Taiwan’s Bicycle Export Revenues Increased by 28%

Taiwan’s Bicycle Export Revenues Increased by 28%

Exports of bicycles, e-bikes and bicycle components from Taiwan are showing strong growth in 2022. According to the Ministry of Economic Affairs (MOEA) and the Taiwan Bicycle Association (TBA), total exports reached almost 2 billion USD for the period from January-April 2022, representing a year-on-year increase of 28.4%. Exports of bicycle components grew the most, while revenue generated by the sale of E-bikes is projected to exceed that of traditional bicycles this year. The NAFTA and EU regions remain the biggest markets for e-bike exports, with the United States, the Netherlands, the United Kingdom, Germany, and Italy the top five destinations.

Exports of Complete Bikes, E-bikes and Components Growing Strongly

In terms of specific products, overall export growth was driven by components which rose substantially compared to the same period in 2021. In the first four months of this year, they grew by 42.7% to reach a total value of over 1 billion USD. The export of complete bicycles (nonelectric) increased by almost 20%, with a total value of very nearly half a billion USD, while the export of E-bikes went up by 12.8% having a total value of 470 million USD.

The EU and NAFTA were the Two Main Markets for E-bikes from Taiwan in 2021

Figures supplied by MOEA and TBA confirmed that the total export value in 2021 reached 5.15 billion USD, which was nearly 40% higher than in 2020. Components increased by 56.7% totaling 2.52 billion USD for the calendar year; the export of E-bikes grew by 33.2% at a value of 1.31 billion USD while complete bicycles grew by 19.1% totaling USD 1.33 billion in 2021.

Developed and cycling-friendly countries remained the major markets for Taiwanese bicycles during this period. The top three export markets in 2021 were the United States (24.3%), the Netherlands (17.5%) and Germany (13.1%).

The demand for E-bikes from Taiwan continues to grow with the country taking on an increasingly important role in global markets. Of significance in 2021 was the growth of E-bike exports to the NAFTA region which increased by more than 70% and reached a total value of over 420 million USD. The export value of E-bikes to the European Union totaled more than 680 million USD, improving by 15.68% compared to 2020. Exports from Taiwan to the US of E-bikes grew even more significantly, by 75.72% last year, and amounted to almost 380 million USD.

In the EU, sales of E-bikes to the Netherlands increased by over 11% and reached a total value of over 475 million USD, while sales to the United Kingdom increased by a massive 131.02%, climbing to a total value of over 100 million USD. Germany was third in Europe with an increase of 129.72% (USD 92,504,252) and Italy a distant fourth with an increase of 10.66% and total value of USD 27,540,460.

Source: Ministry of Economic Affairs (MOEA) and Taiwan Bicycle Association (TBA)