Asia offloading stock as EU e-bike import volume doubles in Q2

Asia offloading stock as EU e-bike import volume doubles in Q2

Published: 27 Aug 2024Last update: 03 Sep 2024

ZEIST, The Netherlands - Between April and June this year, the number of e-bikes imported into the EU rose to 223,000 units almost matching the same period last year. Significantly, this figure is almost double the amount imported in the first quarter of the year. All top 3 importing countries, Taiwan, Vietnam and China significantly increased the number of units entering the EU during this time period. However, at what cost?

In the first 6 months of 2024, e-bike imports into the EU peaked in May at 81,000 units, according to the latest data available by Eurostat. This number dipped to 71,000 in June, following the usual seasonality curve. There are positives to be found in the volume of e-bikes entering the market, rising from 125,000 units in total in Q1 to 223,000 units in Q2 – this figure even matches the Q2 import level in 2019 when market conditions were stable.

Value of imports not on similar growth pattern

The total value of these imports also indicate a 52% rise between the first two quarters of 2024. The total value of e-bike imports in Q2 grew to €220 million, up from €145 million in Q1. The 3- month trend suggests a levelling-off in market recovery/growth in terms of e-bikes. The key markets Taiwan, Vietnam and China all saw growth in Q2 export value but at lower levels than volume growth. Whereas value used to compensate for volume deficits, this has now turned around.

During the first 6 months of the year, Taiwan remained the number 1 supplier of e-bikes to the EU with Vietnam and China toying for second place. In Q2 of 2024 almost 83,000 e-bike units entered the EU from Taiwan according to the latest data from Eurostat. This figure is the lowest Q2 volume since 2018, indicating the market has not yet stabilised at its potential. A more worrying fact is that the individual value per unit have taken a significant drop.

Turning stock into cash?

In Q2 the value per unit dropped to €1,300 from €1,625 in Q1, breaking what had been a quarterly upward trajectory since 2021. Broken down on a monthly basis, the value per unit dropped from €1,600+ during the first 4 months of the year to €1350 in May, and then dropped further to €877 in June. Vietnam, on the other hand saw the value per unit rise from €825 in Q1 to €948 in Q2.

Presuming the data entered into Eurostat is correct it must be assumed that the nation’s big players Giant, Merida and Ideal are turning the large amounts of stock they have into cash. Indeed, the Q2 financial reports from these players could support this assumption; Giant reported a 12.6% drop in first half year revenue, whereas Merida saw a 4.1% drop compared to 2023. The effect of warehouse clearances across Asia can now be seen in the numerous discounted products (across all categories) currently seen in Europe. In the Netherlands, Giant is offering discounts of up to €4,000 on its high-end e-bikes via its webshop.

Bicycle import growth remains steady

In terms of bicycles, a total of 880,000 units were imported into the EU in Q2, a 45% rise compared to Q1. Since the rise of the e-bike market in Europe bicycle imports had been on a gradual decrease dipping below 5 million units per year, pre-pandemic. As the strongest quarter, Q2 previously always saw at least 1 million units entering the EU. In terms of value, the market does not follow the same trend as with e-bikes with value per unit and total value both remaining steady.

Source: Bike Europe, https://www.bike-eu.com/48269/asia-offloading-stock-as-eu-e-bike-import-volume-doubles-in-q2

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