Electric Bicycles - Vietnam

Vietnam

In 2024, revenue in the Electric Bicycles market in Vietnam is forecasted to reach €33.58m.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 6.99%, leading to a projected market volume of €47.07m by 2029.
By 2029, unit sales in the Electric Bicycles market of Vietnam are expected to reach 57.95k bicycles.
The volume weighted average price of Electric Bicycles market in the Vietnamese market in 2024 is projected to be €0.75k.
Looking at the international perspective, it is evident that the highest revenue will be generated China (€10,720m in 2024).
In Vietnam, the Electric Bicycles market is experiencing a surge in demand due to increasing environmental awareness and traffic congestion issues.

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Analyst Opinion

The Electric Bicycles Market in Vietnam is facing negligible growth, influenced by factors such as low consumer awareness and limited infrastructure. Despite this, the market is expected to expand due to the increasing demand for eco-friendly transportation options and government initiatives promoting electric vehicles.

Customer preferences: As Vietnam continues to develop and modernize, there has been a noticeable increase in demand for electric bicycles. This trend is largely driven by a growing awareness and prioritization of environmental sustainability, as well as a desire for more efficient and convenient transportation options. Additionally, the rise of e-commerce and online shopping has also contributed to the popularity of electric bicycles, as they offer a cost-effective and eco-friendly mode of transportation for last-mile delivery services. Furthermore, the younger generation in Vietnam is increasingly embracing a healthier and more active lifestyle, leading to a rise in the use of electric bicycles for recreational purposes.

Trends in the market: In Vietnam, the Electric Bicycles Market is experiencing a surge in demand, driven by rising environmental concerns and the need for cost-effective transportation options. This trend is expected to continue, with government initiatives promoting the adoption of electric bikes and the development of charging infrastructure. As a result, industry stakeholders can expect to see increased competition and innovation in the market, as well as potential partnerships with other players in the Bicycles Market. Additionally, the shift towards electric bikes could also have a positive impact on the overall bicycle industry, as it promotes sustainable transportation and supports the country's efforts towards reducing carbon emissions.

Local special circumstances: In Vietnam, the Electric Bicycles Market within the Bicycles Market is thriving due to the country's densely populated urban areas and the government's efforts to promote eco-friendly transportation. The demand for electric bicycles is also driven by the high cost of motor vehicles and the cultural preference for bicycles as a mode of transportation. Additionally, Vietnam's regulatory environment, with favorable policies and incentives for electric vehicles, has further boosted the growth of the Electric Bicycles Market within the Bicycles Market.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Vietnam is heavily influenced by macroeconomic factors such as economic growth, government policies, and consumer spending patterns. With a rapidly growing economy and a large population, Vietnam presents a lucrative market for electric bicycles. The government has also implemented policies to promote the use of electric vehicles, including tax incentives and subsidies, which has further boosted the market. Additionally, the increasing awareness of environmental sustainability and the rising cost of fuel have also contributed to the demand for electric bicycles in Vietnam.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of electric bicycles and the respective average prices for bicycles.

Modeling approach:

Market sizes are determined through a Bottom-Up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use publications of industry associations, expert blogs, and data provided by governments and scientific institutions. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, and consumer spending per capita (based on current prices). This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the ARIMA time series forecast and forecasts based on previous growth rates are well suited for forecasting the future demand for bicycles due to the brick and mortar nature of this market. The main drivers are GDP, consumer spending per capita, and population.

Additional notes:

The data is modeled using current exchange rates. The market is updated once a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).