bicycles market in the market in 2024 is projected to be US$828.30.
Looking at the international scenario, it is evident that the highest revenue will be generated China (US$12bn in 2024).
Southeast Asia is a region known for its diverse market landscape, including the Electric Bicycles market.
In Southeast Asia, the Electric Bicycles market experiences exponential growth, driven by increasing urbanization and a focus on sustainable transportation solutions.

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 Southeast Asia has been seeing minimal growth due to factors such as slow adoption of new technologies and lack of consumer awareness. However, with the increasing focus on sustainable transportation, the market is expected to experience a significant boost in the near future.

Customer preferences: As urbanization and traffic congestion continue to rise in Southeast Asia, there is a growing demand for eco-friendly and efficient modes of transportation. This has led to a surge in popularity for electric bicycles, as they offer a cost-effective and sustainable alternative to traditional bicycles and motorized vehicles. Additionally, with the increasing emphasis on health and wellness, consumers are also drawn to the added benefits of electric bicycles, such as assisted pedaling and longer range capabilities. This trend is expected to continue as the region's population becomes more health-conscious and environmentally aware.

Trends in the market: In Southeast Asia, there is a growing trend towards electric bicycles, driven by the increasing demand for eco-friendly transportation options. This trend is expected to continue as governments in the region promote sustainable mobility solutions. Additionally, there is a shift towards e-commerce platforms for the sale of electric bicycles, providing convenience and accessibility for consumers. These trends have significant implications for industry stakeholders, as they must adapt to changing consumer preferences and invest in developing and promoting electric bicycles in the region.

Local special circumstances: In Southeast Asia, the Electric Bicycles Market within the Bicycles Market is heavily influenced by the region's rapid urbanization and increasing focus on sustainability. This has led to a surge in demand for electric bicycles as a convenient and eco-friendly mode of transportation. Additionally, government initiatives promoting the use of electric vehicles and the presence of a large tech-savvy population have also contributed to the market's growth. In countries like Thailand and Vietnam, where traffic congestion is a major issue, electric bicycles are gaining popularity as a solution for commuting.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Southeast Asia is influenced by macroeconomic factors such as technological advancements, government policies, and consumer spending. With the increasing global trend towards sustainability and eco-friendly transportation, the demand for electric bicycles is on the rise. In addition, favorable government initiatives promoting the use of electric vehicles and investments in infrastructure development are driving the market growth. Moreover, the growing middle-class population and rising disposable income in Southeast Asian countries are fueling the demand for electric bicycles as a cost-effective and convenient mode of transportation.

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.