Nearly 200 Million e-Bikes Are Expected to Be Sold Over the Next 5 Years
Electric bikes – often known as e-bikes – are basically conventional bicycles, but with a rechargeable battery and a motor to help move you along, taking some of the effort out of pedaling. e-bike
Although sales of traditional bicycles have remained flat in most major world markets for the past several years, e-bikes are achieving unprecedented growth across North America, Europe, and the pockets of Asia Pacific. Due to the strong growth and higher average purchase prices of e-bikes, many bicycle manufacturers rely on technology to increasingly fill the void of sinking revenue from traditional bicycles. According to a new report from Guidehouse Insights, global e-bike sales revenue is expected to grow from $27.3 billion in 2020 to nearly $47 billion by 2030, at a compound annual growth rate (CAGR) of 5.5%.
“Bicycle manufacturers that fail to offer comprehensive and competitive e-bike product lines risk losing substantial new business and the ability to remain profitable,” says Ryan Citron, senior research analyst at Guidehouse Insights. “Cumulatively, nearly 200 million e-bikes are expected to be sold over the next 5 years and roughly 450 million throughout the forecast period.”
The large increase in e-bike sales is due to several emerging market and technology trends, including significant investment into electrification by major bicycle and automotive manufacturers, historic adoption levels among European consumers, and increased e-bike model availability and use cases. Lithium ion (Li-ion) batteries are also continuing to achieve significant cost reductions, providing increased electric ranges, and decreasing in size, resulting in more affordable and desirable products for consumers.
Why would you buy an e-bike?
There are a whole host of reasons why you might want some pedaling assistance in your life.
Perhaps you have to travel with lots of cargo, and the added power can mean the difference between using a car or still spinning your two legs.
Or maybe you want to start commuting to work, and an electric hybrid could be a great option for helping you cover the miles, without turning up at work in a sweaty and in need of a shower.
You might be recovering from injury or illness and the added boost of a motor might help you get back out there again. Or it might simply be the case that you’re not as young as you once were.
Whatever the reason, there’s a lot of choice in the e-bike world, so the chances are you’ll find the option that suits you.
