Bicycle Market

The article discusses the expected increase in the global bicycle market volume and value from 2022 to 2030, highlighting consumption, production, imports, and exports trends. It provides insights into key consuming countries, production volumes, import prices, export prices, and growth rates for various countries involved in the bicycle market.

Market Forecast

Driven by increasing demand for bicycles and other cycles worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.1% for the period from 2022 to 2030, which is projected to bring the market volume to 154M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.1% for the period from 2022 to 2030, which is projected to bring the market value to $24.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Bicycles And Other Cycles

In 2022, consumption of bicycles and other cycles decreased by -1.5% to 153M units for the first time since 2019, thus ending a two-year rising trend. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak volume of 155M units, and then declined modestly in the following year.

The global bicycle market revenue contracted to $20.6B in 2022, approximately reflecting the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $20.9B, and then shrank slightly in the following year.

Consumption By Country

China (52M units) remains the largest bicycle consuming country worldwide, accounting for 34% of total volume. Moreover, bicycle consumption in China exceeded the figures recorded by the second-largest consumer, the United States (14M units), fourfold. The third position in this ranking was taken by India (10M units), with a 6.8% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +5.4%. In the other countries, the average annual rates were as follows: the United States (-3.2% per year) and India (+4.3% per year).

In value terms, the largest bicycle markets worldwide were Nigeria ($3.5B), China ($2.3B) and the United States ($1.9B), with a combined 37% share of the global market. Germany, Indonesia, India, Russia, the UK, Japan, Brazil and the Philippines lagged somewhat behind, together accounting for a further 23%.

The Philippines, with a CAGR of +15.2%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of bicycle per capita consumption in 2022 were Germany (46 units per 1000 persons), the United States (43 units per 1000 persons) and the Philippines (41 units per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +13.6%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Bicycles And Other Cycles

In 2022, after two years of growth, there was decline in production of bicycles and other cycles, when its volume decreased by -0.1% to 154M units. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 6.4% against the previous year. Global production peaked at 165M units in 2014; however, from 2015 to 2022, production failed to regain momentum.

In value terms, bicycle production reduced modestly to $19.6B in 2022 estimated in export price. Over the period under review, production recorded a mild slump. The growth pace was the most rapid in 2021 when the production volume increased by 16% against the previous year. Over the period under review, global production reached the maximum level at $22.3B in 2012; however, from 2013 to 2022, production failed to regain momentum.

Production By Country

China (94M units) constituted the country with the largest volume of bicycle production, accounting for 61% of total volume. Moreover, bicycle production in China exceeded the figures recorded by the second-largest producer, India (11M units), eightfold. The third position in this ranking was taken by Brazil (7.1M units), with a 4.6% share.

In China, bicycle production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+5.0% per year) and Brazil (+5.6% per year).

Imports

World Imports of Bicycles And Other Cycles

In 2022, supplies from abroad of bicycles and other cycles decreased by -31.8% to 67M units for the first time since 2019, thus ending a two-year rising trend. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 24%. As a result, imports reached the peak of 99M units, and then fell remarkably in the following year.

In value terms, bicycle imports reached $11.5B in 2022. The total import value increased at an average annual rate of +4.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 24% against the previous year. Global imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports By Country

In 2022, the United States (13M units), distantly followed by Japan (5M units) and Germany (3.1M units) represented the key importers of bicycles and other cycles, together making up 32% of total imports. The following importers - the Philippines (2.7M units), the UK (2.4M units), the Netherlands (2M units), Canada (2M units), France (2M units), Vietnam (1.9M units), Indonesia (1.7M units), Russia (1.6M units), Belgium (1.3M units) and Australia (1.3M units) - together made up 28% of total imports.

Imports into the United States decreased at an average annual rate of -3.5% from 2012 to 2022. At the same time, the Philippines (+26.3%), Vietnam (+25.4%), Indonesia (+19.3%), Canada (+3.3%), Germany (+2.5%) and the Netherlands (+1.6%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in the world, with a CAGR of +26.3% from 2012-2022. Belgium experienced a relatively flat trend pattern. By contrast, Australia (-2.0%), France (-2.7%), Russia (-3.4%), the UK (-3.7%) and Japan (-5.1%) illustrated a downward trend over the same period. While the share of the Philippines (+4.1 p.p.), Vietnam (+2.5 p.p.), Indonesia (+2.1 p.p.) and Australia (+1.9 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of the UK (-1.6 p.p.), Japan (-5.2 p.p.) and the United States (-8.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($2B), Germany ($1.2B) and the Netherlands ($828M) constituted the countries with the highest levels of imports in 2022, together accounting for 35% of global imports. Japan, France, the UK, Belgium, Canada, Australia, Vietnam, Russia, Indonesia and the Philippines lagged somewhat behind, together comprising a further 29%.

In terms of the main importing countries, Vietnam, with a CAGR of +43.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average bicycle import price amounted to $171 per unit, growing by 48% against the previous year. Over the last decade, it increased at an average annual rate of +4.0%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($412 per unit), while the Philippines ($11 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+14.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Bicycles And Other Cycles

In 2022, overseas shipments of bicycles and other cycles decreased by -29.8% to 69M units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports showed a pronounced decline. The growth pace was the most rapid in 2020 when exports increased by 15% against the previous year. Over the period under review, the global exports hit record highs at 98M units in 2021, and then shrank markedly in the following year.

In value terms, bicycle exports contracted modestly to $12.2B in 2022. The total export value increased at an average annual rate of +3.2% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 27%. As a result, the exports attained the peak of $12.6B, and then dropped in the following year.

Exports By Country

China dominates exports structure, reaching 42M units, which was approx. 61% of total exports in 2022. It was distantly followed by Cambodia (3.2M units), mixing up a 4.6% share of total exports. Japan (2.6M units), Taiwan (Chinese) (2M units), Italy (1.7M units), Spain (1.4M units), India (1.3M units), Portugal (1.3M units), the Netherlands (1.2M units) and Bangladesh (1.1M units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to bicycle exports from China stood at -3.1%. At the same time, Spain (+7.4%), Cambodia (+5.8%), Bangladesh (+5.1%), Italy (+2.1%) and Portugal (+1.8%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing exporter exported in the world, with a CAGR of +7.4% from 2012-2022. India and the Netherlands experienced a relatively flat trend pattern. By contrast, Japan (-1.4%) and Taiwan (Chinese) (-12.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cambodia and India increased by +2.5 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($3.8B) remains the largest bicycle supplier worldwide, comprising 31% of global exports. The second position in the ranking was held by Taiwan (Chinese) ($1.6B), with a 13% share of global exports. It was followed by Cambodia, with a 7.4% share.

In China, bicycle exports expanded at an average annual rate of +1.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (-1.2% per year) and Cambodia (+12.1% per year).

Export Prices By Country

The average bicycle export price stood at $178 per unit in 2022, surging by 39% against the previous year. In general, export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, bicycle export price increased by +66.5% against 2018 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($820 per unit), while Japan ($16 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+13.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform