Although the recovery of overall demand at Taiwanese listed bicycle manufacturers Merida Industry Co. Ltd. and Ideal Bike Corporation is taking longer to materialise, industry peer Giant Manufacturing Company Ltd. saw revenue reach its highest level in 15 months in June. However, Giant's revenue in the first half of 2026 was still 10.5% lower year on year.
The highly volatile market posed a big challenge for the bicycle industry in recent years. More stability would have created room to start building on a new growth path. It appears that the market will be stable in 2026, thereby bringing the necessary calm for future recovery. "The market is steadily returning to a more normalised environment as inventory adjustments near completion," said Giant Chairman Young Liu at the annual meeting of shareholders.
Taiwan's major bicycle manufacturers — Giant, Merida and Ideal — all reported year-on-year revenue growth in May. The figures from the publicly listed companies are the strongest indication so far this year that the headwinds Taiwan's bicycle industry has been facing may be easing.
Besides the inventory crisis affecting demand and external markets nipping at export market share, the Taiwanese bicycle industry has also been forced to look inwards at its manufacturing practices following an exposé report on migrant workers' conditions. Now, 15 months later, a new follow-up report has been published, specifically focused on the bicycle industry. It details how at least 10 manufacturers have adopted no-fee policies in 2025, but there is still a long way to go in transforming policy into practice.
Long praised as the next frontier in e-bike batteries, T&D has begun production of semi-solid-state batteries for e-motorcycles and e-bikes. Assembled on a semi-automatic production line in Suzhou, China, the company already has its first customers — the biggest being Giant. With its next-generation e-bike just launched, Giant is one of the first to successfully transition semi-solid-state battery technology from a laboratory concept to a commercial reality for the e-bike market.
Sales at Taiwan's third largest bicycle manufacturer Ideal Bike Corporation, follow a similar trend as the country's two other main producers Giant and Merida. In January, sales suffered a sharp 53% year-on-year decline; in February, they saw a 17% decline, followed by another 31.4% decrease in March. Even though these three companies' sales continued to decline by double digits compared to January-March 2025, they appear to have shifted into the lowest gear.
