Cambodia’s bicycle export market is undergoing a significant transformation, shifting from traditional bicycle exports to the burgeoning electric bicycle sector, which promises greater potential and growth.
Decline in Traditional Bicycle Exports
Historically, Cambodia’s bicycle exports have been primarily directed towards Europe and the United States. While export volumes and values showed steady growth in recent years, 2023 marked a downturn. Due to inventory backlogs and heightened global economic uncertainty, demand from these key markets has sharply declined.
As a result, Cambodian manufacturers have faced substantial challenges, with a reported 53.68% drop in total export value, falling to $416.7 million—the lowest in recent years. In the first eight months of 2024, total exports of bicycles and electric bicycles reached $278 million, reflecting a year-on-year decrease of 30%. The number of bicycles imported by the EU from Cambodia also fell from 717,572 in 2023 to 568,341 in 2024, alongside a significant drop in the average value per bicycle from €377 to €262.
The Rise of Electric Bicycle Exports
In stark contrast to traditional bicycles, the export market for electric bicycles is thriving. Although initial export volumes were modest, 2024 has seen a remarkable increase. In 2023, only 1,035 electric bicycles were imported by the 27 EU countries from Cambodia, but from January to August 2024, that figure skyrocketed to 13,838.
This rapid growth signals Cambodia’s emergence in the electric bicycle market. Cambodia exported 5,089 e-bikes to Europe in 2022, and the momentum has continued into 2024, despite market fluctuations. The export value of electric bicycles also soared from €1.8 million in 2023 to €12.4 million in 2024, highlighting the sector’s vast potential.
Competitive Landscape and Future Prospects
Despite the challenges faced in the traditional bicycle export sector, Cambodia remains one of the top five bicycle exporters globally. The country benefits from trade agreements, including the Generalized System of Preferences (GSP) and Most Favored Nation (MFN) programs, which facilitate exports to the EU and the US.
Payne Sovichet, Secretary of State at Cambodia’s Ministry of Commerce, noted that the global economic slowdown has led to reduced consumer spending on non-essential items like bicycles, contributing to the decline in exports. Nevertheless, the Khmer Times emphasized that Cambodia retains its leading position in regional bicycle exports.
As Cambodia continues to innovate and adapt, the electric bicycle market offers a promising avenue for future growth and competitiveness in the global market.
That’s all we have to share today, stay tuned with us at XVE, XVE CHARGER is a professional supplier of electric bike chargers, our cutting edge solutions are designed to maximize the efficiency, reliability and safety of Li-ion battery charging, shaping the future of electricity with XVE CHARGER.