Business opportunities for the bicycle and electric vehicle industry

Vietnam International Two-Wheel Vehicle Exhibition (Vietnam Cycle 2024) will be held from September 26-28 at Hall A, Saigon Exhibition and Convention Center (SECC), 799 Nguyen Van Linh, District 7, Ho Chi Minh City.

Vietnam Cycle 2024: Cơ hội giao thương cho ngành công nghiệp xe đạp và xe điện

The exhibition is organized by Vinexad Company (Ministry of Industry and Trade) in coordination with the Vietnam Automobile - Motorcycle - Bicycle Association (Vamoba).

According to a representative of Vinexad Company, Vietnam Cycle 2024 brings together brands in the domestic and international bicycle and electric vehicle industry, promising to bring a large-scale exhibition with a variety of products on display. Along with that, the support of departments, the Government, trade promotion organizations, businesses and bicycle enthusiasts... will open up opportunities for exchange, cooperation and investment promotion.

Mordor Intelligence's report shows that the global bicycle market size is estimated to reach US$56.16 billion in 2024 and is expected to reach US$69 billion in 2029, growing at a compound annual growth rate (CAGR) of 4.20% during 2024-2029.

In Vietnam in recent years, the trend of using bicycles for sports and as a means of transportation has increased rapidly. In addition, businesses - bicycle rental and trading establishments have also flourished, creating a vibrant competitive market.

According to Statista - a German market research company, revenue from the bicycle segment in Vietnam is estimated to reach 295.8 million USD in 2023, with an expected compound annual growth rate (CAGR) of 5.88% in the period 2023 - 2027, so revenue could reach 371.8 million USD with 2.49 million bicycles sold in 2027.

Meanwhile, according to the Ministry of Industry and Trade, electric motorbike sales in Vietnam have increased by about 30-35%, making Vietnam the largest electric motorbike market (E2W) in Southeast Asia and the second largest in the world, after China. At the same time, environmental issues and fluctuations in gasoline prices are also factors affecting consumers' demand for electric vehicles, which is expected to increase sharply in the near future.

With the development of the bicycle and electric vehicle market in Vietnam, businesses are always looking for reliable partners to build a sustainable chain of links, from production, supply to product consumption. Vietnam Cycle 2024 Exhibition is a bridge for businesses to meet, exchange and connect with the expectation of creating a healthy competitive environment.

A representative of Vinexad Company shared that this year, Vietnam Cycle 2024 Exhibition will have the participation of 180 enterprises from 12 countries and territories with a scale of up to 300 booths, arranged on an area of 2,500 m2. This will be a place to gather the newest and most unique products and services in the field of bicycles, electric vehicles, electric vehicles, user support equipment, spare parts and other cycling-related services.

Vietnam Cycle 2024 will be an ideal meeting place for investors to learn and research market tastes, and to "shake hands" for a series of valuable contracts. (Source: Vinexad)

Each industry group represents world-famous brands with long-standing reputations such as: Giant International, Vinbike, Shimano, Maxxis, Santic Momentum, Liv, Scott, Calli, Chevaux, Nesto, Inveter, Martin, Satako, Gineyea, Velo Vietnam, Maxxis... Along with that, the presence of Vietnamese enterprises that are affirming their reputation and position in the market such as: TriBike, DTPBike, Sufat, Emotor, HFT... Being placed next to international names is both a source of pride and a challenge for Vietnamese brands to dare to compete with the quality and unique personality of each product displayed at the event.

This year's exhibition also welcomes young startups that are gradually making their mark in the race of manufacturing and trading bicycles, electric vehicles and accessories. Therefore, the Vietnam Cycle 2024 Exhibition has created a colorful space for visitors, and is also an ideal meeting place for investors to learn and research market tastes, and to "shake hands" for a series of valuable contracts. This will be the foundation for the growth of the smokeless vehicle manufacturing and trading industry, in line with the economic development orientation associated with the commitment to environmental protection.

Vietnam Cycle 2024 Exhibition also organizes highly experiential activities, increasing interaction for visitors, which are being paid special attention by the organizers, including: outdoor bike experience area, BMX bike stunt performance, and bicycle fashion show.

Notably, the Vietnam Cycle International Exhibition 2024 will be held at the same time and location as a series of major exhibitions such as: International Outdoor Sports and Entertainment Exhibition (Vietnam Sport Show 2024) and Zhejiang Expo Fair.

Organizing exhibitions with the same specialized elements and products will create a sustainable chain of links, increase trade efficiency, diversify supply sources, promote competition and strengthen connections between domestic and foreign enterprises.

The event series will have over 500 exhibition booths, expected to attract over 20,000 visitors to visit and trade during the 3-day exhibition.

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