Market Size of Asia-Pacific Bicycle Industry
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 27.01 Billion |
| Market Size (2029) | USD 36.64 Billion |
| CAGR (2024 - 2029) | 6.29 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Bicycle Market Analysis
The Asia-Pacific Bicycle Market size is estimated at USD 27.01 billion in 2024, and is expected to reach USD 36.64 billion by 2029, growing at a CAGR of 6.29% during the forecast period (2024-2029).
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. All age groups especially youngsters and baby boomers are more interested in cycling activities in the region. In December 2022, the Cycling Federation of India announced its 19th senior, junior, and sub-junior mountain bike cycling race in India. The race will happen in February 2023.
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. Due to the demand, global market players are launching their products in the Asia-Pacific region. For instance, In December 2021, the electric vehicle manufacturing company E-Motorrad launched its electric bikes in Nepal and Japan. The market is expected to grow over the medium term owing to increasing consumer awareness about fitness and health, pollution and environmental conditions, and a rise in disposable incomes in the region.
