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Published : 30 Jun 2026, 12:24 AM
For two years, Bangladesh's bicycle industry seemed to be losing momentum as overseas orders dried up and export earnings tumbled.
Now, a global shift towards electric bicycles is giving manufacturers fresh reason for optimism, with exports rebounding and factories gearing up for a new phase of growth.
Bangladesh earned $167.95 million from bicycle exports in the 2021-22 fiscal year, prompting manufacturers to expand investment in anticipation of further growth.
But exports fell sharply over the next two years. Earnings dropped to $142.22 million in 2022-23 before nearly halving to $82.50 million in 2023-24.
The sector rebounded in the 2024-25 fiscal year, with export earnings rising 41.14 percent year-on-year to $116.44 million.
Industry leaders say the recovery has been supported by expanding exports of electric bicycles alongside conventional models.
Meghna Dominates Exports
Several Bangladeshi companies now export bicycles, with Meghna Group emerging as the dominant player.
Its two companies: M&U Cycle and Hana System, are the country's largest bicycle exporters.
National Board of Revenue (NBR) data shows the group exported bicycles worth $78.1 million in 2024-25, accounting for around 67 percent of Bangladesh's total bicycle exports.
According to Eurostat, Bangladesh is now the third-largest bicycle exporter to the European Union and the eighth-largest globally.
Around 80 percent of Bangladesh's bicycle exports are shipped to EU countries, while the remainder goes to markets including India, the United States, the United Arab Emirates and Australia.
The United Kingdom and Germany are the country's two largest individual export destinations.
Three Decades of Growth
Commercial bicycle exports from Bangladesh began in the mid-1990s when Taiwan's Alita established a factory at the Chattogram Export Processing Zone.
Although exports remained modest in the early years, they began rising steadily from 2008.
Bangladesh now exports a range of bicycles, including mountain, freestyle, trekking, folding, chopper, road racing, and tandem models.
While some components are still imported, manufacturers now produce most major parts domestically, including wheels, tubes, pedals, handlebars, bearings and saddles.
European Market
Bangladesh has steadily climbed the rankings in the European market, moving from ninth place in 2009 to fifth in 2010 and now third.
Growing environmental awareness and interest in healthier transport have boosted the demand for bicycles across Europe.
The European Cyclists' Federation projects annual bicycle sales in Europe will reach 30 million units by 2030, around 10 million more than current levels.
E-Bikes Offer New Opportunities
Panam Cycle Industries, a concern of Panam Group, began exporting electric bicycles in April 2023.
The company currently exports e-bikes to Europe and has also begun working on orders for the US market.
NBR data shows Panam Group exported bicycles worth $12.2 million in the last fiscal year.
Syed Iftekhar Ahmed, general manager for international business at Panam Cycle Industries, said demand for electric bicycles is growing rapidly worldwide.
"Electric bicycles now account for around 30 percent of global bicycle sales. We have expanded production to meet this demand and are receiving a positive response from buyers. We expect exports to grow further in the coming years."
