Bicycles - Vietnam | Statista Market Forecast

Revenue in the Bicycles market is projected to reach US$101.50m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.32%, resulting in a projected market volume of US$108.40m by 2029.
Bicycles market unit sales are expected to reach 393.60k bicycles in 2029.
The volume weighted average price of Bicycles market in 2024 is expected to amount to US$226.60.
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 Vietnam has been experiencing a slight decline in growth rate, impacted by factors such as the increasing popularity of electric bikes and the growing health consciousness among consumers. However, the convenience offered by online sales and the rise in urbanization are expected to drive the overall market growth in the coming years.

Customer preferences: With the rising awareness of eco-friendly transportation options and the increasing popularity of cycling as a form of exercise, the demand for electric bicycles has seen a significant uptick in Vietnam. This trend is further fueled by the younger demographic's preference for sustainable and cost-effective modes of transportation. Additionally, the government's initiatives to promote cycling and improve infrastructure for cyclists have also contributed to the growing popularity of bicycles in the country.

Trends in the market: In Vietnam, the Bicycles Market is experiencing a surge in demand for electric bicycles, driven by the rising concerns over air pollution and the need for sustainable transportation options. This trend is expected to continue, with the government promoting the use of electric vehicles and investing in infrastructure. Additionally, there is a growing interest in high-end and specialized bicycles, catering to the increasing popularity of cycling as a leisure activity. These trends present opportunities for industry stakeholders to tap into new markets and diversify their product offerings. However, it also poses challenges, such as the need for skilled labor and technological advancements, for businesses to stay competitive in the market.

Local special circumstances: In Vietnam, the Bicycles Market is thriving due to the country's flat terrain and high population density, making bicycles a popular mode of transportation. Additionally, the government has implemented regulations promoting sustainable transportation, further driving the demand for bicycles. Furthermore, the cultural importance of cycling in Vietnam, as a symbol of health and environmental consciousness, has also contributed to the growth of the market. This unique combination of geographical, cultural, and regulatory factors has created a dynamic and rapidly expanding market for bicycles in Vietnam.

Underlying macroeconomic factors: The Bicycles Market market in Vietnam is heavily impacted by macroeconomic factors, including the country's overall economic health and fiscal policies. With Vietnam experiencing strong economic growth and increasing consumer spending power, there is a growing demand for bicycles as a mode of transportation. Additionally, government initiatives promoting sustainable and eco-friendly transportation options have also contributed to the growth of the Bicycles Market in Vietnam. However, fluctuations in the global economy and changes in trade policies can have a significant impact on the market's performance. Furthermore, the rising trend of urbanization in Vietnam has led to an increase in traffic congestion, making bicycles a more attractive option for commuters, further driving the market's growth.

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.