The development status of Vietnam’s bicycles is showing a vigorous growth trend, which is specifically reflected in the following aspects:
Market size and growth trends
According to data from market research firm Mordor Intelligence, the global bicycle market is constantly expanding. It is expected that the global bicycle market will reach US$69 billion by 2029, with a compound annual growth rate of 4.20% from 2024 to 2029. As one of the important markets in Southeast Asia, Vietnam’s bicycle market has also shown a significant growth trend.
Market demand and consumption trends
In Vietnam, the trend of people using bicycles for transportation and exercise has been growing strongly in recent years. With the improvement of environmental awareness and the popularization of healthy lifestyles, more and more people choose cycling as a way of daily travel and exercise. In addition, there are more and more bicycle rental and business locations, further promoting the development of the bicycle market.
The rise of the e-bike market
Sales of electric motorcycles in Vietnam have increased by about 30% to 35% in recent years, making Vietnam the largest electric motorcycle market in Southeast Asia and the second largest electric motorcycle market in the world, after China. Environmental issues and fluctuations in oil prices are also important factors affecting consumer demand for electric vehicles, which is expected to continue to increase significantly in the future.
Market Competition and Brand Development
Competition in Vietnam’s bicycle market is fierce, with domestic and foreign brands entering the market to compete for share. Domestic brands such as TriBike, DTPBike, Sufat, Emotor, HFT, etc. occupy a certain position in the market. At the same time, many internationally renowned brands have entered the Vietnamese market. These brands continue to improve their competitiveness in terms of product quality, technological innovation and after-sales service.
Policy support and industrial development
The Vietnamese government has actively supported the development of the bicycle industry. By formulating relevant policies and plans, the government encourages enterprises to increase investment in R&D and improve product quality and technical level. At the same time, the government also actively promotes the improvement and development of the bicycle industry chain, providing a good development environment for the bicycle industry.
