E-Bike Sales Forecasts
According to Mordor Intelligence’s report on Global E-Bike Market, more than 200 million e-bikes would be sold globally in the next four year, starting 2023. Compare this to the 110 million e-bikes that were sold in the previous block of four years that included the COVID years.
“During the pandemic, E-bikes grew in popularity as a safe and reliable option that combined transportation with recreation and convenience. Now the proverbial bug has caught on. It’s more than just a fad. E-bikes are here to stay as they tick so many check boxes: most importantly sustainability, cost efficiency, and recreation.” Says Ravi from Mordor Intelligence.
Ravi’s team of two-wheeler market analysts has mapped the entire length and breadth of e-bike markets in top 35 countries to create a massive e-bike market database. “Each of these 35 countries present an optimistic outlook. Some less than others, certainly, but positive all the same.”
E-Bike Market Opportunities
As cities around the world emerge from lockdowns, the demand for E-bikes is picking up the pace for their convenience and lifetime cost efficiency. Regions such as Europe are witnessing a shift in consumer motive for buying an E-bike from leisure to daily use. E-bikes, especially pedelecs, are proving to be the ideal mode of transportation in the future.
In addition to the consumer and adventure enthusiast segments, E-bikes are also pulling in demand from commercial segments such as logistics, delivery, food, tourism, and rental services. Sample some of the novel ways e-bikes are being put to use. Tourism companies are exclusively offering ‘Cycling Holidays’ packages involving e-bikes to tour prominent sites as well as the countryside. Ride-sharing companies have included E-bikes in their fleet of shared transportation. Cities with dedicated lanes are employing e-bikes to deliver essential services and items over short distances. Many cities are promoting e-bikes and upgrading the existing bike paths and trails. Events such as New York endorsing the legality of Class 1 E-bikes and allowing them to shuttle users over the Williamsburg Bridge vouch for the future of E-bikes. The applications of E-bikes in commercial segments are endless, especially considering the cost savings they gain by using electricity instead of costly fossil fuels.
Asia-Pacific region is dominating the global sales, with China emerging as a major consumption center. The high costs of new e-bike batteries and replacement costs are still a major roadblock in more aggressive adoption of e-bikes, but the rapid pace of technology is leading to the development of better e-bikes every year, which are lighter, faster, stronger, and cheaper. The market has heated up so much that even the big boys of automotive world such as General Motors, Audi, BMW, Porsche, and Lamborghini are now compelled to play catch up and create a luxury segment in the e-bike market.
E-Bike Market Summary
In conclusion, the flourishing e-bike market is not exhibiting any signs of slowdown. The advancements in e-bike technology and infrastructure are creating very attractive opportunities for all kinds of businesses. With an ever-increasing customer base, and a variety of models from a range of manufacturers, a generational shift towards e-bikes is on the horizon, both in personal and commercial segments. A greener future is here, let’s gear up and hop on to our e-bikes!!
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