After a significant downturn in bicycle exports due to the Russia-Ukraine war, Bangladesh's bicycle industry has shown promising signs of recovery. The first five months of the 2024-25 fiscal year have seen a 40.39% increase in bicycle exports compared to the same period last year, signaling a steady rebound in the sector. Europe remains the largest market, with countries like the UK, Germany, Denmark, and Austria continuing to import bicycles from Bangladesh. The biggest markets for bicycles are the United Kingdom and Germany.

According to the latest data from the Export Promotion Bureau (EPB), Bangladesh earned $42.3 million from bicycle exports between July and November 2024. This is a notable increase compared to $30.13 million during the same period in the previous fiscal year. November alone saw a 157% increase, with $9.02 million earned from bicycle exports. In contrast, the same month in 2023 had earned just $3.51 million.

Despite the sharp drop in earnings from this sector in the previous fiscal year—down by 42%—the sector is now seeing an upturn. In the 2023-24 fiscal year, earnings from bicycle exports totaled $8.25 million, significantly lower than the $14.22 million earned in the 2022-23 fiscal year. The peak earnings for the sector were in 2021-22, with $16.79 million in exports. During this period, the sector saw a growth rate of 28.31%.

The growth of bicycle exports is largely driven by two main companies in Bangladesh: Meghna Group and Rangs Metal Industries, a subsidiary of Pran-RFL Group. Both companies have expanded their production capacities and increased investments in recent years. Meghna Group holds a 60% share of the country’s total bicycle exports.

Saifuddin Suman, Senior Marketing Manager of Meghna Group, commented that the bicycle export industry had been severely impacted by the Russia-Ukraine war, which caused a slump in demand from Europe. However, with the economic recovery in Europe, demand for bicycles has picked up, and exports are now steadily increasing. He noted that they are receiving numerous orders and have ramped up production to meet demand. He is optimistic that bicycle exports in the current fiscal year will increase by 25-30% compared to the previous year.

Rangs Metal Industries has an annual production capacity of 900,000 bicycles, one-third of which is exported to Europe, while the remaining bicycles are sold domestically.

According to Eurostat, Bangladesh is currently the third-largest exporter of bicycles to the European Union and the eighth-largest globally. Approximately 80% of Bangladesh’s bicycle exports go to EU countries, with the remainder being shipped to markets in India, the United States, the UAE, and Australia.

Although bicycle exports from Bangladesh initially had a slow start, they began increasing steadily from 2008. Today, Bangladesh exports various types of bicycles, including freestyle, mountain trekking, folding, chopper, road racing, and tandem bicycles. While some components, such as gears and certain parts, are imported, most bicycle parts like wheels, tires, pedals, handlebars, bearings, and seats are produced locally.

Taiwan and Thailand remain the top competitors in the European bicycle market. However, the demand for bicycles in Europe is rising due to growing awareness of health and environmental benefits. According to the European Cyclists' Federation, it is projected that by 2030, Europe will sell 30 million bicycles annually—an increase of one million units compared to current sales figures. This provides Bangladesh with even greater opportunities in the European market.

Experts believe that if this positive growth trend continues, Bangladesh could strengthen its position in the global bicycle market, attracting more foreign currency into the country.