Global firms target Singapore's unique cycling market

In Asia, e-bike adoption is seen as one of the market’s growth drivers.

Singapore's unique cycling market is drawing attention from international companies seeking to capitalise on its growth potential.

According to data from Statista, revenue in Singapore’s micromobilty market is projected to reach $173.52m in 2025. It is expected to show an annual growth rate of 0.49% between 2025 to 2029, resulting in a market volume of $176.93m by 2029.

This growth is attracting specialised firms like Taiwan-based Sinox Company Ltd., which manufactures security locking solutions. In an interview with Singapore Business Review, Raymond Lo, associate sales manager at Sinox, noted a rising demand for high-security bicycle locks in Singapore.

Similarly, KPlus Sports Co., Ltd., a sustainable cycling gear producer, aims to expand its local partnerships, according to international sales specialist Becky Kang.

In the overall Asian region, meanwhile, companies expect the bicycle market to expand in the coming years, fueled by the region's growing embrace of cutting-edge technologies, notably e-bikes.

Revenue in Asia’s micromobilty market is seen to reach $22.24b this year. From 2025 to 2029, revenue is expected to record an annual growth rate of 2.62%, leading to a projected market volume of $24.66b by 2029.

Whilst e-bikes are already popular in Japan, South Korea, and China, Shawn Lin, manager at Hyena Inc., said he sees even more potential for these in South Asia. However, government initiatives will determine the speed of market maturation, and thus, its growth.

“There are regulations and infrastructure that are still under development but we see a bright future in the next few years,” he said.

To fuel this growth, Jack Lin, president of Armor Manufacturing Corporation, encouraged people to use e-bikes for their day-to-day commute.

He also said there is an opportunity for the industry in the mid- to lower-end mountain bikes, as well as children’s bicycles.

Fabio Guerini, sales and marketing specialist at Deda Elementi, said Asia is an interesting market for the company. He said there is significant growth in the high-end handlebar market, which aligns with its focus on premium components.

They were some of the exhibitors during the recently concluded Taipei Cycle held from 26 March to 29 March at the Taipei Nangang Exhibition Centre.

This year’s trade show featured 980 exhibitors in 3,600 booths. The event drew thousands of visitors from more than 80 countries, including significant representation from Japan, US, South Korea, Singapore, and Germany.

Taipei Cycle is Asia's largest cycling industry trade show showcasing industry trends and the latest in technology from the leading and most progressive companies globally. For more information, visit https://www.taipeicycle.com.tw/en/index.html.