Regular Bicycles - Malaysia | Statista Market Forecast

Revenue in the Regular Bicycles market in Malaysia is forecasted to reach US$70.23m in 2024.
This projection anticipates an annual growth rate (CAGR 2024-2029) of -4.35%, leading to a market volume of US$56.23m by 2029.
Unit sales in the Regular Bicycles market of Malaysia are expected to hit 315.50k bicycles by 2029.
The volume weighted average price of Regular Bicycles market in Malaysia is expected to be US$181.70 in 2024.
Looking at the global perspective, the United States is set to generate the highest revenue in the market with 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 Malaysia has shown a minimal decline in growth rate, impacted by factors such as changing consumer preferences and the emergence of alternative modes of transportation. However, the market continues to witness steady growth due to increasing health consciousness and the convenience of online services.

Customer preferences: One notable trend in the Regular Bicycles Market within the Bicycles Market in Malaysia is the growing demand for eco-friendly and sustainable options. With a growing awareness of climate change and environmental impact, consumers are increasingly opting for bicycles as a mode of transportation. This shift is also influenced by the rise of health and wellness trends, as cycling is seen as a healthy and environmentally-friendly activity. Additionally, the government's initiatives to promote cycling as a means of reducing traffic congestion and air pollution have also contributed to the growth of the Regular Bicycles Market in Malaysia.

Trends in the market: In Malaysia, the Regular Bicycles Market within the Bicycles Market is experiencing a surge in demand for electric bicycles, driven by rising environmental concerns and the government's push for sustainable transportation. This trend is expected to continue with the increasing availability of e-bike rental services and government subsidies for electric bike purchases. This shift towards electric bikes also presents opportunities for industry stakeholders to tap into the growing market and offer innovative solutions to meet consumer needs. Additionally, the rise of online shopping and e-commerce platforms has also led to a growing trend of consumers purchasing bicycles and related accessories online, providing a new avenue for businesses to reach customers.

Local special circumstances: In Malaysia, the Regular Bicycles Market is heavily influenced by the country's tropical climate and its diverse terrain. The popularity of biking as a recreational activity has also led to the growth of the market. Additionally, the government's initiatives to promote a greener and healthier lifestyle have boosted the demand for regular bicycles. The market is also driven by the increasing number of urban commuters who opt for bicycles as a cost-effective and eco-friendly mode of transportation. Furthermore, the popularity of cycling events and races in Malaysia has further propelled the growth of the Regular Bicycles Market.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market in Malaysia is greatly influenced by macroeconomic factors such as the country's economic stability, government policies, and consumer spending habits. With a growing economy and a stable political climate, Malaysia has seen an increase in disposable income and a rise in consumer spending on leisure activities, including cycling. Additionally, the government has implemented initiatives to promote a healthier lifestyle, which has also contributed to the growth of the Regular Bicycles Market. Furthermore, the country's investment in infrastructure and transportation has led to an increase in demand for regular bicycles for commuting purposes. These factors, coupled with the growing popularity of cycling as a recreational activity, are expected to drive the growth of the Regular Bicycles Market in Malaysia.

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.