In 2022, the growth rate of bicycle imports into the European Union exceeded 30%, indicating rapid development. However, this trend did not continue, and the continuous decline in bicycle sales led the market into a period of high inventory. Let’s take a look at the changes in the EU’s bicycle market in 2023 through the latest import data released by the European Union.
Decline in Imports and Rise in Unit Prices for Electric Bicycles in Europe
According to the latest import data from the European Union, from January to July 2023, the EU imported a total of 2.3142 million bicycles, a decrease of 16% compared to the same period in 2022. The total market value reached 505 million euros, an increase of nearly 7.59% from the same period last year. The most astonishing increase was in the import prices of bicycles. The average FOB price of imported bicycles soared from 187.32 euros in 2021 to 300.68 euros this year, an increase of over 60%. The trend for electric bicycles is similar this year, with the average import price of electric bicycles rising by 58% from 734.63 euros in 2021 to 1159.84 euros this year. Compared to last year, the average import price of electric bicycles increased by nearly 30%, from 910.09 euros to 1159.84 euros.
Changes in Bicycle Exports from the Top Ten Bicycle Supplying Countries to the EU
The bicycle exports from the top ten bicycle-exporting countries to the EU have mostly experienced a downward trend. As of July this year, China, which had the largest decline, reduced its exports to the EU by 40%, from 553,700 units in 2022 to 318,900 units. Especially countries like Bangladesh, Turkey, Tunisia, Sri Lanka, and Indonesia, which mainly produce mid-to-low-end bicycles, have seen significant declines in bicycle exports.
Excluding Cambodia, Thailand, and Vietnam, Vietnam has a small export base. From January to July 2023, Vietnam exported approximately 10,000 bicycles to the EU. After signing a free trade agreement with the EU, trade activities between Vietnam and the EU have become more frequent, leading to an increase in various categories of goods trading. Thailand experienced the largest increase in bicycle exports to the EU in 2022. The reopening of the free trade agreement between Thailand and the EU made it the fourth-largest trading partner of the EU, following China, Japan, and the United States. Thailand’s bicycle exports to the EU also increased significantly by 34.32% in 2023.
Bangladesh’s export bureau anticipated the decline in exports as early as July. The number of vehicles exported to Germany began to decrease, and Bangladesh’s new tax system, imposing an additional 10-15% tariff on imported flywheels and chainrings, had a negative impact on exports.
Turkey’s bicycle exports have fallen to the level of 2017. Between January and July this year, Turkey only exported 164,200 bicycles, a decrease of 36.19% compared to the same period last year. Moreover, the number of bicycle manufacturers in Turkey increased dramatically during the pandemic, and now they are facing issues due to lack of orders.