Accell Group, a leading European manufacturer of bicycles and parts, has published its 2024 financial results, reporting €1.009 billion in revenue – a 22 percent drop from the previous year. The decline was driven by intense discounting, obsolete stock write-downs, restructuring costs and a Babboe cargo bike recall. Despite these setbacks, CEO Jonas Nilsson is seeing early signs of recovery. “We have demonstrated resilience and begun to reap the benefits of our integration,” said Nilsson, pointing to growth in parts and accessories (P&A) and performance improvements in key regions.
The group has launched several new models, including the connected Raleigh One e-bike, and celebrated industry recognition: Batavus, Koga and Lapierre won major European bike awards in 2025. Accell also resumed Babboe cargo bike sales in Germany, France and Denmark.
To support transformation, Accell has reduced its total warehouses from 85 to 28, centralized back-office functions and reorganized production. Manufacturing is now concentrated at its Hungary facility, following the divestiture of its Turkish plant. A new €50 million loan facility will help accelerate restructuring and operational improvements.
While market conditions remain difficult, Accell plans further cost optimization and investments in R&D, focusing on creating a lean, efficient structure to strengthen its position in the European e-bike and P&A markets.
The company says its brands are gaining market share, with medium-term prospects for the cycling industry remaining positive.
