Over the past two years, inventory has been one of the unavoidable topics in the European e-bike industry.

During the pandemic, demand for short-distance mobility grew rapidly across Europe, and the e-bike market entered a period of fast expansion. Facing rising orders, brands, supply chains and channels generally adopted aggressive stocking strategies.

However, as consumption returned to a more rational level, inflation pressure increased and market growth slowed, the European e-bike industry entered a clear inventory adjustment cycle in 2023 and 2024.

Entering 2025 and 2026, the market has begun to release new signals. According to Bike Europe reporting cited in the source article, the EU imported about 605,000 e-bikes in 2025, down around 4% year on year. From a data perspective, the market has not returned to the high-growth stage after the pandemic, but inventory levels have fallen significantly from previous highs. Channel pressure continues to ease, and the market is gradually moving from a high-inventory stage back to a more stable and controllable operating state.

Rather than viewing 2026 simply as a recovery year, it may be more accurate to define it as a market reset. The European e-bike market still faces several key questions: What stage of recovery have sales and demand reached in major markets? How are different countries diverging? Where will future growth drivers come from?

1. 2025 E-Bike Market Size And Characteristics In Major European Countries

Europe remains one of the world's most important e-bike markets. Germany holds the leading position with more than 30% market share, followed by France and the Netherlands. In 2024, Poland and Belgium ranked fourth and fifth, with Italy close behind. However, 2025 rankings remain uncertain because Poland has not yet published its sales data.

This article focuses on European countries that have publicly released 2025 bicycle industry data: Germany, France, the Netherlands, Belgium, Italy, Spain, Austria and Switzerland.

Germany: Europe's Largest E-Bike Market Enters A Mature Stage

Germany sold 2.0 million e-bikes in 2025, down 4.8% from 2.1 million units in 2024. Since the pandemic, German e-bike sales have remained relatively stable, fluctuating between 2.0 million and 2.2 million units.

After e-bike penetration first exceeded traditional bicycle sales in 2023, reaching 52.5%, the German bicycle market structure has stabilized around the 53% level. In 2025, e-bikes accounted for 52.7% of the market, while traditional bicycles remained at 47.3%. Strong demand for traditional gravel bikes, road bikes and off-road bicycles helped maintain this balance.

In trade, German e-bike imports fell from 860,000 units in 2024 to 780,000 units in 2025, while exports reached a historical high of 650,000 units, up 12% year on year. The Netherlands was the main export destination, accounting for 23%.

By 2025, the total stock of traditional bicycles and e-bikes on German roads reached 90.6 million units, including about 17.2 million e-bikes, an increase of roughly 1.5 million from 2024. ZIV noted that German consumers' tendency to own a second or third bicycle, whether traditional or electric, continues.

During the destocking period, discounting became one of the industry's most common tools. This was also reflected in average e-bike selling prices. In 2025, the average German e-bike price was EUR 2,550, down EUR 100 from the previous year. However, high-priced road and gravel bikes kept the average traditional bicycle price stable at EUR 500.

France: Policy Withdrawal Creates Temporary Market Pressure

Among European countries with published 2025 e-bike market data, France experienced one of the most obvious declines. E-bike sales fell 16% year on year to 507,000 units. Even so, compared with 394,000 units in 2019, the market remains nearly 29% larger and still above pre-pandemic levels.

The decline was largely affected by policy changes. France ended national purchase subsidies for bicycles and e-bikes on February 14, 2025, also stopped EEC subsidies for professional electric cargo bikes, and bicycle infrastructure investment plans entered a period of stagnation. These changes weakened consumer purchasing momentum.

Traditional bicycles still dominate the French market, with e-bike penetration at around 28%, much lower than Germany, the Netherlands and Belgium. At the same time, the average French e-bike price fell 1% year on year to EUR 1,999, showing that the market is attempting to stimulate demand through price adjustment.

The Netherlands And Belgium: Premiumization Continues

The Netherlands and Belgium remain among Europe's most mature e-bike markets. High penetration, high average selling prices and a strong premiumization trend are common characteristics of both markets.

In the Netherlands, 796,000 traditional bicycles and e-bikes were sold in 2025, down 7% year on year. However, driven by product premiumization, the overall market remained relatively stable. Total industry revenue fell only 1.3% to EUR 1.53 billion, while the average bicycle price rose to EUR 1,930.

E-bikes continue to play a core role in supporting market value. Dutch e-bike sales reached around 391,000 units, accounting for 49% of the total market, almost equal to traditional bicycles. More importantly, the average e-bike price rose 6% year on year to EUR 2,872, significantly higher than the overall industry average, and contributed 73% of the Dutch bicycle market's sales revenue.

Belgium was the only country among the reported European markets where both traditional bicycle and e-bike sales increased. In 2025, Belgium sold 579,000 traditional bicycles and e-bikes, up 7.1%. E-bike sales grew 7.35% to 295,000 units, raising e-bike market share to 51%.

E-bikes contributed nearly two-thirds of Belgian market revenue, with an average selling price of EUR 3,895, up 3.8% from 2024. High-quality e-bikes became the main growth driver. Sales of models equipped with internal gear hubs and belt-drive systems increased from 126,000 to 144,000 units, a 14% increase.

This suggests that consumers are increasingly choosing durable, low-maintenance and stable-riding premium e-bikes.

At the same time, traditional city bicycles are also regaining attention. As daily riding demand rises, more Belgian consumers are choosing durable entry-level models equipped with derailleurs or internal gear hubs.

Spain And Italy: Low-Penetration Markets Still Have Growth Space

In Spain, total bicycle sales declined 0.7% year on year in 2025, but sales revenue reached EUR 1.4 billion, up 9%. This growth was mainly driven by mid-to-high-end models, especially e-bikes. E-bike sales grew against the trend by around 4% to 235,000 units, reaching a market share of 21.5%.

More accessible pricing was one important factor behind growth, with e-bike sales increasing by around 40,000 units. However, growth mainly came from e-mountain bikes, while urban e-bike models saw some decline. From a market structure perspective, the electrification of city cycling is still continuing: 55.4% of city bicycles sold in Spain are now electric-assist models.

Italy's e-bike market remained weak after a positive year in 2024. In 2025, Italian e-bike sales fell 7% year on year to 256,000 units. E-city and e-MTB models together accounted for 95% of the market, with e-city at around 50% and e-MTB at around 45%. E-bikes accounted for only 19.6% of new bicycle sales, far below countries such as Germany and the Netherlands.

Austria: Europe's Highest E-Bike Penetration

In 2025, Austria sold 222,700 e-bikes, accounting for 57.3% of total bicycle sales. This makes Austria one of the European countries with the highest e-bike penetration, ahead of Germany at 52.7%, Belgium at 51% and the Netherlands at 49%.

2. Unique E-Bike Segments In Selected Countries

In Germany, e-MTB remains the largest e-bike segment. Its market share declined slightly from 40% to 38% in 2025 but remained dominant. Behind e-MTB, commuting and leisure models remained strong: e-trekking and e-city models together accounted for 43% of the market, with e-trekking at 24% and e-city at 19%.

This change suggests that the European e-bike market is moving further from a sport-only image toward everyday transportation use.

E-road/e-racing and e-gravel remain niche segments at 1.5% and 0.5% respectively. By contrast, e-cargo bikes appear to have firmly established themselves. Over the past three years, sales have remained strong, reaching 185,000 units in 2025, with market share increasing from 9% to 9.5%. Products designed to carry goods or people are becoming more popular.

Fat bikes have become a noteworthy trend in the Netherlands and are spreading into other European markets. Originally popular in the U.S., fat bikes feature extra-wide tires, often four inches or wider, providing stronger grip and stability. Their light-motorcycle-like appearance, comfortable ride and modification potential make them attractive to young consumers.

Belgium listed fat bikes as a separate category for the first time in 2025, with 4,620 units sold and a 0.8% market share, especially popular among teenagers and students. The trend has spread from the Netherlands, where fat bikes have already become widely popular.

Within a few years, fat bikes reached a 14% sales share in the Netherlands, with total sales of 108,000 units. However, the 2025 statistics do not clearly state whether this number includes all vehicles in road use. Their average retail price of EUR 1,198 is far below the overall Dutch e-bike average of EUR 2,872, suggesting that the Dutch e-bike market is open to disruptive products priced well below EUR 3,000.

Belgium is widely considered Europe's largest and most important market for speed pedelecs, with pedal assistance up to 45 km/h. In 2025, speed pedelecs became one of the most notable growth points. After a decline in 2024, new vehicle sales recovered to 14,058 units, up 2.6%. Combined with 9,623 used vehicles, up 24%, total speed pedelec registrations reached 23,681 units, a record high.

This success is partly due to bicycle leasing. In 2025, 62.4% of new speed pedelecs were purchased through leasing. Notably, 97.5% of all speed pedelec registrations occurred in Flanders, forming a clear regional market characteristic.

3. Leasing And Refurbishing Become New Growth Engines

Bicycle leasing continues to be a core growth driver for the European e-bike market.

In Germany, after a period of record rapid growth, the company bicycle leasing market is gradually normalizing. According to an annual study by Deloitte and Zukunft Fahrrad cited in the source article, total sales revenue in the German bicycle leasing market fell slightly to EUR 2.8 billion in 2025, compared with EUR 2.9 billion in 2024. New leased vehicles fell around 5% to 720,000 units, while e-bikes still dominated at 77%.

Although new leasing slowed, strong performance over the previous three years means the fleet continues to expand. By 2025, around 2.2 million bicycles were in use through company leasing programs. Leasing penetration also continues to rise, with employee participation increasing from about 8% in 2021 to 11% in 2025. More than 340,000 companies now include bicycle leasing in employee benefits.

Leased vehicles clearly reflect premiumization. In Germany, the average e-bike leasing price reached EUR 3,700 in 2025, significantly higher than the average new vehicle selling price of EUR 2,250 cited in the source material.

Belgium's leasing market also continues to expand. Around 190,000 leased bicycles were in use in 2025, including about 70,000 new additions. E-city and e-trekking models make up most of the leasing fleet. The inclusion of civil servants, teachers and other public-sector workers has further expanded the leasing base.

At the same time, professional refurbishing is creating a growing secondary market. As large numbers of leasing vehicles reach the end of their contracts, professional refurbishing in Germany has grown rapidly. Since 2023, the number of refurbished bicycles has increased by an annual average of 68%, while sales of refurbished bicycles have increased by around 71%. By 2025, the number of refurbished bikes sold was almost equal to the number completed, suggesting that the refurbished bicycle market is currently close to undersupplied.

Consumers are becoming more open to refurbished bicycles. Around 59.2% of consumers are willing to purchase high-value second-hand bicycles through professional retail channels. In the Netherlands, as new bicycle prices rise, the second-hand market provides an important alternative, with around 32% of bicycle purchases coming from the used market.

France's refurbishing market is also growing. Excluding direct consumer-to-consumer transactions, refurbishers and resellers sold more than 200,000 bicycles in 2025, up 14% from 2024.

Overall, leasing promotes e-bike adoption, while refurbishing absorbs vehicles exiting active fleets. Together, they create a new growth loop in the European bicycle market.

4. Repair And After-Sales Service Become A Key Focus

As Europe's e-bike installed base continues to grow, repair and after-sales service are becoming new industry priorities.

German repair workshop business grew around 13.5% year on year in 2025 and is expected to continue expanding in 2026.

France's repair market also performed strongly. In 2025, repair shop revenue reached EUR 128 million, up 10.5% from 2024 and 2.5 times the 2019 level of EUR 52 million. Repair orders reached 6.3 million, up 5% year on year and 44% above 2019.

France launched a repair subsidy program in 2023. In 2024, the average subsidy was EUR 23, and more than 1,000 certified repairers had joined the program. Consumers are using bicycles longer and are more willing to repair rather than replace.

The parts and accessories market remained relatively stable at EUR 1.119 billion, up 0.3% from 2024 and 31% above the 2019 baseline. These figures show that although consumers are cautious about buying new vehicles, existing bicycle users continue to ride and spend on equipment.

For mature European markets, repair, parts and after-sales service are becoming almost as important strategically as complete vehicle sales.

5. Physical Stores Still Dominate, But Channel Structure Is Changing

According to the GfK e-bike monitor released by NIQ, although the online share of European e-bike sales continues to increase, physical stores remain the core sales channel.

However, clear differences are emerging between countries. These differences reflect not only consumer habits but also market maturity, product structure and channel systems.

In France, 43% of respondents said they purchased e-bikes through online channels. Germany shows the opposite trend: in 2025, the online share of German e-bike sales fell to 36%, while 64% of sales occurred in physical stores. NIQ notes that although online prices are usually more attractive, German consumers value test rides, professional advice and immediate availability.

Belgium's channel structure remains stable, with online at 32% and offline at 68%. Despite visible online-offline price differences, physical stores remain the primary channel. In the Netherlands, online share is still lower than in neighboring countries, but it is rising steadily. In 2025, 25% of Dutch respondents purchased e-bikes online, supported by easier price comparison and more affordable models.

It should be noted that NIQ's online share data for the Netherlands differs from RAI data released earlier, which showed that online sales accounted for 69% of combined e-bike and traditional bicycle sales.

6. Signals From The First Quarter Of 2026

Based on the situation in major markets in 2025, the European e-bike industry has not yet entered a full recovery phase, but the most intense inventory adjustment of the past two years is gradually ending.

The most obvious current feature is not a full demand recovery, but an uneven recovery between upstream and downstream parts of the industry. Compared with still-weak retail demand, signs of stabilization in upstream manufacturing and OEM orders are becoming more visible.

Giant is one example cited in the source article. In 2025, its OEM business share rose from 26% to 33% of total revenue. Management also noted that OEM customer inventory adjustment was approaching completion. This suggests that the destocking cycle that had long suppressed industry orders may be nearing its end.

However, inventory improvement does not mean demand has recovered. Entering 2026, Giant's monthly revenue remained under pressure, with January, February and March down 21.6%, 40.0% and 17.0% year on year respectively. From the end-market perspective, European consumers and dealers remain cautious.

A similar situation appeared at Merida, whose 2025 full-year revenue fell 9.7% year on year. Bike Europe reporting cited in the source article suggested that Merida's pressure came more from the overall market environment than from company-specific operational issues.

Compared with 2024, however, the market is undergoing an important change. The core industry problem is shifting from excessive inventory to slow demand recovery. The difference is important: the former means continued destocking, while the latter suggests the market is approaching a new supply-demand balance, even if consumer confidence and purchase rhythm still need time to recover.

The change in OEM structure also has forward-looking meaning. A pattern in which manufacturing stabilizes before consumer demand recovers is common in manufacturing cycles and can become an early signal of later market improvement.

Therefore, the 2026 European e-bike market may be better defined as a bottom-rebuilding phase. The market has not fully recovered, but the industry is gradually moving away from the sharp adjustment of the past two years, while new structural opportunities are forming again.