China’s bicycle and electric bicycle industry has made significant progress in the first three quarters of 2024, despite a challenging external environment and economic transformations driven by technological revolutions. The industry has experienced continuous recovery and growth, fueled by efforts from Chinese companies to accelerate structural adjustments and transformation, according to Liu Suwen, President of the China Bicycle Association.
Production of bicycles and electric bicycles has remained stable, with both revenue and profits showing positive growth. Exports have also rebounded, with bicycle exports increasing by 20.4% year-on-year from January to September. The association anticipates that the international market for bicycles and electric bicycles will continue to recover, with electric bicycle exports expected to grow by over 10% in 2024.
Liu highlighted that as environmental awareness and the demand for green, low-carbon lifestyles grow, two-wheeled transportation products are becoming the preferred travel option, further fueling the industry’s recovery. The industry has shown resilience, with major economic indicators continuing to rise, an expanding mid-to-high-end supply capacity, and comprehensive regulations for electric bicycles supporting standardized development.
However, the industry faces several challenges. As a largely export-driven sector, some companies have been affected by sluggish global economic growth, rising international competition, and intensifying internal competition. Despite this, Liu remains optimistic about the industry’s development, citing new technological advancements in areas such as intelligence, green energy, and health, which are driving demand in the bicycle sector.
Technological innovation and brand building have been key to the industry’s progress. Chinese companies have developed smart, high-end products to meet the evolving needs of consumers, with several internationally competitive brands emerging. This technological push positions China’s bicycle and electric bicycle industry for greater success in global markets.