Regular Bicycles - South Korea | Statista Market Forecast

In South Korea, revenue in the Regular Bicycles market is forecasted to reach US$170.10m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -4.34%, leading to a projected market volume of US$136.20m by 2029.
The unit sales of Regular Bicycles market in the market are expected to hit 695.20k bicycles in 2029.
The volume weighted average price of Regular Bicycles market in the market in 2024 is projected to be US$199.10.
It is evident from a global viewpoint that the highest revenue will be generated the United States (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 South Korea has seen a minimal decline in growth rate, impacted by factors such as saturation in the market and competition from electric bicycles. Despite this, the market is still driven by increasing adoption of bicycles for commuting and rising health awareness among consumers. The convenience offered by online sales and rentals also contributes to the market's growth.

Customer preferences: Consumer preferences in South Korea's Regular Bicycles Market have shifted towards more eco-friendly and sustainable options, with a growing demand for electric and hybrid bicycles. This trend is driven by the country's strong emphasis on environmental conservation and the government's initiatives to promote green transportation. Additionally, there is a growing preference for bicycles with advanced features such as GPS tracking and smart connectivity, reflecting the tech-savvy nature of South Korean consumers.

Trends in the market: In South Korea, the Regular Bicycles Market within the Bicycles Market is experiencing a shift towards electric bicycles, with demand for eco-friendly transportation options on the rise. This trend is driven by government initiatives promoting sustainable mobility and increasing consumer awareness of environmental issues. As a result, industry players are investing in research and development to improve battery technology and enhance the overall performance of electric bicycles. This trend is expected to continue, presenting opportunities for manufacturers and retailers to capitalize on the growing demand for electric bicycles in South Korea.

Local special circumstances: In South Korea, the Regular Bicycles Market within the Bicycles Market is heavily influenced by the country's mountainous terrain and strong cycling culture. The government's initiatives to promote cycling as a mode of transportation have also contributed to the market's growth. Additionally, the high demand for electric bicycles in South Korea has led to the development of advanced battery technology, making it a key player in the global electric bicycle market. Furthermore, the country's strict regulations on car emissions have encouraged people to switch to environmentally friendly transportation options like bicycles, further boosting the Regular Bicycles Market.

Underlying macroeconomic factors: The Regular Bicycles Market within the Bicycles Market in South Korea is heavily impacted by macroeconomic factors such as consumer spending, interest rates, and government policies. The growth of this market is closely tied to the overall economic health of the country, as well as global economic trends. In particular, the availability of disposable income and consumer confidence play a significant role in driving demand for regular bicycles. Moreover, government policies that promote sustainable transportation and healthy lifestyles can also have a positive impact on the market. However, factors such as inflation, unemployment, and trade policies can also have a negative effect on market performance.

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.