Bicycles market in Greece

Earlier Report Observations

The Greek bicycle market experienced substantial growth from 2018 to 2021, with its total value rising from 20.3 million USD to 48.9 million USD. This expansion was initially supported by rising prices for cars, motorcycles, and fuel, which increased the attractiveness of bicycles as personal transport. Concurrently, supportive European and national policy decisions fostered industry development. The market received a further boost in 2020 when specific legislation for electric bicycles was introduced, creating a clear regulatory framework that stimulated demand in this growing segment.

After reaching its peak in 2021, the market's value contracted sharply over the next two years, declining to 17.3 million USD in 2023. A modest recovery to 18.1 million USD occurred in 2024. This stabilization coincided with a notable surge in electric bicycle sales, driven by continued consumer demand and the launch of new models from major manufacturers such as Honda and CFMOTO. Regulatory updates affecting the vehicle category L, which encompasses certain motorized cycles, also introduced new dynamics within the market landscape.

Production bicycles in Greece

In value, 2017-2020, K $ US

Greece's bicycle production value increased for the third consecutive year. In 2020, the output of bicycles in Greece was valued at 21 321 thousand US dollars, which is 22.8% higher than the previous year. Between 2017 and 2020, production grew by 53.2%, translating to an annualized growth rate of 15.3%.

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

In kind, 2017-2020, K unit

Greece's bicycle production volume increased for the third consecutive year. In 2020, 144.7 thousand units of bicycles were produced in Greece, up by 20.0% compared to 2019. Over the period from 2017 to 2020, production rose by 31.5%, with a compound annual growth rate of 9.5%.

Annual dynamics of production in Greece in kind, 2017-2020, K unit

Exports bicycles from Greece

Exports in kind, K unit

The market exhibited volatility during the observed period. Exports reached their lowest point in 2017 and peaked in 2018, with a 5.8-fold difference between these years. In 2020, Greece exported 47.7 thousand units of bicycles, marking a sharp increase of 102.4% compared to 2019. The maximum volume was recorded in 2018 at 75.7 thousand units. The largest decline occurred in 2019, with a drop of 68.9%, while the largest increase was in 2018, with a surge of 482.5%.

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

From 2017 to 2020, Romania, Cyprus, and Germany were the key partners for Greece's bicycle exports in volume terms. Romania accounted for 36.8% of exports, Cyprus for 26.2%, and Germany for 18.4%. Together, these three countries represented 81.4% of total export flows.

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

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

Exports in value, K $ US

After a two-year rise, Greece's bicycle exports declined. In 2020, exports totaled 6 094 thousand US dollars, indicating a reduction of 25.6% compared to the previous year. Between 2017 and 2020, exports increased by 30.7%, equating to an annualized growth rate of 9.3%. The maximum value was recorded in 2019 at 8 189 thousand US dollars, with the largest increase that year at 41.6%.

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

From 2017 to 2020, Germany, Cyprus, and Romania stood out as the main markets for Greece's bicycle exports in value terms. Germany accounted for 62.9% of exports, Cyprus for 12.5%, and Romania for 9.1%. Collectively, these three countries represented 84.6% of total export flows.

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

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

Imports bicycles to Greece

Imports in kind, K unit

Greece's bicycle import volume increased for the second consecutive year. In 2020, Greece imported 197.7 thousand units of bicycles, which is 37.9% higher than in 2019. Between 2017 and 2020, imports grew by 78.1%, translating to an annualized growth rate of 21.2%. The minimum volume was recorded in 2018 at 106.2 thousand units, with the largest decline that year at 4.3%.

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

From 2017 to 2020, imports of bicycles to Greece in volume terms were characterized by a broad spread across markets. Turkey accounted for 21.5% of imports, Bulgaria for 15.4%, and Italy for 11.6%. Together, these three countries represented only 48.5% of total import flows.

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

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

Imports in value, K $ US

Greece's bicycle import value increased for the second consecutive year. In 2020, imports amounted to 19 842 thousand US dollars, corresponding to a sharp rise of 64.4% compared to 2019. Between 2017 and 2020, imports increased by 71.5%, equating to an annualized growth rate of 19.7%. The minimum value was recorded in 2018 at 10 784 thousand US dollars, with the largest decline that year at 6.8%.

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

The structure of bicycle imports to Greece in value terms from 2017 to 2020 can be described as diversified. Turkey accounted for 15.2% of imports, Germany for 14.6%, and Bulgaria for 14.0%. Together, these three countries represented just 43.9% of total flows, with no single country holding a clearly dominant position.

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

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