Steady Growth in Spain’s Bicycle Market Amid Cooling Global Trends

Since 2019, the global bicycle market has experienced unprecedented prosperity. However, entering 2023, there are signs of a cooling trend in the global bicycle market. Although the overall market size continues to grow, the growth rate has significantly slowed. Against this backdrop, Spain’s bicycle market continues to maintain robust growth.

Slight Production Decline

Spain has a strong internal production drive. According to statistics from the Spanish Ministry of Industry, Trade, and Tourism, in 2022, Spain produced a total of 353,036 bicycles, with the domestic bicycle production value growing by 2.8% to reach 255.9 million euros. The production, influenced by market conditions, has slightly decreased in 2023 compared to 2022 but remains at a high level. As of October 2023, Spain has produced 262,800 bicycles, surpassing the annual production of 2019 (225,400 bicycles). Despite a certain gap compared to the historical record in 2022 (353,000 bicycles), considering market fluctuations and economic conditions, such production performance is robust.

Although production in Spain declined by 4.8% and 9.6% in March and April, respectively, the market value of bicycles manufactured in Spain increased. In March, the total value of bicycles produced in Spain grew by 17.2%, reaching 25.6 million euros. This indicates that the development of the bicycle market in Spain is not just about quantity but also involves qualitative improvements.

Continuous Export Growth, Significant Trade Surplus

According to temporary data from the Ministry of Industry and Tourism, Spain’s bicycle export market is thriving. From 2021 to 2022, the total export value increased by 76.5%. In the first nine months of 2023, Spain’s bicycle exports to other parts of the world reached 214 million euros, exceeding the figures from 2019 (110 million euros), 2020 (135 million euros), and 2021 (191 million euros). Additionally, there is a significant trade surplus, with a surplus of 82 million euros in the first nine months of 2023.

Spain has now entered the top ten bicycle-exporting countries globally, with major markets in France and Germany.

Steady Price Increases, Expanded Profit Margins

The average price of bicycles produced in Spain in 2023 has significantly increased compared to 2022, rising from 725 euros to 836 euros. This indicates an increasing demand for high-quality bicycles in the market, providing manufacturers with more profit margins. The price increase is attributed to the growing sales proportion of high-priced electric bicycles and the increasing popularity of gravel bikes.

The accumulated total value in the first four months of 2023 is 97.7 million euros, showing a 20.4% growth compared to the same period in 2022. These data fully demonstrate the vitality and potential of Spain’s bicycle market.

Despite a slight decline in production, Spain’s bicycle industry demonstrates robust export capabilities and stable production capacity. With the rising global environmental awareness and the popularity of a healthy lifestyle, the potential for the bicycle market remains significant. Meanwhile, steady price increases provide more profit margins for manufacturers, contributing to the continuous development of the industry. Overall, Spain’s bicycle industry maintains strong competitiveness in the global market, with considerable growth potential. Despite a decrease in production, the trade surplus and price increases indicate that the industry is moving towards a healthier and more sustainable direction.

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