Electric Bicycles - Vietnam | Statista Market Forecast

In 2024, revenue in the Electric Bicycles market in Vietnam is forecasted to reach US$36.21m.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 6.77%, leading to a projected market volume of US$50.23m by 2029.
By 2029, unit sales in the Electric Bicycles market of Vietnam are expected to reach 57.95k bicycles.
The volume weighted average price of Electric Bicycles market in the Vietnamese market in 2024 is projected to be US$809.90.
Looking at the international perspective, it is evident that the highest revenue will be generated China (US$12bn in 2024).
In Vietnam, the Electric Bicycles market is experiencing a surge in demand due to increasing environmental awareness and traffic congestion issues.

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 Vietnam is facing negligible growth, influenced by factors such as low consumer awareness and limited infrastructure. Despite this, the market is expected to expand due to the increasing demand for eco-friendly transportation options and government initiatives promoting electric vehicles.

Customer preferences: As Vietnam continues to develop and modernize, there has been a noticeable increase in demand for electric bicycles. This trend is largely driven by a growing awareness and prioritization of environmental sustainability, as well as a desire for more efficient and convenient transportation options. Additionally, the rise of e-commerce and online shopping has also contributed to the popularity of electric bicycles, as they offer a cost-effective and eco-friendly mode of transportation for last-mile delivery services. Furthermore, the younger generation in Vietnam is increasingly embracing a healthier and more active lifestyle, leading to a rise in the use of electric bicycles for recreational purposes.

Trends in the market: In Vietnam, the Electric Bicycles Market is experiencing a surge in demand, driven by rising environmental concerns and the need for cost-effective transportation options. This trend is expected to continue, with government initiatives promoting the adoption of electric bikes and the development of charging infrastructure. As a result, industry stakeholders can expect to see increased competition and innovation in the market, as well as potential partnerships with other players in the Bicycles Market. Additionally, the shift towards electric bikes could also have a positive impact on the overall bicycle industry, as it promotes sustainable transportation and supports the country's efforts towards reducing carbon emissions.

Local special circumstances: In Vietnam, the Electric Bicycles Market within the Bicycles Market is thriving due to the country's densely populated urban areas and the government's efforts to promote eco-friendly transportation. The demand for electric bicycles is also driven by the high cost of motor vehicles and the cultural preference for bicycles as a mode of transportation. Additionally, Vietnam's regulatory environment, with favorable policies and incentives for electric vehicles, has further boosted the growth of the Electric Bicycles Market within the Bicycles Market.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Vietnam is heavily influenced by macroeconomic factors such as economic growth, government policies, and consumer spending patterns. With a rapidly growing economy and a large population, Vietnam presents a lucrative market for electric bicycles. The government has also implemented policies to promote the use of electric vehicles, including tax incentives and subsidies, which has further boosted the market. Additionally, the increasing awareness of environmental sustainability and the rising cost of fuel have also contributed to the demand for electric bicycles in Vietnam.

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.