In 2023, European bicycle sales saw a decline in turnover due to a decline in sales. In 2024, price declines were the main reason for the decline in turnover.

Data from the Federation of Bicycle Manufacturers and Dealers in some European countries show that discounts are eroding industry profits and turnover.

In 2022, European bicycle demand hit a record high, but in 2023, bicycle sales across the European continent fell sharply. Entering 2024, the markets in Germany, the Netherlands, Belgium, Switzerland and the United Kingdom remain challenging. The bicycle markets in various countries are saturated and demand is temporarily sluggish. This is especially true for non-electric mountain bikes and urban e-bikes. Due to strict regulations, high-speed electric assist bicycles are still difficult to sell in Germany, and this category has also lost momentum in Belgium and the Netherlands.

However, high-end road and gravel road bikes sell well in 2024 without discounts. High-end road brands Pinarello and Colnago performed surprisingly well in 2023, while drop-bar bikes also offered a glimmer of hope with sales in Germany, Belgium, the Netherlands and Switzerland. Lightly supported sport e-bikes also performed well. This segment is quite young and the market is still expanding rather than saturated. Finally, to ensure that all the bikes purchased during the pandemic can run smoothly, there is a strong demand for service and repairs in physical stores.

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Germany

The German bicycle market fell 2.53% year-on-year to 3.85 million units, according to German ZIV data. Of this, electric bicycles, which account for 53% of the market share, sold a total of 2.05 million units last year, a year-on-year decrease of 2.4%. The traditional bicycle market fell 5.3% to 1.8 million units. Therefore, after a 13% drop last year, the decline may slow down in terms of sales alone.

In terms of turnover, the German bicycle market shrank by 10.3% to 6.33 billion euros. But objectively speaking, this is still more than 50% higher than the turnover in 2019. From independent bicycle dealers to brands that rely on D2C sales and large supermarkets, all market players resorted to discounts to clear stock. This was also reflected in the average selling price: electric bicycles fell by 10.2% to 2,650 euros, while traditional bicycles rose by 6.4% to 500 euros.

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Switzerland

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The Dutch bicycle market shrank significantly in 2024. According to data released by bicycle federation Bovag and RAI, bicycle sales at the end of the year were 858,126 units, a year-on-year decrease of 7%. But turnover from bicycle sales fell only 4% to €1.55 billion, while the average selling price rose 3% to €1,809. E-bike sales fell 9% to 409,467 units, with market share falling below 50% again. Despite this, e-bike sales still accounted for 72% of total bicycle turnover, while the average selling price of e-bikes increased 5% year-on-year to €2,719.

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As for the Belgian market, according to the survey results of the national federation Traxio and market research company GfK, consumer confidence in Belgium will remain low in 2024, with the overall market shrinking by 8.2% year-on-year, of which e-bike sales will only fall by 5.9% and traditional bicycle sales will fall by 11.6%.

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The British Cycling Association also predicted the performance of the bicycle market in 2024 in advance. Bicycle sales continued to decline, falling to the lowest level since the millennium, with traditional bicycle sales falling by 4% to 1.45 million and e-bike sales falling by 5% to 146,000, with a market share of only 9%. Thankfully, the annual decline in 2024 is starting to slow compared to previous years, with market performance flattening out in the second half of the year after a tough first half, and strong demand for bike service and repair.

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Although the current European E-bike market faces short-term adjustments, the long-term structural growth trend remains unchanged. Consumers' preference for high-end and lightweight products, as well as the surge in demand for maintenance services, reflect that the industry is transforming from "quantity" to "quality". With the strict implementation of the EU's circular economy regulations (such as the new battery regulations), localized production and standardized battery assembly will become key links in the industry chain.

In this regard, ACEY provides European manufacturers with modular E-bike battery assembly line solutions:

• Intelligent production line equipment that complies with EU Battery Directive standards
• Full process technology support from battery cell sorting to PACK assembly
• Lightweight battery system assembly solutions for various E-bikes