Italian bicycle industry output value exceeds 2 billion euros
The value of the Italian bicycle and component manufacturing market increased by 10% in 2022 to reach the 2 billion euros threshold. Italian banking institution Ifas said in its annual report that the bicycle industry's turnover and market net value have grown simultaneously, forming a good "bicycle ecosystem".
Although Italy is not the largest bicycle producer in Europe, according to statistics, the net profit of Italy's bicycle industry has increased from 6% in 2020 to 11% in 2022, and the return on investment (ROE) has doubled since 2020. Reaching 13% in 2022. This is due to the continued growth in sales of e-bikes.
Italian industry association ANCMA reports that e-bike market share will grow by 4% in 2022. Italian bicycle sales increased by 18% last year to 3.2 billion euros. Sales volume was 1.772 million units. Among them, there were 1.435 million traditional bicycles, a decrease of 15%, and 337,000 electric bicycles, an increase of 14%. Although sales of mechanical bicycles have declined, the high net profit of electric bicycles has increased the overall profit level of the bicycle industry.
Italy's overall trade balance increased by 28% last year, driven by a rapidly growing share of e-bikes. Between 2019 and 2022, e-bike production grew by an average of 21.3%. During the same period, mechanical bicycle output declined slightly by 3.1% annually. Banca Ifas expects exports to grow by 2% in 2023, reaching 23% of total industry turnover.
The price of bicycles has also fluctuated. Italian bicycle import prices have grown fastest in November 2022, with the average import price increasing 59% month-on-month, reaching a peak of US$857 in January 2023, and then began to decline in February 2023. The average monthly bicycle import price has dropped to US$767 per unit, but is still at a high level.
Research shows that the Italian bicycle industry is concentrated in the northern region, with 56% of companies located in this region. The total output of bicycles and parts there accounts for 80% of the country's total. Therefore, Italy's bicycle industry chain is also very complete, and the domestic supply chain is basically Can meet manufacturing needs. However, semi-finished materials and components used for production purposes also need to be imported from abroad. The main reasons for choosing to import semi-finished materials and components are the lack of such manufactured products in Italy (39%) or the more competitive prices of imported products (36%). There are also Companies import high-tech or high-quality products from abroad. 50% of frames, 41% of chains and sprockets, 38% of brakes and 38% of front forks used in bicycle parts in Italy are imported.
Compared with parts, Italy's imports of complete vehicles are clearly on a downward trend. In 2022, the import scale of Italian bicycles shrank significantly, with 514,000 units imported, a decrease of 18.7% from the previous year. In 2021, imports grew fastest, reaching 38 %, but started to decline after reaching a peak of 632,000 units. In value terms, bicycle imports fell to $212 million in 2022. Total imports grew at an average annual rate of 2.5% from 2019 to 2022, with the value of imports in 2021 rising 37% from the previous year to $231 million.
There are also significant differences in the average prices between supplier countries in the import of complete vehicles. From February 2022 to February 2023, Romania's price growth was the most significant, with an increase of 14.8%, and the growth trends in other countries were relatively gentle.
Italy's bicycle exports rank among the best in Europe. For three consecutive years, France has been the main country for Italian bicycle exports, accounting for 43% of total exports, three times that of Spain, the second largest exporter. The third largest exporter is Germany, accounting for 43% of total exports. 8.8%.
-Gravity Ebikes
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13th/09/23