Between 2013 and 2023, the import of bicycle hubs and free-wheel sprocket wheels to Indonesia showed a fluctuating pattern. While there were occasional declines, the overall trend was upward. Notably, from 2013 to 2015, there was a general decrease in values, but 2016 marked the beginning of an upward trajectory, culminating in a significant increase in 2018, when imports rose by 45.13%. This period was followed by minor fluctuations until 2020. From 2021 to 2023, import values continued to rise steadily, showing a 3.53% year-on-year increase from 2022 to 2023. The average annual growth rate (CAGR) over the last 5 years was 1.94%. As of 2023, the import value stood at 17.275 million US dollars.
Looking forward, the forecasted data from 2024 to 2028 predicts a consistent upward trend, with the import value expected to reach 20.35 million US dollars by 2028. The forecasted 5-year CAGR is 2.57% with an overall growth rate of 13.55% for this period.
Future trends to watch for include:
- Changes in global trade policies that may affect import tariffs or restrictions.- Technological advancements in bicycle components that could alter demand.- Shifts in consumer preferences toward eco-friendly transportation options, potentially boosting bicycle use and related imports.- Economic conditions in Indonesia affecting disposable income and consumer spending on bicycles.
