Asia-Pacific Bicycle Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Asia-Pacific Bicycle Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Asia-Pacific bicycle market is projected to register a CAGR of 4.68% during the forecast period (2022-2027).

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.

An increasing number of cycling events and favorable government and employer initiatives are expected to drive the market studied. 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 their 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.

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 a 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 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.

E-bicycle features an electric motor to power, which has taken off over the last few years with numerous models available in the market, produced by various regional and global manufacturers. Moreover, there has been a continuous focus on innovation in the e-bikes segment by the major manufacturers. E-bikes are being launched and sold in 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 - Urbansport and Urbansport Pro.

The Asia-Pacific bicycle market is highly fragmented and comprises many international and regional players. The market is dominated by some key players, like Merida Industry Co. Ltd, Hero Cycles Limited, and Giant Manufacturing Co. Ltd. The major companies in this market are venturing into manufacturing and innovating in the e-bicycles department, increasing their presence in the Asian countries. Keeping the growth potential of the Asia-Pacific bicycle market, the major players are adopting various strategies to capture the market shares.

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