The import of bicycles and other non-motorized cycles to Vietnam is forecasted to grow steadily from 2024 to 2028. The value of imports is set to increase from 15.726 million USD in 2024 to 18.378 million USD in 2028, representing a consistent upward trend. Calculating the year-on-year percentage variations, we observe an annual growth rate of approximately 4.35% from 2024 to 2025, 4.08% from 2025 to 2026, 3.84% from 2026 to 2027, and 3.63% from 2027 to 2028. The compounded annual growth rate (CAGR) over the five-year period is projected to be around 3.97%.
In 2023, the actual import value stood at 15.0 million USD. Indicating robust growth momentum, this upward trend in bicycle imports reflects increasing demand within Vietnam, likely driven by rising health consciousness, urban mobility needs, and eco-friendly transportation trends.
Future trends to watch for include the impact of economic factors such as GDP growth, disposable income, and urbanization rates in Vietnam. Additionally, technological advancements in cycling, such as smart bikes and increased popularity of cycling as a sport and hobby, may further drive import growth in the coming years. Monitoring trade policies and environmental initiatives promoting non-motorized transport will also be crucial.
