Vietnam's Bicycle Market Expected to Boom with Increasing Commuters
Editor
21 February 2023 18:35 WIB
TEMPO.CO, Hanoi - The prospect of the bicycle market in Vietnam is promising as the country has witnessed an upward trend for cycling, local media reported on Tuesday, Feb. 21.
Increasing demand for cycling for health and sports bicycle among the rising middle class in the Southeast Asian country is among factors that help fuel the market growth in the long term, local newspaper Vietnam News reported, citing a local expert.
Other contributing factors include the availability of more bike lanes in urban areas, a shift from automobiles to greener means of transport, as well as, the expansion of public transport systems, the newspaper said.
The retail bicycle market often grows parallel to the pace of urban development, at an average rate of 15 percent per year, as reported by the local newspaper Vietnam Investment Review.
Currently, an estimated 2.5 million bikes are sold in Vietnam each year, with a total market value approaching 326 million U.S. dollars, as stated in the newspaper.
Xinhua
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