Compared with 2022, in the first half of this year, although the average import price of bicycles in the United States has increased significantly, the volume of bicycle imports in the United States has dropped sharply.
As of June, the U.S. imported about 1.4 million bicycles in the first half of 2023, down 62% from 3.6 million in the same period in 2022. Imports were $504 million, down 38 percent from the first half of last year. The average unit price was $360, a 60% increase from the same period last year. This data only includes normal adult bicycles that are not strollers, not electric assist.
Because the vast majority of children's bicycles are sold at very low prices, excluding children's bicycles can better reflect the situation of the sports bicycle market. If children's bicycles are included, the average unit price is 163 US dollars.
In terms of origin, China remains the largest supplier to the United States, accounting for 83% of bicycle supply in 2023. However, this is down from more than 95% of the pre-pandemic supply, with more bikes coming from Cambodia and Vietnam.
Huge Group's revenue in the first half of 2023 will drop by 5%
Giant's parent company Huge Group's revenue in the first half of the fiscal year was NT$42.6 billion (US$1.34 billion), down 5.4 percent from the same period last year. But the company said strong sales in mainland China helped. In the first half of the year, sales in mainland China increased by 70%. In the first half of the year, Giant's sales in Europe fell by 12%, and in the United States fell by 44%.
In the first half of the year, sales of electric bicycles accounted for 35% of the group's revenue in the first half of the year, a year-on-year increase of 6%. Huge Group said in a press release on Monday: With the innovation of technology and the diversification of product development, electric freight and electric transportation will create new trends and expand the riding population, thus driving the growth momentum of electric bicycles.
The overall gross profit rate of Huge Group dropped to 21.3%, and the net profit before tax was NT$3.35 billion, a decrease of 32.9%. Net profit after tax was NT$2.02 billion, a year-on-year decrease of 44.3%.
