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Italy, as an important part of the European bicycle industry, occupies a heavy position in the European bicycle market(e-bike market).
This industry has also suffered unprecedented pressures in the past year as global supply chains have tightened and market demand has begun to change, and the Italian bicycle market has been affected, with a 23% annual reduction in Italian bicycle sales and a decline in revenues in 2023.
Double dip in sales, overall trend stabilised
Italy’s bicycle sales in 2023 amounted to 1.363 million units with sales of €2.6 billion.
Among them, 1.09 million were traditional bicycles, down 24% year-on-year, and 273,000 were electric bicycles, down 19% from last year. Market demand for both traditional bicycles and electric-powered vehicles has slowed.
Against the backdrop of the overall market downturn, the bicycle markets in all European countries have been affected, and the Italian e-bike market has remained relatively stable in comparison, with a slower decline in sales of conventional bicycles, which decreased by a total of 28% between 2019 and 2023.
Compared with a 36% decrease in the German market(top 10 electric bike manufacturers in German), and in terms of the number of e-bikes, although sales have also declined, the rate of decline has been relatively small With growth of 40% compared to the pre-epidemic period, long-term market development remains favorable.
Increased share of e-bike sales
In terms of market share, e-bikes are gaining prominence in the Italian market(top 10 electric bike manufacturers in Italy). Compared to 2019, the market share of e-bikes has nearly doubled to 25%, compared to just one-tenth in 2019.
This trend is not a coincidence, but an inevitable result of the growing popularity of e-bikes among consumers as a representative of green mobility.
At the same time, the government’s supportive policies for environmentally friendly travel have also provided some impetus to the e-bike market. In addition, the growth in e-bike sales also benefited from its diverse application scenarios.
Whether for urban commuting, leisure riding or outdoor sports, e-bikes can provide a more comfortable and efficient travel experience. Especially in the field of short-distance travel, e-bikes have become the first choice of more and more people.
Changes in product types in niche markets: diversified needs emerge
In terms of market segments, the types of e-bikes also show a trend of diversification, reflecting consumers’ pursuit of personalized and differentiated products.
The e-bike market is dominated by city bikes (50%) and mountain bikes (45%), with electric road/gravel bikes accounting for about 4% of the market, and cargo bikes are entering the electric assisted market.
City bikes (26%) and mountain bikes (29%) are also the most popular of traditional bikes(electric bike vs. normal bike). However, children’s bikes (15%), folding bikes (2%) and gravel bikes (8%) still maintain a market share, which shows that conventional bikes still have an irreplaceable advantage in certain specific areas and scenarios.
In the face of market changes, ANCMA forecasts that 2024 will be in line with 2023, with growth starting in 2025, but that growth will need to be supported by a number of factors.
ANCMA believes that the most important is to encourage people to use bicycles and to focus on improving the experience and value of cycling, rather than limiting themselves to facilitating purchases, and in this regard, a reduction in the value added tax (VAT) on bicycles and their accessories could be a very influential measure. Reducing VAT on bicycles and their accessories could be an impactful measure.
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