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Polish e-bike market to hit €300M in 2024 amid growing demand

Polish e-bike market to hit €300M in 2024 amid growing demand

The total value of the Polish e-bike and bicycle market is expected to reach PLN 4.9 billion (€1.13 billion) in 2024. Sales of e-bikes have grown significantly and are now worth PLN 1.25 billion (€289 million).

The value of the bicycle market is expected to continue to grow in the coming years due to the increasing popularity of electric bikes, “VeloBank Poland wrote in its study of the bicycle and e-bike market.

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    More consumers are choosing e-bikes

    In Poland, more and more consumers are choosing e-bikes over mechanical bikes (electric bike vs. normal bike), which has led to an upward trend in the average retail price, VeloBank noted, adding that the rise in the average price is at the same time a result of a combination of inflation and the industry’s higher pricing policy.

    The market share of e-bikes in Poland has been growing steadily. From 16% in 2020 to 25% in 2023, according to VeloBank.

    More consumers are choosing e-bikes

    Average retail price of bicycles in Poland

    Like many other countries, Poland’s e-bike and bike market grew during the epidemic.

    Sales peaked in 2021, when Poles began looking for alternative modes of transportation and outdoor activities, and VeloBank notes that 1.46 million bikes were sold that year.

    This number gradually declined in the following years, and by 2024, the retail bicycle market in Poland is expected to reach 1.21 million units. The average retail price of a new bike in Poland is around PLN 3,800 (€879).

    Average retail price of bicycles in Poland

    The Polish bicycle market is relatively small

    VeloBank points out that the market for bicycles and e-bikes in Poland is still relatively small compared to other EU countries. According to the bank’s market analysis, Poland ranks only eighth in the EU’s bicycle market, a low position considering its population of about 40 million people.

    Piotr Arak, chief economist at VeloBank, noted that the Polish market is worth less than Belgium and Austria, which have populations about a quarter the size. In the Netherlands, the bicycle market is worth €1.4 billion, despite a population less than half the size of Poland.

    In Poland, the average retail price of a bicycle is much lower than in Belgium, the Netherlands and Luxembourg, even if it is used for leisure or commuting.

    VeloBank predicts that the Polish e-bike market is likely to grow faster than countries with well-developed cycling, such as Germany, the Netherlands, Belgium and Austria, in the coming years. However, Piotr Arak noted that the relatively high retail price of e-bikes will remain a barrier for many Polish consumers.

    In countries such as France, Italy and Germany, demand for e-bikes has already surpassed the traditional bicycle market. It is worth noting that many of these countries offer financial incentives for the purchase of e-bikes through e-mobility development programmes, while Poland has yet to take such initiatives. Explore the top 10 electric bike manufacturers in Europe for your reference.

    The Polish bicycle market is relatively small

    Import and export of bicycles in 27 EU countries

    According to the latest data from the EU statistics office, in the first quarter of 2024, 27 countries of the EU imported 125,000 electric bicycles, down 57% from the first quarter of 2023, but the export volume was 2.5% higher than the last quarter of 2023 (Q4), with the total monthly export volume steadily increasing from 35,000 in January to 52,500 in March.

    In May, 27 EU countries imported 81,353 electric bicycles, almost the same as 83,000 imported in the same month last year, and the monthly import volume of electric bicycles in 2024 continued to increase.

    In Taiwan (China), it is reported that the order mix of component manufacturers is not only recovering but also filling up rapidly. Although 52,000 electric bicycles were imported from Taiwan in the first quarter of 2024, compared to the benchmark figure for market conditions considered “stable” in the first quarter of 2019, it decreased by 37%.

    As the second largest importer of e-bikes in Europe in 2023, Vietnam has made slower progress in rebuilding orders, with the data showing a 32% decline in the first quarter compared to the fourth quarter of 2023 and a 58% decline compared to the same period last year.

    Explore the top 10 electric two-wheeler manufacturers in China for your reference.

    Import and export of bicycles in 27 EU countries

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    Chocolatezhu
    Hi, I'm an experienced writer about mechanic and an expert on bike and e-bike tech who appreciates practical, beautifully-engineered things. And of course, I love cycling.
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