ANN/CHINA DAILY – Nearly 1,460 leading bicycle companies from China and abroad are participating in the 32nd China International Bicycle Fair which ends tomorrow in Shanghai.
Industry big names including Giant, Merida and Shimano can be found at the fair.
More than 600 products are showcased at the special exhibition area featuring creative technology breakthroughs. Another 30 products were demonstrated at the area designated to show the progress in the bicycle industrial transformation and upgrading in China.
The exhibition also held two business matchmaking meetings, inviting over 100 overseas buyers and exhibitors to meet the purchase demand in Europe, North America, the Middle East and Southeast Asia.
According to China Bicycle Association, the country’s bike makers, with an annual sales revenue of at least CNY20 million (USD2.77 million), churned out a total of 7.31 million bikes in the first quarter of 2024, up 15 per cent from a year earlier. In the first three months, their sales revenue climbed 2.3 per cent year-on-year on average, while their net profit grew by 13 per cent on a yearly basis.
China exported nearly 11 million bicycles in the first quarter, up 29.3 per cent year-on-year and 13.7 percent from the fourth quarter of 2023. Nearly 2.3 million bikes were exported to the United States, spiked 47.2 per cent year-on-year, while the number exported to Russia jumped 52.1 per cent year-on-year to 930,000.
Bike export to Iraq surged the most significantly by 111 per cent year-on-year in the first quarter, followed by the 74.2 per cent increase to Canada and 71.6 per cent to Vietnam, according to China Bicycle Association.
As for the domestic market, downhill mountain bikes, gravel road bikes, triathlon bikes and electric assist bicycles have gained increasing popularity among the Chinese consumers, according to the association.
