Two billion and one hundred million euros. That is the estimated value the Giro d’Italia generates for local territories, according to the annual report by Banca Ifis dedicated to the bike economy—an industry that is thriving globally thanks to the excellence of Made in Italy products and to the Giro d’Italia itself, an event that promotes the image of Italy as a system on the international stage, creating a ripple effect of positive returns far beyond the final stage finish line.
These and other insights from the report “Pedaling Toward Excellence: Giro d’Italia, the Bike Industry and Made in Italy”, produced by Banca Ifis—the challenger bank chaired by Ernesto Fürstenberg Fassio and specialized in specialty finance services for small and medium-sized enterprises—were presented today at the second edition of the Bike Business Forum, organized by RCS Sports & Events in collaboration with ICE – the Italian Trade Agency for the promotion and internationalization of Italian companies, held at the Stazione Leopolda in Florence and moderated by Corriere della Sera’s Deputy Editor, Daniele Manca.
In attendance were Raffaello Napoleone, CEO of Pitti Immagine; Paola Galgani, Deputy Mayor of Florence; Matteo Zoppas, President of ICE Agency; and Paolo Bellino, CEO of RCS Sports & Events. Their remarks preceded the presentation of the research by Carmelo Carbotti, Head of Strategic Marketing and Research Office at Banca Ifis, with contributions from Professor Paolo Malighetti of the University of Bergamo, coordinator of Spoke 5 for MOST, and Eric Ezechieli, co-founder of the benefit corporation Nativa.
This was followed by a panel discussion featuring Alessio Cremonese, CEO of Castelli and President of Assosport; Francesco Sergio, Managing Director and Co-founder of Nimbl; Cristiano De Rosa, CEO of Cicli De Rosa; Agostino Poletto, General Manager of Pitti Immagine; and Piero Nigrelli, Head of the Bicycle Division at ANCMA – the National Association of Cycle, Motorcycle and Accessories Manufacturers. It was an opportunity to discuss the bike economy, the Italian bicycle supply chain, and its impact on the world of sport—with the Giro d’Italia leading the way.
The Italian bike industry is showing growth across all sectors. In 2024, bicycle production in Italy resumed growth, up 17% from the previous year, driven primarily by the e-bike segment. Meanwhile, Italian exports of bike components reached €480 million (compared to €463 million in 2023).
High-end products are the top performers, unaffected by competition from mass-produced alternatives. This is confirmed by the penetration rate of Italian bike products in the 2025 UCI World Tour circuit: 90% of teams use at least one Italian product. This figure is echoed by teams participating in the 2025 Giro d’Italia, where 91% (21 out of 23 teams) use at least one Italian-made product—a percentage that rises to 100% for the five ProTeams.
The Italian bike supply chain benefits from a vast potential market abroad, where design is ranked among the top three factors influencing consumer purchasing decisions—trailing only price and product technology. ‘Made in Italy’ is synonymous with high-end design and has a distinctive identity: 50% of the potential German market confirms this perception, and the number rises to 69% when Italians are surveyed. Further confirmation comes from international sports enthusiasts: 90% report an improved perception of Made in Italy after experiencing a world-class event like the Giro d’Italia.
Raffaello Napoleone, CEO of Pitti Immagine: “We are proud to host the 2025 edition of the Bike Business Forum in Florence at the Stazione Leopolda and to collaborate with RCS Sports & Events and ICE for its organization. The forum’s theme, partners, and format are familiar to us at Pitti Immagine and represent the true appeal of this project to the cycling world—not just the competitive sport of the Giro d’Italia. Stazione Leopolda was also the venue for BeCycle less than a year ago, the first step in our long-term strategy to support the cycling lifestyle and the industry’s extraordinary technological and design strengths. Our commitment continues this year with the BBF and a BeCycle section at the next Pitti Uomo, aiming to promote the bicycle’s central role in contemporary living”.
Matteo Zoppas, President of ICE: “The Giro d’Italia is a world-renowned sporting event and, at the same time, an effective tool to showcase what Italian entrepreneurship can achieve. The Bike Economy Forum, now in its second edition and hosted by Pitti at Stazione Leopolda, stems from a collaboration between ICE and RCS. Beyond supporting the Giro, we aim to create business opportunities for Made in Italy cycling excellence. Italy is home to iconic cycling brands and a major producer of high-quality components with unique design. In 2024, exports of bikes and parts reached €759 million, growing 2.3% over 2023 and up 29.4% from 2019. Italy ranks sixth among global exporters in the sector, after China, Taiwan, Germany, the Netherlands, and Japan. The Giro d’Italia is a powerful megaphone for showcasing this excellence and boosting exports. With RCS, we’ve developed initiatives that connect our manufacturers with consumers”.
Paolo Bellino, CEO of RCS Sports & Events: “The Mayor of Rome said that the Giro d’Italia is the autobiography of our country. For over a hundred years, it has told the story of Italy’s transformations—of the nation itself, but also of its companies and enterprises. This research by Banca Ifis is very important, as it helps us understand not only the significance of the Giro within Italy, but also the global relevance of Made in Italy. Italian manufacturers are masters of skill, creativity, and beauty. I hope the Giro d’Italia will further help these companies grow through exports”.
Raffaele Zingone, Deputy General Manager of Banca Ifis: “The bicycle has always been central to our Observatory because it represents the perfect balance between two dimensions: the economic and industrial one—thanks to the innovation, technology, design, and Made in Italy excellence it embodies, which Banca Ifis supports with dedicated products and services—and the social dimension, due to the well-being it generates for people and communities. We promote this well-being through Kaleidos, our Social Impact Lab that aims to create high-impact social initiatives”.
Alessio Cremonese, CEO of Castelli and President of Assosport: “The Giro d’Italia is not just a race—it’s the perfect stage to share with the world the passion, research, and craftsmanship that fuel Made in Italy. At Castelli, we are proud to outfit athletes daily with cutting-edge technical solutions, developed through constant collaboration with professionals. Each jersey we design is a symbol of identity and performance, as well as culture and territory. The Bike Business Forum reminds us that the Italian cycling supply chain has an edge: it produces excellence, creates value, and inspires emotion. That’s our daily challenge: to keep pushing the limits of innovation by combining style and performance to take Italian cycling even further. Today’s setting at Stazione Leopolda offers a fantastic context to talk about our world—the bike economy—which, thanks to the Giro d’Italia and ICE, gains well-deserved visibility”.
Francesco Sergio, CEO and co-founder of Nimbl: “At a time when the bike economy is growing worldwide, Italian excellence has a key role to play. At Nimbl, we deeply believe in the value of craftsmanship, attention to detail, and performance as defining traits. Every one of our shoes is handmade in Italy, designed for those who live cycling with passion or as a profession. Made in Italy is not just a stylistic choice—it’s a symbol of quality, vision, and authenticity. The Giro d’Italia is the perfect showcase to tell these stories of excellence. Each race day celebrates extraordinary athletes riding through uniquely beautiful landscapes, creating a narrative that blends sport, territory, and culture. The Giro is the most iconic race in our country, one of the toughest and most prestigious events on the World Tour calendar. And that’s exactly why we’re proud to be a partner of an event that fully embodies the values we believe in: identity, innovation, and passion”.
Cristiano De Rosa, CEO of Cicli De Rosa: “Today, in the bike economy, Italy and Italian manufacturers are highly sought after, appreciated, and recognized as companies that bring innovation, technology, and good taste—because beauty is always priceless. The Giro d’Italia is an essential tool for promoting cycling and the bicycle around the world, even for a company like ours that exports to 55 countries. Cycling is a growing sport, and the most important event we have in Italy is indeed the Giro d’Italia—which, let’s not forget, takes place in the most beautiful country in the world”.
Piero Nigrelli, Head of the Cycle Sector at ANCMA: “The industry’s position aligns with the European Declaration on Cycling Mobility adopted by the EU last year, though its implementation remains limited. We must build a unified strategic vision to unlock the full potential of cycling mobility, the cycling industry, cycle tourism, and logistics. We are ready to do our part—developing better, safer, and more accessible cycling infrastructure, promoting cycle tourism, and introducing welfare measures to encourage cycling. The potential economic and social benefits are clear”.
Paolo Malighetti, Professor of Management Engineering at the University of Bergamo and Coordinator of Spoke 5 for MOST – National Center for Sustainable Mobility: “The project we present today with the Ministry of Foreign Affairs aims to enhance the value of the bike supply chain and serve as an observatory on innovation in the e-bike world. It is a sector that combines performance, economic impact, and collective well-being, and deserves a central role in mobility and regional development policies”.
Eric Ezechieli, Co-founder of Nativa: “Innovation means doing today what will be normal tomorrow, ahead of others. That’s why sustainable innovation is what forward-thinking, competitive companies already pursue. These companies generate economic value while also creating value for people, communities, and the environment. That’s what the market demands in the 21st century. Benefit Corporations embed this innovation at the core of their business strategy, integrating sustainability into governance. Our National Research on Benefit Corporations shows that between 2021 and 2023, these companies experienced higher revenue growth than non-Benefit ones (+26% vs. +15.4%). They invest more in innovation, internationalization, sustainability, and renewable energy, and share more value with employees. The rise from a few Benefit Corporations in 2016 to over 5,000 today offers hope for this model’s continued spread”.
