The South Korean non-electric bicycle market has experienced fluctuating trends from 2013 to 2023. After peaking in 2014 with a year-on-year growth of 13.83%, the market saw a decline until 2018, when it reached its lowest point. A recovery began in 2019, bolstered by consistent growth in the subsequent years, reaching a market size of 557.04 million USD in 2023. The Compound Annual Growth Rate (CAGR) over the past five years stands at 4.56%, indicating a gradual but steady recovery.
Future trends to watch for in this market include the potential impact of advancing sustainable transportation initiatives, growing health consciousness, and possible regulatory changes that might favor non-electric bicycles. Additionally, shifting consumer preferences towards eco-friendly and efficient commuting options could drive market growth in the coming years.
How does South Korea rank in Bicycles (Non Electric) Market Size Value?
| # | 35 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 United States | 10,808,000,000 | 2023 | +0.63% | +0.14% | View data |
| 2 | 2 China | 9,611,600,000 | 2023 | +3.86% | +4.78% | View data |
| 3 | 3 Japan | 2,612,000,000 | 2023 | -7.72% | -6.26% | View data |
| 4 | 4 Germany | 2,427,700,000 | 2023 | +0.54% | +0.24% | View data |
| 5 | 5 United Kingdom | 1,760,700,000 | 2023 | -3.17% | -0.95% | View data |
| 10 | 10 Italy | 910,140,000 | 2023 | +2.9% | -0.3% | View data |
| 11 | 11 Spain | 856,120,000 | 2023 | -3.77% | -3.81% | View data |
| 12 | 12 South Korea | 557,040,000 | 2023 | +1.35% | +4.56% | |
| 13 | 13 Austria | 528,380,000 | 2023 | +2.03% | +1.24% | View data |
| 14 | 14 Switzerland | 434,520,000 | 2023 | -0.32% | +0.52% | View data |
