Asia-Pacific Bicycle Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia-Pacific Bicycle Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia-Pacific bicycle market is projected to register a CAGR of 4.51%, during the forecast period (2020-2025).

Key Highlights

• 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 that 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 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.

Key Market TrendsIncreasing Inclination Towards E-Bicyles

As a solution to congestion in cities, CO2 reduction, and healthier lifestyles, the governments of technological advanced Asian countries such as China and Japan, are encouraging the use of E-Bicycles in their respective countries, so as to promote the greater use of e-bicyles in their country.

Under China's traffic regulations, anyone aged 16 or older can ride an electric bike. As per the data from the National Bureau of Statistics in 2018, there were 980 million people between the ages of 16 and 65 in China at the end of last year, thus implying there is a huge potential customer base for e-bikes.

Thereby substantiating this factor, startups such as Star Drive, are developing those e-bikes, which are equipped with smart batteries and application platforms using big data. The company is aiming to establish a service ecosystem covering everything from rentals and purchases to charging and battery replacements.

Continuation of Increasing Demand for Bicycles in India

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 city, 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 the urban poor by providing a cost-effective transport option. In recent years, health and environmental quality, as well concept of smart cities have emerged as the new drivers of supporting cycling activity, but growth due to these drivers has been constrained by the cycle-unfriendly environment and infrastructure in the Indian cities.

Therefore, in order to increase the market share for bicycles in India, in November 2019, the Department for Promotion of Industry and Internal Trade (DPIIT) had set up a 'development council’. This council has been set up for “vision planning in design, engineering, and manufacturing of lighter, smarter, value-added, safe, and faster premium bicycles, which are comparable with global standards for exports and domestic market.

Competitive Landscape

The Asia-Pacific bicycle market is highly fragmented and comprises many international and regional players. The market is dominated by some of the 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, thereby, increasing their presence in the global areana and also in the Asian countries. For instance:

In July 2018, Giant Manufacturing Co. Ltd expanded its lineup of off-road e-bikes with three new trail-riding models – The Stance E+, Trance E+ Pro, and Trance E+ SX Pro. The bikes were featured with updated motor technologies, control buttons, and battery systems to give riders ultimate off-road e-bike experience in various conditions and terrains.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Bridgestone Corporation
HMC Group
Nixeycles
MERIDA INDUSTRY CO., LTD.
Giant Bicycles
Accell Group
Dorel Industries Inc.
Avon Cycles Ltd.

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