CLEVELAND, Oct. 31, 2020 /PRNewswire/ -- Global demand for e-bikes, the electrically enhanced cousin of the bicycle, is forecast to grow 3.7% annually through 2024 to 28.7 million units, according to a new Freedonia Group analysis. Advances at the world level will be greatly restrained by subpar gains in China, which accounted for 76% of global sales in 2019, due in part to the large number of e-bikes already in use in the country and rising motor vehicle ownership rates.
Outside of China, however, demand will grow at more than double the global average rate as e-bikes continue to surge in popularity worldwide. For instance:
- Throughout the US and Western Europe, more cities are offering e-bikes as personal alternatives to public transportation.
- E-bike sales spiked amid the COVID-19 pandemic among affluent consumers seeking ways to avoid public transportation, stay active, and fend off boredom during quarantine, preventing sharper declines in 2020 due to other pandemic effects, such as disrupted e-bike supply chains; retailer closures; and a large drop in consumer spending.
E-Bikes Catch on Beyond China
Multiple trends are expected to fuel e-bike market growth outside of China, including:
- the increasing availability of e-bikes and growing consumer awareness
- rising personal incomes consumer spending in developing nations
- the growing popularity of cycling and mountain biking around the world
- the introduction of more capable and powerful e-bikes, helping to shrink the performance gap with scooters and mopeds
- the development of specialty models (e.g., cargo e-bikes, off-road) will stimulate consumer interest
- increased concerns about using public transportation in the wake of the pandemic and growing concerns about climate change and air pollution, which have led to government policies and subsidies aimed at expanding e-bike use
Want to Learn More?
Global E-Bikes is now available from The Freedonia Group.
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SOURCE The Freedonia Group