Germany. Bicycle parts.
Sure, the market leaders for drivetrain components are Shimano from Japan and Sram from the US.
But look into the higher-priced niches and there's:
Bosch, market leader for e-bike motors
Schwalbe and Continental, market leaders for bicycle tires
SKS, market leader for bike accessories like fenders
Ortlieb and Vaude, market leaders for bike bags
Rohloff, makes the best gear hubs in the world
Pinion, makes the best bottom bracket gearbox in the world
SON, makes the best hub dynamos in the world
Busch & Müller, makes the best bicycle lights in the world
I’m still using a (Son) dynamo Busch and Müller light from a decade ago on my touring bike. It’s so reliable and the beam pattern is better than on my car. I also have schwalbe marathons and ortlieb panniers on that bike. Such a good setup for a bike built like a tank. It might be fully German if it wasn’t a Fuji with a Shimano groupset and Brooks saddle.
A year ago I was surprised how large the Portuguese bicycle industry is, as I thought we had none. I assumed we wouldn't be able to compete with you guys, but turns out the Dutch are that Big an importer
LOTS of industry is also being outsourced to Portugal from other European countries.
It's basically the place to produce now, if you want your supply chain to be entirely within the EU.
Why do e bikes even have fenders? I'm not going off-road with the thing, and I cannot imagine trying to ride one where it actually rains, rather than pretends to rain.