Regular Bicycles - ASEAN | Statista Market Forecast

In 2024, revenue within the Regular Bicycles market of ASEAN is forecasted to reach US$570.90m.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -4.08%, leading to a projected market volume of US$463.50m by 2029.
Unit sales in the Regular Bicycles market are expected to reach 2.81m bicycles by 2029.
The volume weighted average price of Regular Bicycles market in the market in 2024 is expected to be US$167.70.
When considering the international scenario, the United States is poised to generate the highest revenue, amounting to US$7bn in 2024.

Definition:

Regular 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 without any 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 regular bicycles market covers all types of bicycles including road and racing bicycles, off-road bicycles, and special purpose bicycles. However, motorcycles, scooters, mopeds, secondhand bicycles, electric 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

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

The Regular Bicycles Market in ASEAN is experiencing moderate growth, driven by factors such as increasing demand for eco-friendly transportation, rising health consciousness, and convenience of online shopping. However, the market is facing minimal decline due to competition from electric bikes and rising raw material costs.

Customer preferences: As the regular bicycles market continues to grow in ASEAN, there has been a noticeable increase in demand for eco-friendly and sustainable options. Consumers are becoming more conscious of the environmental impact of their purchases and are actively seeking out bicycles made from recycled materials or those that promote a low-carbon lifestyle. This trend is also driven by the growing popularity of bike-sharing programs, which offer a convenient and cost-effective alternative to traditional transportation methods. Additionally, there has been a shift towards electric bicycles, as they offer a greener and more efficient mode of transportation.

Trends in the market: In the ASEAN region, the Regular Bicycles Market within the Bicycles Market is experiencing a surge in demand for electric bicycles, driven by rising environmental concerns and government initiatives to promote sustainable transportation. This trend is expected to continue as consumers become more environmentally conscious and seek alternative modes of transportation. Additionally, there is a growing trend towards bike-sharing programs in countries like Singapore and Thailand, providing convenient and affordable options for short-distance travel. These developments present opportunities for industry players to tap into the growing market for electric and shared bicycles in the region.

Local special circumstances: In Vietnam, the Regular Bicycles Market within the Bicycles Market is thriving due to the country's strong cycling culture and government efforts to promote sustainable transportation. With its dense urban centers and narrow streets, bicycles are a popular mode of transportation for daily commutes and short trips. This unique local factor has contributed to the growth of the market, as well as the demand for lightweight and compact bicycles that are suitable for navigating the crowded streets.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market is impacted by macroeconomic factors such as consumer spending, government policies, and trade agreements. Countries with strong economic growth and favorable trade policies are experiencing higher demand for regular bicycles. On the other hand, countries with economic instability and restrictive trade policies may face challenges in the growth of the regular bicycles market. Additionally, rising concerns for environmental sustainability and increasing health consciousness among consumers are also driving the demand for regular bicycles.

Data coverage:

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