E-bike sales grow amidst market slowdown in Europe
The European bicycle market ended up in the inevitable correction phase after the corona related sales boom. It goes without saying that this situation was expected, the question was only, when? While 2022 sales are lower than 2021 throughout Europe’s main markets, the e-bike continues to drive the market. What’s happening?
The 2022 sales statistics reported until now by the national European industry organisations paint a clear picture. E-bike sales volumes increased by double digits replacing demand of mechanical bicycles. In general, the e-bike market share is growing steadily and average prices are going up boosting the market value. Except for France, e-bikes are sold at an average retail price above €2,000.
Market growth bigger than in 2021
The 2022 statistics clearly show the hike in e-bike sales as the market growth is substantially bigger than in 2021. In 2022 German e-bike sales increased by 10% (only 3% in 2021), in 2022 in Austria + 11% (was 9% in 2021), in 2022 in Italy + 14% (was 5% in 2021). Despite all announcements on unstable markets earlier in 2022, the relevance of the e-bike market appears to continue to grow. Thanks to the high average price for an e-bike compared with a mechanical bike, also the market value is only expanding.
Notwithstanding this market development it impacts the parts and component industry. E-bike assemblers and brands can make the most of the higher average price as mentioned above. For component manufacturer who are used to the high volumes, the e-bike implies a challenge. Market developments in Germany and the Netherlands in the past 10 years have shown that the e-bike brings all new opportunities, like a wider cycling audience, as well.