Bicycles - South Korea | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$257.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.22%, resulting in a projected market volume of US$241.80m by 2029.
Bicycles market unit sales are expected to reach 802.90k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$273.00.
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 South Korea has seen a slight decline in growth rate, impacted by factors such as limited consumer awareness and lack of government support. However, the market is still driven by increasing adoption of electric and regular bicycles, as well as the convenience and health benefits they offer.

Customer preferences: The Bicycles Market in South Korea is experiencing a shift towards eco-friendly and sustainable options, as consumers become more conscious of their environmental impact. This trend is driven by a growing interest in outdoor activities and a desire for healthier and more active lifestyles. As a result, there is a rising demand for electric and hybrid bicycles, as well as bike-sharing services. This shift towards sustainable transportation options is also influenced by the government's initiatives to promote green transportation and reduce air pollution.

Trends in the market: In South Korea, the Bicycles Market is experiencing a surge in demand for electric bicycles, driven by increasing concerns for environmental sustainability and government incentives. Additionally, there is a growing trend of using bike-sharing services as a convenient mode of transportation in urban areas. This trend is expected to continue its upward trajectory, providing new opportunities for industry stakeholders to capitalize on the growing market. However, it may also pose challenges for traditional bicycle manufacturers who may need to adapt to the changing landscape.

Local special circumstances: In South Korea, the Bicycles Market is heavily influenced by the country's mountainous terrain and strong cycling culture. The government has implemented policies to promote cycling as a mode of transportation, creating a demand for high-quality bicycles. Additionally, South Korea's strict environmental regulations have led to the rise of eco-friendly and electric bicycles. The country's tech-savvy population has also contributed to the growth of the market, with the integration of smart technology in bicycles and cycling accessories.

Underlying macroeconomic factors: The Bicycles Market in South Korea is also influenced by macroeconomic factors such as consumer spending, government policies, and global economic trends. With a strong economy and high levels of disposable income, South Korea has a growing middle class that is increasingly interested in health and fitness, leading to a higher demand for bicycles. Additionally, government initiatives promoting eco-friendly transportation methods and investments in bicycle infrastructure have also contributed to the growth of the market. However, the recent economic downturn and trade tensions with China have had a negative impact on the overall market performance.

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.