December 2025 Q3 offers no respite for struggling industry CONTENTS 2 Confidence in market recovery is down, purchase index shows A strong first half year boosted confidence, but the latest Global Bicycle Purchasing Index reveals that optimism is fading fast. 4 EU e-bike imports drop 13% as market adjusts China has taken the top spot from Taiwan as the leading EU e-bike supplier as import volume drops 13% year-on-year. 6 Shimano's 2025 revenue rises, but market headwinds bite Global bicycle market corrections and foreign exchange losses have weighed on the results of major component manufacturer, Shimano. 8 Financial reporting reveals Q3 slump Despite optimistic signs in the first and second quarters, Q3 financial results show that, for many, stabilisation is still out of reach.