March 2026 Mixed indications Cautious optimism in 2026 bike market CONTENTS 3 Dutch bike market value drops 1.3% in 2025 In 2025, combined bicycle and e-bike sales in the Netherlands totalled €1.533 billion, a 1.3% decline from 2024. 5 Belgian market pivots back into the plus Economists suggest that excess inventory from 2024-25 will likely weigh on balance sheets until 2027, but Belgium is proving to be an exception. 8 Shimano sets the bar for industry stabilisation As the world’s leading bicycle component supplier, there is no better thermometer for the industry than Shimano. 10 Still signals of strong investor appetite in cycling Recent news suggests that investors have not lost interest in bicycles and cycling more broadly. 11 KKR transfers control of Accell Group to lenders Accell Group announces the next milestone in its transformation, with new funding and a substantial debt reduction.