E-bikes - market size worldwide 2021 & 2027
The e-bike market is tipped to generate around 53.5 billion U.S. dollars in revenue by 2027, with a compound annual growth rate of around 12.27 percent between 2022 and 2027. This boost in the market is forecast to be due to growing environmental and health concerns. Consumers have already shown growing interest in alternative commuting methods during the COVID-19 pandemic.
Shaking off the bad rep
Electric bicycles continue to enjoy a surge in popularity; what was once seen as very unfashionable is now becoming a common sight, from rural areas to modern cities. The power-assisted form of the common bicycle has supposedly been able to attract users who previously would not have wished to cycle, i.e. those who may have struggled with hills without the extra power or commuters who preferred an easy drive to work. Once hesitant users go for a ride, their perception of cycling tends to turn positive, and yet, the sudden acceptance of electric bicycles has also been attributed to the fact that professional athletes are heaping praise on electric bike. Considering that e-bikes sell for more than four times the price of traditional bicycles, it is an investment that should be made use of.
Large markets across the globe
The Asia-Pacific region is the largest e-bike market, but the European market has picked up steam. Some countries within Europe hit the craze earlier than others, such as the Netherlands with 423,000 electric bike sales in 2019. Germany also recorded a surge in e-bike sales in 2020, with around two million e-bikes sold in the country that year.
Shaking off the bad rep
Electric bicycles continue to enjoy a surge in popularity; what was once seen as very unfashionable is now becoming a common sight, from rural areas to modern cities. The power-assisted form of the common bicycle has supposedly been able to attract users who previously would not have wished to cycle, i.e. those who may have struggled with hills without the extra power or commuters who preferred an easy drive to work. Once hesitant users go for a ride, their perception of cycling tends to turn positive, and yet, the sudden acceptance of electric bicycles has also been attributed to the fact that professional athletes are heaping praise on electric bike. Considering that e-bikes sell for more than four times the price of traditional bicycles, it is an investment that should be made use of.
Large markets across the globe
The Asia-Pacific region is the largest e-bike market, but the European market has picked up steam. Some countries within Europe hit the craze earlier than others, such as the Netherlands with 423,000 electric bike sales in 2019. Germany also recorded a surge in e-bike sales in 2020, with around two million e-bikes sold in the country that year.
