Text & Photo: Wheel Giant

In 2024, Taiwan's bicycle industry continued to struggle, following the downturn seen in 2023. According to customs data, the total export volume for bicycles was just 909,800 units, marking a 36% year-on-year decrease and officially falling below the 1 million-unit threshold, a significant warning signal for Taiwan’s bicycle sector. The total export value reached $1.028 billion, down 25.68% from the previous year, while the average export price increased by 8.19%, reaching $1,130.79 per unit. Demand in the two major export markets, the European Union and the United States, remained weak, with the number of bicycles imported from Taiwan declining by 30.28% and 33.27%, respectively, in 2024.

In the electric bicycle segment, Taiwan's export volume totaled only 363,000 units, a 47% decrease compared to 2023, with the export value dropping by 44.6% to $672 million. However, the average export price for e-bikes reached a new high of $1,847.56, growing by 4.55% year-on-year. Additionally, the export volume and value of Taiwan's bicycle parts decreased by 13.61% and 17.46%, respectively, compared to 2023.

In December 2024, Merida reported revenue of NT$1.797 billion, a 17.6% increase year-on-year, bringing its total revenue for the year to NT$29.647 billion, a 9.1% growth from 2023. Merida’s December shipments totaled 43,000 units, with traditional bicycle shipments falling by 38%, while electric bike shipments grew by 28% to approximately 14,000 units.

Giant’s December 2024 revenue reached NT$4.11 billion, a slight decrease of 1.43% year-on-year, with total 2024 revenue amounting to NT$71.255 billion, down 7.4% from 2023. Looking ahead to 2025, Giant expects growth in the three major markets—Europe, the U.S., and China—while Merida anticipates growth in Europe and the U.S., as inventory levels have significantly decreased and are expected to improve in the new year.