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Title:Bicycle Industry: Beating 4Q low seasonality on robust demand
Download File:Bicycle industry note_201023--sinopac.pdf 
Summary:SinoPac View: Cyclical strong demand for bicycles will persist through at least 1H21, and the electric bicycle market is a huge multiyear opportunity. Supply chain members have increased their factory UTRs to restock after being caught a bit off guard by the current strong demand. We expect softened low seasonality as the increased activity will continue through 1H21 or end 2021. Taking a longer view, the industry outlook independent of COVID-19 is positive, including increasing penetration of high-end traditional bicycles and electric bicycles. E-bikes are especially attractive because they widen the potential market. Rising penetration of e-bikes will be a long-term trend.
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