Asia-Pacific Bicycle Market Oulook, 2027

Asia-Pacific Bicycle Market Oulook, 2027

An increasing number of cycling events and favorable government and employer initiatives are expected to drive the market. Furthermore, there are various governing bodies in Asia Pacific, such as The Cycling Federation of India and The Chinese Cycling Association, which promote road racing, touring, and leisure cycling; track racing; off-road racing events; and mountain cycling events. Countries like China and Japan are some of the leading countries where e-bikes have grown in prominence. Some major reasons considered for adopting and driving e-bikes around the Asia-Pacific are health benefits, avoidance of traffic congestion, environmental benefits, and increased demand for e-bikes as sports equipment.

According to the report titled Asia Pacific Bicycle Market Outlook, 2027 published by Bonafide Research, the market was valued at around USD 34 billion in 2021. Furthermore, the market is expected to grow at a CAGR of more than 5% between 2022 and 2027.In terms of volume by demography, the Asia-Pacific bicycle market has a share of nearly 50% in the male section in the year 2020. The craze for cycling has been on a steady rise in the South Asian nation, but that has been largely limited to the metropolitan cities. Rural areas accounted for nearly half of the cycle sales, even as people there were migrating to scooters, a faster mode of transport. India acquired 1/4th of the Asia-Pacific market in the year 2020. This contradiction is the result of having low in-hand disposable income. However, India has a huge market for bicycles, but the average selling price of a bicycle in the Indian market was very low in the year 2020.

In the Asia-Pacific region, high-end bicycles, particularly mountain bikes, E-bikes, and hybrid bikes, possessed a market share of almost 70% in the year 2020. The big players in the market, like Merida, Trek, Connonadale, Accell Group, and Raleigh, are seeing it as an opportunity because people are becoming more health-conscious and want to be an active part of the environmental saving movement. Countries, like China and Japan, are some of the leading countries where e-bikes have grown in prominence. Some of the major reasons considered for adopting and driving e-bikes around the Asia-Pacific are health benefits, avoidance of traffic congestion, environmental benefits, and the increase in demand for e-bikes as sports equipment. Taiwan is the hub for bicycle making companies. According to Taiwan's Bureau of Foreign Trade (BoFT), in the first half of 2020, its traditional bicycle export volume decreased while E-Bike export volume grew. Another important point on to emphasis is that 85% of the exported bicycles from all over the world are being imported by Europe and North America.

Cycling is and has been a major mode of mobility in India. Traffic surveys in India show that cycle trips account for more than 15% of trips in most towns and even in large cities, such as Delhi, Mumbai, and others, as cycling accounts for over 10% of trips in these cities (as per the report published by the All India Cycle Manufacturers’ Association (AICMA). Moreover, bicycles play a major role in enabling the livelihoods of urban consumers by providing a cost-effective transport option. In recent years, health and environmental quality and the concept of smart cities have emerged as the new drivers of supporting cycling activity. Still, growth due to these drivers has been constrained by the cycle-unfriendly environment and infrastructure in the Indian cities.

An e-bike features an electric motor to power, which has taken off over the last few years, with numerous models available on the market, produced by various regional and global manufacturers. Moreover, there has been a continuous focus on innovation in the e-bike segment by the major manufacturers. E-bikes are being launched and sold on the market in different types, such as e-mountain bicycles, e-road bikes, and e-hybrid bikes. E-mountain bikes are bicycles with electric motors. For instance, in 2022, lifestyle e-mobility startup VAAN Electric Moto Pvt. Ltd. launched its all-new electric bicycle in India. The e-bike is available in two variants: Urban sport and Urban sport Pro.

The presence of big production facilities in nations like China, Japan, and India accounts for the majority of the bicycle market in the region. The adoption rate of paddle cycles in Asia is likely to increase as a result of this factor. The different road cycling events organized by the multiple sports governing organizations in the region also contribute to the region's demand for paddle bikes. In addition, there is an increase in the number of fitness events taking place in developing nations like India and China. China, Japan, India, Australia, and South Korea are among the region's leading contributors. Moreover, these nations have begun to stage a slew of cycling competitions, which would boost the popularity as well as the demand for sports bicycles.

Recent Developments

• In 2021, Hero Motor (HMC), Hero Cycles' parent company, formed a joint venture with Yamaha, a Japanese two-wheeler manufacturer, to produce electric motors for e-bikes for the global market. The joint venture is the next step in Hero and Yamaha's strategic alliance to collaborate in the e-cycle product segment, which was formed in September 2019.
• In 2020, the Indian consumer bicycle brand, AlphaVector, launched a new range of KTM bicycles in the Indian market. AlphaVector has become the exclusive distributor of KTM bicycles in the Indian market.

COVID-19 Impacts

Bicycle sales initially plummeted due to the closure of offline stores across countries due to COVID-19 pandemic restrictions. However, demand for bicycles has recently increased, with a significant increase in consumers attempting to avoid public transportation due to fear of contracting the virus. Furthermore, with consumers becoming more health-conscious, bicycles are now seen as a more dependable and healthy mode of transportation, fostering sales.

Major companies present in the market
Accell Group, Amer Sports, Atlas Cycles (Haryana) Ltd, Bridgestone Cycle, Campagnolo, Cannondale, Cervelo Cycles, Cube Cycles, Dorel Industries Inc., Tianjin Fuji-ta Bicycle Co.,Ltd., Giant Bicycles, Hero Cycles Limited, Merida Bikes International, Orbea Corporation, Scott Sports, Specialized Bicycle Components, Inc., STRiDA Cycles, XDS Shenzhen Xidesheng Bicycles Co., Ltd

Considered in this report
• Geography: Asia-Pacific
• Historic year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report
• Asia-Pacific Bicycle market with its value and forecast along with its segments
• Country-wise toy market analysis
• Various divers and challenges
• Ongoing trends and developments
• Five force models
• Top profiled companies
• Strategic recommendation

Countries covered in the report
• Japan
• Australia
• China
• India

Segment covered in the report
By Type
• Road Bikes
• Mountain Bikes
• Hybrid Bikes
• E-bikes
• Others (Kids, standard, maas)

By End User
• Men
• Women
• Kids

By Bikers Type
• Highly Engaged
• Engaged
• Leisure
• Travel

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing the government- generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have verified the details obtained from secondary sources..

Intended audience
This report can be useful to Industry consultants, manufacturers, suppliers, associations & organizations related to bicycle products industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.