Materials
Bicycles and e-bikes; frames and assembly from China, Taiwan, and Cambodia.
Why it matters · Bike and e-bike prices track tariffs, aluminum, and battery costs.
7
Inputs
23
Companies
6
Facilities
10
Source countries
How it's made
Frame & Material Production
Aluminum (6061/7005) is extruded/hydroformed and welded, or carbon-fiber prepreg is layed up and cured, into bicycle frames and forks — concentrated in Taiwan, China and Cambodia.
Drivetrain & Component Production
Gears, derailleurs, shifters, brakes, hubs and chains are manufactured — overwhelmingly by Shimano (Japan/Malaysia/Singapore), with SRAM and Campagnolo as the others.
E-bike System Production
For e-bikes: mid-drive/hub motors, lithium battery packs, controllers and displays (Bosch, Shimano STEPS, Bafang) are produced.
Assembly
Frame, drivetrain, wheels, brakes and (e-bike) electric system are assembled and tuned — in Taiwan/China/Cambodia and some US/EU final assembly.
QC & Packaging
Shifting, braking and (e-bike) electrical safety are tested; bikes are partially disassembled and boxed for freight.
What it's made of
7 raw inputs feed bicycles & e-bikes. Inputs flagged with ● are critical — without them, production halts.
manufactured
●manufactured
●manufactured
manufactured
manufactured
manufactured
manufactured
Where it comes from
Weighted share of upstream inputs sourced from each country.
| Country | Weighted share | Inputs supplied to bicycles & e-bikes |
|---|---|---|
| TWTaiwan | 42% | Bicycle Drivetrain Components (Gears/Derailleurs/Brakes) · Bicycle Frame (Aluminum/Carbon) · Bicycle Saddle, Bars & Components +3 |
| CNChina | 25% | Aluminum Extrusions (Apparatus Body) · Bicycle Drivetrain Components (Gears/Derailleurs/Brakes) · Bicycle Frame (Aluminum/Carbon) +4 |
| USUnited States | 21% | Aluminum Extrusions (Apparatus Body) · Lithium-Ion Battery Cells (Li-Co/NMC) |
| NONorway | 15% | Aluminum Extrusions (Apparatus Body) |
| KRSouth Korea | 11% | Aluminum Extrusions (Apparatus Body) · Lithium-Ion Battery Cells (Li-Co/NMC) |
| JPJapan | 9% | Bicycle Drivetrain Components (Gears/Derailleurs/Brakes) · Bicycle Saddle, Bars & Components · Bicycle Tires & Tubes +2 |
| THThailand | 7% | Aluminum Extrusions (Apparatus Body) · Bicycle Frame (Aluminum/Carbon) · Bicycle Tires & Tubes |
| VNVietnam | 6% | Aluminum Extrusions (Apparatus Body) · Bicycle Drivetrain Components (Gears/Derailleurs/Brakes) · Bicycle Frame (Aluminum/Carbon) +3 |
| ECEcuador | 6% | Aluminum Extrusions (Apparatus Body) |
| MXMexico | 5% | Aluminum Extrusions (Apparatus Body) · Bicycle Drivetrain Components (Gears/Derailleurs/Brakes) · Bicycle Saddle, Bars & Components +1 |
Shipped finished
Countries that ship finished bicycles & e-bikes directly to the U.S. — distinct from the upstream raw inputs above.
| Country | U.S. imports | Share of U.S. imports |
|---|---|---|
| TWTaiwan | $627M | 31% |
| CNChina | $526M | 26% |
| KHCambodia | $412M | 20% |
| VNVietnam | $182M | 9% |
| ESSpain | $50M | 2% |
| MYMalaysia | $38M | 2% |
| JPJapan | $35M | 2% |
| IDIndonesia | $29M | 1% |
| THThailand | $27M | 1% |
| ITItaly | $22M | 1% |
Who makes it
23 companies in this supply chain, sorted by market share.
Dominant bicycle component maker (~50%+ of drivetrain/brake market); the COVID-era component-shortage chokepoint.
Supplies these inputs
Bicycle Drivetrain Components (Gears/Derailleurs/Brakes) · Bicycle Saddle, Bars & Components
Replaceability
Substitutability 30% · 13 mo to replace
Business segments
Swiss maker of premium bicycle spokes, hubs and wheels; co-dominant in quality spokes (with Taiwan production).
Supplies these inputs
Bicycle Wheels, Rims & Spokes
Replaceability
Substitutability 25%
Business segments
Belgian premium spoke maker; CX-Ray aero spoke used on most Pro Tour wheels.
Supplies these inputs
Bicycle Wheels, Rims & Spokes
Replaceability
Substitutability 25%
Business segments
Amperex Technology Limited (ATL; headquartered Dongguan, Guangdong, China) is the world's largest manufacturer of LCO (lithium cobalt oxide) battery cells for consumer electronics, holding approximately 35-40% of the global smartphone and tablet cell market. ATL was founded in 1999 in Hong Kong and relocated primary operations to Dongguan. The company was acquired by TDK Corporation (Japan; TYO: 6762) in 2005 for approximately ¥10.5B — making a Chinese battery maker a wholly-owned subsidiary of a Japanese electronics conglomerate. ATL is the primary cell supplier for Apple iPhone (jointly with Samsung SDI), Google Pixel, Huawei smartphones, and virtually all major Android OEM devices. ATL's primary LCO cell manufacturing campus is in Dongguan, Guangdong; it also operates a major facility in Ningde, Fujian (the same city whose name gives CATL — Contemporary Amperex Technology Limited — its identity, though ATL and CATL are entirely separate companies). ATL is privately held within TDK and does not publish standalone financials; revenue is estimated at $5-7B+ annually.
Supplies these inputs
Lithium-Ion Battery Cells (Li-Co/NMC)
Replaceability
Substitutability 10% · 24 mo to replace
Business segments
World's largest bicycle saddle maker (Selle Royal, Fizik, Brooks).
Supplies these inputs
Bicycle Saddle, Bars & Components
Replaceability
Substitutability 40%
Business segments
Taiwanese tire maker (owns Maxxis); popular aftermarket lawn/garden tires.
Supplies these inputs
Bicycle Tires & Tubes
Replaceability
Substitutability 40%
Business segments
Conglomerate owning E-ONE (Ocala FL), KME (Nesquehoning PA), Ferrara Fire Apparatus, Spartan Emergency Response, and Smeal Fire Apparatus. Along with Pierce/Oshkosh and Rosenbauer, the three companies control more than 70% of US fire apparatus production — a concentration that triggered antitrust investigation and a Senate hearing in 2023.
Supplies these inputs
Aluminum Extrusions (Apparatus Body)
Replaceability
Substitutability 60% · 6 mo to replace
Business segments
Taiwanese tire maker; OEM turf tires (e.g. Scag, Grasshopper mowers).
Supplies these inputs
Bicycle Tires & Tubes
Business segments
Maker of bicycle drivetrain and brake components; the main challenger to Shimano (strong in MTB and wireless electronic shifting).
Supplies these inputs
Bicycle Drivetrain Components (Gears/Derailleurs/Brakes)
Replaceability
Substitutability 20% · 12 mo to replace
Business segments
Samsung SDI Co., Ltd. (Yongin, Gyeonggi-do, South Korea; KRX: 006400; ~KRW 20T revenue) is the battery manufacturing arm of the Samsung Group, producing cylindrical, prismatic, and pouch lithium-ion cells for consumer electronics (smartphones, laptops, tablets), power tools, and electric vehicles. In the consumer electronics LCO cell segment, Samsung SDI holds approximately 15-18% global market share. Samsung SDI manufactures LCO pouch cells at its Tianjin, China facility (primarily for smartphone applications) and cylindrical cells at Cheonan, South Korea. Samsung SDI is a co-supplier of Apple iPhone battery cells alongside ATL — Apple's dual-sourcing strategy for iPhones is the most sophisticated single-input procurement program in consumer electronics. Samsung SDI's EV battery business (NMC prismatic cells for BMW iX, Rivian, Stellantis) is growing faster than its consumer electronics segment.
Supplies these inputs
Lithium-Ion Battery Cells (Li-Co/NMC)
Replaceability
Substitutability 25% · 18 mo to replace
Business segments
World's largest bicycle manufacturer (Taiwan); makes frames and complete bikes for its own brand and as ODM for many Western labels.
Supplies these inputs
Bicycle Frame (Aluminum/Carbon)
Replaceability
Substitutability 50% · 9 mo to replace
Business segments
Norwegian state-controlled industrial company; operates Alunorte (Barcarena, Brazil) — the world's largest alumina refinery (6.3 Mt/yr capacity); also Paragominas bauxite mine (Brazil) and Norwegian aluminum smelters; 2018 Alunorte environmental shutdown caused global alumina price to spike 60%
Supplies these inputs
Aluminum Extrusions (Apparatus Body)
Business segments
German premium bicycle-tire maker (Marathon puncture-protection).
Supplies these inputs
Bicycle Tires & Tubes
Replaceability
Substitutability 40%
Business segments
World's largest bicycle maker; anchor of the Taiwan Taichung assembly cluster.
Supplies these inputs
Bicycle Frame (Aluminum/Carbon) · Bicycle Saddle, Bars & Components · Bicycle Wheels, Rims & Spokes
Business segments
LG Energy Solution, Ltd. (Seoul; KRX: 373220; ~KRW 25T revenue; spun off from LG Chem in 2020, IPO 2022) is one of the world's largest lithium-ion battery manufacturers with ~10% of the global consumer electronics LCO cell market. LGES produces LCO pouch cells at Ochang, North Chungcheong Province, South Korea and at Nanjing, China. Consumer electronics customers include LG Electronics (flagship G and V series smartphones, now discontinued), Google Pixel phones, and various laptop OEMs. LGES is primarily known for its EV battery business (NMC/NCMA cells for GM Ultium, Stellantis, Volkswagen, Honda) — its consumer electronics cell business is smaller and shrinking as the company prioritizes high-margin EV contracts. LGES operates a joint venture with GM (Ultium Cells LLC) building four US battery gigafactories.
Supplies these inputs
Lithium-Ion Battery Cells (Li-Co/NMC)
Replaceability
Substitutability 30% · 18 mo to replace
Business segments
Murata Manufacturing Co., Ltd. (Nagaokakyo, Kyoto; TSE: 6981; ~¥2T revenue) is a Japanese electronic components manufacturer that acquired Sony Energy Devices Corporation (Sony's battery division) in 2017 for approximately $142M, inheriting Sony's 18650 cylindrical cell manufacturing expertise. Murata's battery division produces lithium-ion cells and battery packs for professional electronics, wearables, and medical devices. Murata's 18650 cells are used in some professional radio battery packs — the same cell format used in laptop batteries and early Tesla vehicles. Murata's battery manufacturing operates from Koriyama (Fukushima Prefecture), inherited from Sony. Despite the Sony heritage, Murata is a smaller player vs. Chinese Li-ion manufacturers in commodity applications but retains premium positioning in high-reliability professional electronics where Sony's quality legacy matters.
Supplies these inputs
Lithium-Ion Battery Cells (Li-Co/NMC)
Replaceability
Substitutability 35% · 12 mo to replace
Business segments
German tire major; premium bicycle tires (GP5000 etc.).
Supplies these inputs
Bicycle Tires & Tubes
Business segments
Historic French wheel/rim maker (130+ years).
Supplies these inputs
Bicycle Wheels, Rims & Spokes
Business segments
Where it's made
6 facilities producing inputs that feed bicycles & e-bikes.
ATL (Amperex Technology Limited) · Guangdong · manufacturing
ATL's primary LCO battery cell manufacturing campus in Dongguan, Guangdong Province, China. Dongguan is the world's most concentrated single location for consumer electronics battery production — multiple ATL facilities occupy the Dongguan campus, employing tens of thousands of workers. The campus produces LCO pouch cells primarily for iPhone (Apple), Huawei, and other smartphone OEMs. Exact capacity is not publicly disclosed. A significant majority of global smartphone LCO cells originate within this one Chinese city. Source: https://www.atlbattery.com/en/about.html
REV Fire Group · Ocala, Florida · assembly_plant
E-ONE (REV Group subsidiary) primary manufacturing facility. Pioneer of extruded aluminum modular fire apparatus body construction. Produces pumpers, aerials, and quints. Part of the three-company fire apparatus oligopoly (Pierce, REV Group, Rosenbauer) that controls 70%+ of US market.
LG Energy Solution, Ltd. · North Chungcheong · manufacturing
LG Energy Solution's Ochang, North Chungcheong Province campus produces consumer LCO pouch cells alongside cylindrical EV cells. Ochang is LGES's primary domestic manufacturing hub with multiple cell format lines. Consumer electronics LCO cell production at Ochang is declining as LGES prioritizes EV battery contracts over lower-margin consumer segments. The site also hosts LGES's small-format cylindrical cell lines for power tools and e-bikes. Source: https://www.lgensol.com/en/about/global_network
Murata Manufacturing · Fukushima Prefecture · manufacturing
Murata's battery manufacturing facility in Koriyama, Fukushima Prefecture — the former Sony Energy Devices Corporation plant acquired by Murata in 2017. This is the site where Sony continued lithium cobalt oxide battery production after inventing the LCO cell chemistry in 1991. The facility now produces small-format LCO cells (thin, flexible, coin formats) for wearables, hearing aids, and IoT under Murata branding. Koriyama is also the location of AGC Electronics' EUV photomask blank plant — coincidentally making Koriyama a concentration point for two entirely unrelated critical supply chains. Source: https://www.murata.com/en-us/about/newsroom/news/product/battery/2017/0801
Panasonic Energy Co., Ltd. · Hyogo Prefecture · manufacturing
Panasonic Energy's Kasai, Hyogo Prefecture facility produces consumer-grade lithium-ion cells including LCO prismatic and cylindrical formats for laptop computers, tablets, and Panasonic industrial devices. This is distinct from Panasonic's EV battery gigafactory in Sparks, Nevada (NCA cells for Tesla) — the Kasai plant handles the traditional Japanese consumer electronics battery business. Kasai is one of Panasonic's oldest battery manufacturing sites, with lineage tracing to Matsushita Electric battery operations. Source: https://panasonic.net/cns/energy/company/base.html
Samsung SDI Co., Ltd. · Tianjin · manufacturing
Samsung SDI's Tianjin, China manufacturing facility produces LCO pouch cells for smartphone and consumer electronics applications. Tianjin is Samsung SDI's primary Chinese manufacturing base for consumer cell formats. The facility supplies Samsung Galaxy smartphone batteries and contributes to Samsung SDI's Apple co-supply arrangement. Samsung SDI Tianjin also produces some prismatic cells for energy storage adjacent to the consumer cell lines. Source: https://www.samsungsdi.com/about-sdi/global-network/detail.do
