A recent press release from the China Bicycle Association stated an increase of 30% in the added value of e-bikes and traditional bicycle manufacturing in the first quarter of 2021. The overall yield of bicycle enterprises was 10.7 million units, a 70.2% increase to the same period last year. The total output of e-bikes produced was 7.081 million units, an uptick of 86.3% compared to the previous year's numbers. 

Additionally, the revenue of bicycle enterprises in 2020 was RMB 57.7 billion, an increase of 10% compared to the prior year; the realized profit was RMB 2.21 billion, an increase of 17.3%. The revenue of e-bike enterprises was RMB 92.57 billion with a growth of 22.9%; a realized profit of RMB 3.91 billion was a general increase of 8.3%. 

Source: Chinese government website May 5, 2021