South Korea Bicycle Market Demand Analysis Report 2021-2026 [ 2023 UPDATE Available – Forecast 2023-2030*]
The bicycle market in South Korea is projected to experience remarkable growth in the coming years, driven by increasing environmental concerns, the pursuit of a healthier lifestyle, and the surge in popularity of e-bikes. According to a recent market analysis, the global bicycle market is expected to reach a value of US$100.8 billion by 2026, with South Korea playing a significant role in this upward trajectory.
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With the rising prevalence of chronic diseases
and mounting traffic congestion in urban areas, more individuals in South Korea
are turning to bicycles as a means to promote a healthier lifestyle and
alleviate transportation challenges. The Korean government, recognizing the
importance of green mobility alternatives, has been actively supporting the
development of cycling infrastructure to facilitate bicycle commuting. This
focus on improving the existing infrastructure is expected to drive the growth
of the bicycle market in the country.
The introduction of advanced material science
technology has revolutionized the bicycle industry, enabling the production of
ultra-lightweight bicycles. South Korean manufacturers have embraced these
innovations, producing sports and mountain bicycles that are incredibly light
yet exceptionally durable. The advent of these high-performance bicycles has
attracted both professional athletes and recreational riders, further fueling
the demand for bicycles in the market.
Despite the promising growth prospects, the
bicycle market in South Korea also faces challenges. Regulations surrounding
e-bikes vary across different countries, impacting market demand. For instance,
China, the largest electric bike market globally, recently implemented
regulations classifying e-bikes based on their specifications. Such regulatory
changes can influence consumer preferences and purchasing decisions.
However, despite these challenges, South Korea
is poised to become a key player in the global bicycle market. The country has
a strong cycling culture and a growing cycling infrastructure, providing a
favorable environment for bicycle sales. Furthermore, the presence of regional
players, along with multinational companies such as Accell Group, Dorel
Industries Inc., Giant Bicycles, Merida Industry Co., Ltd, and Trek Bicycle
Corporation, contributes to a competitive landscape that fosters innovation and
market growth.
As the COVID-19 pandemic continues to impact the global economy, uncertainties persist in the second half of the year. The manufacturing sector, including the bicycle market, has been affected by disruptions in production, demand fluctuations, and supply chain challenges. However, the long-term growth potential of the bicycle market in South Korea remains strong, driven by the growing adoption of bicycles as a sustainable and healthy mode of transportation.
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