Bicycles - Taiwan | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$237.00m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -2.10%, resulting in a projected market volume of US$213.10m by 2029.
Bicycles market unit sales are expected to reach 784.70k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$257.40.
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 Taiwan has been experiencing slight decline in growth rate due to factors such as increasing competition from electric bicycles, changing consumer preferences, and rising production costs. However, the market still remains strong, driven by the convenience and eco-friendliness of bicycles, as well as government initiatives promoting cycling as a mode of transportation.

Customer preferences: As Taiwan's population continues to age, there has been a growing interest in electric bicycles, particularly among older consumers. These bikes offer a convenient and eco-friendly mode of transportation, catering to the country's environmentally conscious culture. Additionally, the rise of bike-sharing programs and the popularity of cycling as a form of exercise have also contributed to the increased demand for bicycles in Taiwan. This trend reflects a shift towards healthier and more sustainable lifestyle choices among Taiwanese consumers.

Trends in the market: In Taiwan, the Bicycles Market is experiencing a surge in demand for electric bikes, driven by increasing environmental awareness and the need for efficient transportation. This trend is expected to continue, with the government promoting electric bike usage through subsidies and infrastructure development. Additionally, there is a growing interest in bike-sharing services, with major cities implementing bike-sharing programs. This presents opportunities for industry stakeholders to tap into the growing demand for eco-friendly transportation options and innovative business models.

Local special circumstances: In Taiwan, the Bicycles Market is heavily influenced by the country's love for cycling as a popular leisure activity and mode of transportation. With its mountainous terrain and well-developed cycling infrastructure, Taiwan has become a hub for bicycle manufacturing and innovation. Additionally, the government's promotion of eco-friendly transportation and the rise of bike-sharing programs have further boosted the demand for bicycles in the market. This unique combination of geographical, cultural, and regulatory factors has created a thriving and competitive market for bicycles in Taiwan.

Underlying macroeconomic factors: The Bicycles Market in Taiwan is heavily influenced by macroeconomic factors such as economic growth, consumer purchasing power, and government policies. The country's strong economic growth and stable political environment have led to an increase in consumer spending, resulting in a higher demand for bicycles. Additionally, the government's initiatives to promote cycling as a sustainable mode of transportation have further boosted the market. However, fluctuations in global economic trends and changes in government policies can have a significant impact on the market's performance. Moreover, the growing awareness of health and environmental concerns is also driving the demand for bicycles in Taiwan.

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.