E-Bike Market to Exceed 40 Million Units by 2023
The North American market swiftly follows the mature e-bike markets in Western Europe, where strong commuter cultures utilize e-bicycles for everyday transportation. As a result the worldwide sales of e-bikes are expected to grow from 31.7 million annually in 2014 to 40.3 million in 2023.
This is reported by Navigant Research in their latest study analyzing the global market for throttle-control and pedal-assist electric bicycles. In Asia Pacific and Western Europe and along with technology advances in e-bikes, emerging trends in cities worldwide have helped position this market for accelerating growth.
"The global market for e-bicycles continues to expand with the advent of new technology developments and the increasing affordability and availability of product offerings," says Ryan Citron, research associate with Navigant Research.
"Among other trends, combined throttle-control and pedal-assist models, electric cargo bicycles, all-in-one retrofit kits and wheels, and the use of e-bicycles in police patrol and security applications have all contributed to creating a growing global market with strong potential."
Growing urbanization, along with rising fuel costs and roadway congestion, is pushing consumers toward alternative forms of transportation and increasing the use of two-wheeled transport for commuting purposes, according to the report.