Meghna Group covers 67pc of bicycle exports

The bicycle export market in Bangladesh has roared back to life, achieving a 41% growth in the last fiscal year (2024–25) and signaling a strong recovery from the two-year slump caused by global disruptions like the Russia–Ukraine war. Total exports reached $116.4 million, up from $82.5 million the previous year.

The resurgence is driven by stabilizing conditions in key European markets, a strategic shift toward high-value electric bicycles (e-bikes), and the successful penetration of the US market.

Meghna Group Dominates, New Entrants Drive Growth
Bangladesh’s presence in the global market is overwhelmingly led by the Meghna Group, which accounts for a commanding 67% of the country’s total bicycle exports. Two of the top five exporters—M&U Cycle and Hana System (a joint venture with a German company)—belong to the conglomerate.

The industry is also welcoming new, high-growth players:

Panam Group: After two decades in garments, the group ventured into bicycles. Within just one year, its subsidiary, Panam Bicycle Industries, became the country’s third-largest exporter. Panam posted a spectacular 171% export growth last fiscal year, reaching $1.22 million.

RFL Group: Rangpur Metal Industries, a unit of RFL, holds the fourth spot.

Alita (BD) Limited: The foreign-invested pioneer and country’s first bicycle exporter ranks fifth.

Key Market Trends: E-Bikes and US Tariffs
The strategic focus on diversification and value-added products is paying dividends.

Shift to E-Bikes: Panam Group has emerged as an innovator, successfully exporting its first shipment of electric bicycles to Denmark and other EU buyers this year.

Syed Iftikhar Ahmed, General Manager (International Business) at Panam Cycle Industries, noted the rising global demand: “Demand for electric bicycles is rising rapidly. Currently, 30 per cent of all bicycles sold worldwide are electric. That’s why we have focused on producing electric bicycles, and we are receiving positive feedback from buyers.”

US Market Opportunity: While Europe, particularly Germany, remains the single largest destination, manufacturers are capitalizing on new trade dynamics.

Kamruzzaman Kamal, Marketing Director of PRAN-RFL Group, highlighted a major strategic advantage: “The retaliatory tariff [on China] has opened the US as a new market for bicycle exports. We exported bicycles to the US last fiscal year, and exports are continuing this year.”

The Recovery Trajectory
The market recovery follows a sharp downturn. Exports peaked at nearly $170 million in FY 2021–22 but declined significantly in the two subsequent years as global demand cooled and retailers cleared excess inventory. The 41% rebound in the outgoing fiscal year (2024–25) confirms the sector is on an upward trajectory, a trend that has continued into the current fiscal year.

To sustain this growth, industry leaders stress the need for policy support, development of a domestic component manufacturing sector, and expansion of laboratory facilities to maintain global competitiveness