Bicycles - Malaysia | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$125.90m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.27%, resulting in a projected market volume of US$124.30m by 2029.
Bicycles market unit sales are expected to reach 391.80k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$281.30.
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 Malaysia has been experiencing a negligible decline in growth, influenced by factors such as changing consumer preferences, increasing competition, and the rise of alternative transportation options. However, the market for both regular and electric bicycles is expected to continue expanding due to the country's growing urban population and government initiatives promoting sustainable transportation.

Customer preferences: With the rise of eco-consciousness and emphasis on sustainability, there has been a growing preference for bicycles as a mode of transportation in Malaysia. This trend is further fueled by the government's initiatives to promote cycling as a healthier and greener alternative to motor vehicles. Additionally, the younger generation is embracing cycling as a lifestyle choice, leading to an increase in demand for high-end and customized bicycles. This shift in consumer behavior has also led to the emergence of cycling communities and events, promoting a sense of camaraderie and promoting the use of bicycles as a means of leisure and fitness.

Trends in the market: In Malaysia, the Bicycles Market is experiencing a surge in demand for electric bikes, with a focus on eco-friendly and sustainable modes of transportation. This trend is driven by the government's push for green initiatives and the rising awareness of the benefits of cycling for both health and the environment. This trajectory is significant as it presents opportunities for industry stakeholders to tap into a growing market and expand their offerings to include electric bikes. However, it also poses potential challenges for traditional bike manufacturers who may need to adapt to the changing consumer preferences.

Local special circumstances: In Malaysia, the Bicycles Market is heavily influenced by the country's diverse terrain and cultural love for outdoor activities. The tropical climate and stunning landscapes make it a popular destination for cycling enthusiasts, leading to a high demand for quality bicycles and related equipment. Additionally, the government's initiatives to promote eco-friendly transportation options have further boosted the market. However, strict regulations on road safety and licensing may pose challenges for market growth.

Underlying macroeconomic factors: The Bicycles Market in Malaysia is heavily influenced by macroeconomic factors such as consumer spending, economic growth, and government policies. With the country's strong economic growth and increasing disposable income, there has been a rise in demand for bicycles as a mode of transportation and leisure activity. Additionally, the government's initiatives to promote cycling as a sustainable and eco-friendly form of transportation have also contributed to the market's growth. However, the market is also affected by global economic trends, such as fluctuations in raw material prices and trade policies, which can impact the production and prices of bicycles. Moreover, with Malaysia's increasing focus on promoting tourism, there is a growing demand for rental bicycles, further driving the market's growth.

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.