Taiwan bicycle industry output hits record high

2023/01/18

Taiwan’s bicycle industry output hit a record high of NT$182.4 billion (US$6.01 billion) in the first ten months of 2022, up 26.4 percent year on year, according to the Ministry of Economic Affairs Jan. 16.
 
According to the MOEA’s latest statistics, fully assembled bicycles saw the largest surge in production value, rising 30.9 percent to NT$34.9 billion from January to October last year. This strong showing can be attributed to the growing supply of raw materials, manufacturers’ replenishment of inventories and increasing demand for high-end types like mountain and off-road bikes, the ministry added.
 
Bicycle component output rose 26.5 percent to NT$110.4 billion on the back of demand carried over from 2021 due to industry subsidies in the U.S. and Europe, the MOEA said, adding that the output value of e-bikes also soared 21.9 percent to NT$37 billion with the easing of material shortages and delivery issues over the same period.
 
According to the MOEA, Taiwan is the top source of parts in the U.S. and China, securing 59.8 and 59.4 percent of their respective import market shares from January to October of 2022. The country is also the largest provider of fully assembled bicycles to China, accounting for 59.7 percent over the same period, and the top e-bike source in the EU and China, occupying 54.5 and 76.5 percent, respectively.
 
In 2022, parts were a major contributor to the sector’s exports, accounting for 48 percent and reaching US$2.95 billion in value, while fully assembled bicycles and e-bikes amounted to 26.6 percent and 25.4 percent and totaled US$1.63 billion and US$1.56 billion last year, respectively, the ministry added.
 
The top three destinations of Taiwan’s bicycle exports in 2022 were the U.S., 24.6 percent; the Netherlands, 16.6 percent; and Germany, 13.4 percent.
 
The impressive performance marks a steady upward trend, the MOEA said, adding that the industry’s output grew 34.5 percent to hit NT$176.8 billion in 2021. 


Source: Taiwan Today (https://taiwantoday.tw/index.php)