Bicycles market in Finland

Earlier Report Observations

Regulatory updates starting in 2018, including a new Road Traffic Act and revised vehicle equipment rules, set the stage for market growth. When the act took full effect in June 2020, mandatory rear lights and clearer classification spurred demand for compliant bicycles and eased imports. The introduction of a tax-free bicycle benefit for employees in 2021 further accelerated sales, especially of e-bikes. Continued investment in benefit schemes helped drive the market to a peak of 149.1 million $ in 2022.

The market corrected from its 2022 high, falling to 115.2 million $ in 2023. That year saw new entrants from the tech and automotive sectors responding to e-bike growth forecasts, expanding product variety but not preventing the overall decline. In 2024, a VAT hike on the bicycle benefit from 24% to 25.5% reduced its appeal to employers, while shared city-bike usage dropped as e-scooters gained favor and public funding decreased. These factors contributed to a further contraction to 100.4 million $.

Production bicycles in Finland

In value, 2017-2020, K $ US

Finland's bicycle production value increased for the second consecutive year. In 2020, bicycle output in Finland was valued at 21 611 thousand US dollars, marking a significant rise of 62.8% compared to 2019. Over the period from 2017 to 2020, production grew by 58.7%, which translates to an annualized growth rate of 16.6%. The lowest value was recorded in 2018 at 12 361 thousand US dollars, with the largest decline of 9.2% also occurring that year.

Annual dynamics of production in Finland in value, 2017-2020, K $ US

In kind, 2017-2020, unit

After a two-year contraction, Finland's bicycle production volume rebounded. In 2020, 27 428 units of bicycles were produced in Finland, representing a sharp increase of 25.3% year-over-year. From 2017 to 2020, production rose by 8.5%, equating to an annualized growth rate of 2.8%. The minimum volume was recorded in 2019 at 21 887 units, with the largest decline of 12.9% also taking place that year.

Annual dynamics of production in Finland in kind, 2017-2020, unit

Exports bicycles from Finland

Exports in kind, K unit

The market exhibited volatility during the observed period. Export volumes varied significantly, with a 3.1-fold difference between the low in 2019 and the high in 2020. In 2020, foreign bicycle supplies from Finland reached 9.2 thousand units, which is 206.8% higher than the previous year. The minimum value was recorded in 2019 at 3.0 thousand units, with the largest decline of 47.9% also occurring that year.

Annual dynamics of product's exports from Finland in kind, 2017-2020, K unit

From 2017 to 2020, Estonia, Gambia, and Sweden were the principal buyers of bicycles from Finland in terms of volume. Estonia accounted for 26.0% of exports in kind, Gambia for 12.3%, and Sweden for 11.9%. Together, these three countries represented 50.2% of total exports in kind.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Finland in kind, 2017-2020

Exports in value, K $ US

In 2020, foreign bicycle supplies from Finland amounted to 2 575 thousand US dollars, indicating an advance of 17.1% compared to the previous year. Over the period from 2017 to 2020, exports increased by 20.3%, with a compound annual growth rate of 6.4%. The largest decline was recorded in 2019 at 4.8%.

Annual dynamics of product's exports from Finland in value, 2017-2020, K $ US

From 2017 to 2020, three main markets—Russia, Estonia, and Sweden—collectively absorbed 60.2% of Finland's total bicycle exports in value terms.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Finland in value, 2017-2020

Imports bicycles to Finland

Imports in kind, K unit

The market showed signs of volatility over the observed period. Import volumes fluctuated dramatically, with a 14.5-fold difference between the low in 2019 and the high in 2020. In 2020, imported bicycle volumes in Finland amounted to 257.1 thousand units, reflecting a substantial uptick of 1,351.5% from a year earlier. The minimum value was recorded in 2019 at 17.7 thousand units, with the largest decline of 93.1% also occurring that year.

Annual dynamics of product's imports to Finland in kind, 2017-2020, K unit

In the period from 2017 to 2020, Turkey, Hungary, and Asia (not elsewhere specified) played notable but not dominant roles as suppliers of bicycles to Finland in terms of volume. Turkey accounted for 15.8% of imports in kind, Hungary for 13.4%, and Asia for 9.4%. Their combined share reached only 38.5% of total imports in kind.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Finland in kind, 2017-2020

Imports in value, K $ US

Imported bicycle volumes in Finland increased for the third consecutive year. In 2020, import volume amounted to 79 639 thousand US dollars, which is 18.1% stronger year-over-year. Over the period from 2017 to 2020, imports grew by 59.5%, with a compound annual growth rate of 16.8%.

Annual dynamics of product's imports to Finland in value, 2017-2020, K $ US

The analysis of imports in value terms from 2017 to 2020 shows a broad distribution across many markets. Germany accounted for 20.3% of imports in value terms, Asia (not elsewhere specified) for 14.2%, and Turkey for 12.2%. Together, these three sources represented only 46.6% of total flows, with a significant 53.4% falling on other partners.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Finland in value, 2017-2020