Bicycles in Russia

2022: 30.4% decline in sales to 3.1 million units

In 2022, 3.1 million bicycles were sold in Russia, which is 30.4% less than a year earlier. Market size has reached a minimum value, analysts at BusinesStat say in their study published in May 2023.

Experts linked the fall in demand for bicycles to the economic crisis in Russia, caused by the aggravation of foreign policy relations and sanctions, led to a decrease in the disposable income of Russians. Consumption was redistributed in favor of the most necessary goods and services. The bike is not an essential item and in the face of declining incomes, many consumers have chosen to postpone the purchase of a new bike indefinitely, the researchers explain.

Bicycle sales in Russia fell to a minimum in 5 years

Imports account for about 70% of bicycle sales in Russia. The imposition of sanctions led to a violation of supply chains that were hardly restored after the pandemic. Supply chains have lengthened, and the cost of delivery has increased. A number of global container carriers have suspended work in Russia, and Taiwanese, European and American factories have suspended shipments, BusinesStat noted.

In 2022, export deliveries of bicycles from Russia decreased by 43.9% compared to 2021. The beginning of the special operation and the introduction of anti-Russian sanctions led to a break in business relations with most countries of the world. Companies faced difficulties paying for goods due to sanctions against Russian banks, severing supply chains and ties with suppliers. This led to a drop in domestic bicycle production in Russia and a decrease in export supplies.

In 2021, Russian companies removed bicycles from the country for a total of $18.3 million, which is 2.3 times higher than the level of 2018. In 2022, the turnover of bicycle exports from Russia decreased by 37.8%, to $11.4 million, due to a decrease in supplies.^[1]

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