Bicycles - Southern Asia

Southern Asia

The Bicycles market in Southern Asia is anticipated to achieve a significant milestone, with projected revenue reaching US$4.02bn by 2024.
This market is expected to maintain a steady growth rate, with an annual growth rate (CAGR 2024-2029) of 6.12%.
As a result, the market volume is projected to reach US$5.41bn by 2029.
In terms of unit sales, the Bicycles market is forecasted to reach 26.14m bicycles by 2029.
This indicates a promising outlook for the industry.
The volume weighted average price of Bicycles market in the Southern Asian market is expected to be US$169.50 in 2024.
This metric reflects the average price of Bicycles market in the region, taking into account various factors such as brand, features, and demand.
From an international perspective, it is noteworthy that China is poised to generate the highest revenue in the Bicycles market, with an estimated figure of US$12,370m in 2024.
This highlights the immense market potential and importance of China in the global bicycle industry.
The demand for electric bicycles in Southern Asia has surged in recent years, as consumers seek eco-friendly transportation options in crowded urban areas.

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Analyst Opinion

The Bicycles market in Southern Asia is experiencing significant growth and development. Customer preferences are shifting towards eco-friendly and sustainable transportation options, leading to an increased demand for bicycles. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the growth of the market.

Customer preferences: In recent years, there has been a growing awareness of the environmental impact of traditional modes of transportation. As a result, customers in Southern Asia are increasingly opting for eco-friendly alternatives such as bicycles. Bicycles offer numerous advantages, including reduced carbon emissions, lower fuel costs, and improved physical fitness. Moreover, bicycles are often seen as a more affordable and convenient mode of transportation, especially in densely populated urban areas where traffic congestion is a major issue.

Trends in the market: One of the key trends in the Bicycles market in Southern Asia is the growing popularity of electric bicycles. Electric bicycles provide an added level of convenience and ease of use, particularly for longer commutes or hilly terrains. With advancements in battery technology, electric bicycles have become more affordable and accessible to a wider range of customers. This trend is expected to continue as more customers recognize the benefits of electric bicycles in terms of efficiency and reduced carbon footprint. Another trend in the market is the rise of bike-sharing programs. Bike-sharing has gained popularity in many cities across Southern Asia as a convenient and affordable transportation option. These programs provide customers with easy access to bicycles without the need for ownership, making them particularly appealing to urban dwellers. Bike-sharing programs are often supported by government initiatives to promote sustainable transportation and reduce traffic congestion.

Local special circumstances: Southern Asia is home to several densely populated cities with high levels of traffic congestion. In response to this issue, many governments in the region are implementing policies and infrastructure improvements to encourage cycling as a means of transportation. This includes the development of dedicated bike lanes, parking facilities, and awareness campaigns to promote cycling as a safe and viable option. These local special circumstances are creating a conducive environment for the growth of the Bicycles market in Southern Asia.

Underlying macroeconomic factors: The economic growth and rising disposable incomes in Southern Asia are also contributing to the development of the Bicycles market. As people's purchasing power increases, they are more likely to invest in bicycles as a mode of transportation or for recreational purposes. Additionally, the COVID-19 pandemic has led to a shift in consumer behavior, with more people opting for outdoor activities and avoiding public transportation. This has further fueled the demand for bicycles in the region. In conclusion, the Bicycles market in Southern Asia is experiencing growth and development due to shifting customer preferences towards eco-friendly transportation options, the rise of electric bicycles and bike-sharing programs, local special circumstances promoting cycling, and underlying macroeconomic factors such as economic growth and the impact of the COVID-19 pandemic.

Methodology

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).