Global bike market drop and Europe’s e-bike imports plunge

Global bike market drop and Europe's e-bike imports plunge

In 2023, the global bicycle market demand and supply mismatch, the bicycle industry has an extreme imbalance in supply and demand, a significant decline in consumer demand directly triggered the bicycle market high inventory crisis, by fluctuations in demand, supply chain reconfiguration and rising prices and other multiple factors, the European e-bike market sales into doldrums, imports recession.

From the beginning of the year to the end of the year, the decline in imports not only did not slow down, but also showed a trend of intensification.

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    EU e-bike imports plummet

    According to Eurostat, the EU imported nearly 850,000 e-bikes in 2023, down 30% from 2022, with a total import value of €942 million, compared to €1,136 million in 2022, a decrease of 10.5% year-on-year.

    In the first quarter of 2023, the total value of exports to the EU for all countries was still up by 37% from €232 million in 2022 to €319 million in 2023, but exports to the EU declined from the second to the fourth quarter due to high inventories.

    European electric bicycle imports 10000 units

    Imports of electric bicycles in Europe billion Euros

    In the first quarter of 2023, total exports to the EU from all countries still increased by 37 %, from €232 million in 2022 to €319 million in 2023, but the value of exports to the EU declined from the second to the fourth quarter due to high inventories.

    In terms of decline, the export decline of Turkey, Sri Lanka, Switzerland and South Korea was particularly significant.

    Turkey, which is regarded as a new high-potential production site in the European market, has the largest share of shrinkage, with e-bikes exports to the EU falling by 63%, followed by Sri Lanka, Switzerland and South Korea, which declined by 53%, 43% and 35%, respectively.

    In 2023, Taiwan’s e-bikes exports to Europe accounted for only 2022 total exports. Taiwan’s exports to Europe in 2023 accounted for only 72% of total exports in 2022, compared to 71% for mainland China. You can also explore the Taiwan electric bike manufacturers for your reference.

    Vietnam is the only country whose exports are almost the same as in 2022, with a decline of less than 5%, and it ends 2023 as the largest exporter of e-bikes to the EU.

    EU 2022 2023 electric bicycle imports by region

    Bicycle exports plummet 33% in Taiwan, China

    Globally, the bicycle industry has begun to see a slowdown in market development after experiencing a surge in demand during the epidemic.

    The industry’s oversupply and declining demand has led to a large inventory build-up in the market, a trend further exacerbated by supply chain disruptions, increased logistics costs, and rising raw material prices, which have put pressure on bicycle sales in many parts of the world.

    Taiwan, China’s key production and export base for the global bicycle industry, has also been hit by high inventories.

    Exports from the bicycle industry in Taiwan, China, declined significantly in 2023, with total exports of more than 2.01 million units, down nearly 33% from 2022, and total export value of $2.597 billion, down nearly 18% from 2022.

    EU 27 e bike inports from Taiwan China

    In terms of units, Taiwan experienced the largest decline. The number of e-bikes shipped to Europe from Taiwan fell from 556,175 units in 2022 to 402,935 units in 2023.

    Although still positive compared to 2019, quarterly sales continued to decline, especially in the fourth quarter. eBike exports increased 19.6% in the first quarter of 2023 compared to 2022.

    However, sales began to decline sharply in the second quarter, with sales down 13.7% year-on-year in the second quarter, 29.8% in the third quarter, and 73.4% in the fourth quarter.

    E-bike exports in the last quarter of 2023 were even lower than in the same quarter of 2018, and Vietnam exported more e-bikes to Europe (14,726 units) than Taiwan (10,563 units) in December. Market demand showed a sharp contraction. Who are the top 10 electric bike manufacturers in Vietnam?

    The parts and components industry in Taiwan, China, also experienced sharp fluctuations, with export volume and value falling by 51.6% and 41.4%, respectively.

    Even industry giants such as Giant and Merida were not immune, with turnover plummeting in the second half of 2023, especially in the fourth quarter, when it fell 29.8%.

    European bicycle imports

    European bicycle imports were also affected by high inventories, with the EU importing nearly 3.2 million bicycles in 2023, down 38.46% from 5.2 million in 2022, with Cambodia being the largest supplier of bicycles to the EU, exporting over 819,000 bicycles to the EU in 2023, followed by China, which exported nearly 530,000 bicycles to the EU.

    2023 European bicycle imports by region

    European bicycle exports

    Between 2013 and 2021, the number of bicycles (excluding e-bikes) exported from the EU to non-EU countries increased.

    In 2021, the EU exported almost 1.5 million bicycles, followed by a sharp drop in exports over the next two years. In 2023, the total number of bicycles exported was about 843,000. Who are the top 10 electric bike manufacturers in Europe?

    Exports of mechanical bicycles in Europe 10000 units

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