2023 was the second-best year ever for new speed pedelecs and the record year for second-hand fast bikes. That is the conclusion of mobility federation Traxio’s spokesperson Filip Rylant. Last year, a total of 22 477 new and second-hand speed pedelecs were registered. The good news is that there is still room for further growth, and leasing now accounts for more than half of the new market.

2022 was a record year for registrations of new speed pedelecs. In 2023, registrations decreased (-10,9%). Still, figures amounted to 15 672 for new speed pedelec registrations, making last year the second-best ever.

Booming market

Rylant sees several explanations for the fast bicycle’s popularity: the technological evolution of the bike (higher range and improved safety), improved bicycle infrastructure, and higher bicycle compensation (€0,35/km)… The market for new speed pedelecs has increased by 283% in seven years.

The market does not give evidence yet of having reached saturation point. Still, the shift to leasing provides a good picture of the changed reality: companies are turning more to leasing for the sake of operational convenience, while private individuals are also increasingly turning to leasing formulas thanks to the increasingly successful cafeteria plans.

Shift to leasing

Traxio wonders whether the bicycle sector will follow the car trend with bicycle leasing in Belgium. After all, more than half of the fast bicycles are already leased, and the share of private individuals is declining sharply.

This shift to leasing also impacts the provincial results because the provinces with the most leasing companies – East Flanders, Flemish Brabant, Limburg, and East Flanders – now achieve disproportionately good figures. Antwerp, which has many private buyers and fewer leasing companies, has, therefore, lost its long-standing leadership position for just over a year.

In the French-speaking part of the country, the speed pedelec is far less popular, partly due to weaker cycling infrastructure, a lower traffic jam rate, and – specifically for Brussels – the competition with regular bicycles and scooters in the 30 km/hour zone.

Second-hand market

On the used speed pedelec market, a record of 6 805 vehicles were registered last year, 1 120 or 19,7% more than in 2022, and even 125,3% more than in 2021. The success of second-hand speed pedelecs can be attributed to the increasing number of lease speed pedelecs that become available, bought, or resold. Of course, there are also private buyers who would like to trade in their speed pedelec for a more modern one.

The good news is that since May 1st, 2023, all employees in the private sector are entitled to a bicycle allowance, which could give bicycle sales in general, and those of speed pedelecs in particular, an extra boost.

Private vs. companies and leasing

The number of speed pedelecs registered by private individuals has fallen sharply this year (-33,3%). While private individuals accounted for almost half of sales in 2022, their share has fallen to only 35,1% in 2023. Particularly striking is the increase among leasing companies (+16,7%). At 49,9%, they now account for almost half of the speed pedelec registrations.

Speed pedelecs remain mostly popular in Flanders. Antwerp has been the leader for years but has fallen by -15% to 3 541 units and is comfortably beaten by East Flanders (4 047 units, -8%). Flemish Brabant sits in third place (3 527 units, -2%), Limburg is fourth (2 736 units, -6%), followed by West Flanders (1 154 units, -37%).

Although employees in Wallonia can now also benefit from significant premiums for using the bicycle for commuting, the number of registrations of speed pedelecs in Brussels and Wallonia remains a peripheral phenomenon compared to Flanders.