Electric bicycles are growing exponentially in the market. A reduction in production costs has meant that it is increasingly possible to see units at a price much closer to conventional models. In the same way, the improvement of technologies linked to batteries is causing more and more incentives to bet on it. A 4-fold multiplication of the number of units sold is expected for the coming years.
Let’s see, in more detail, how this exponential growth is being, why we must wait a very short time to see a new double-digit increase, and, of course, to what extent we are facing a market that will have a great role in the urban mobility industry. Will we put cars aside and use these proposals more? Without a doubt, we would be doing the environment a favor.
Electric bicycles and their growing popularity in the market
Estimates suggest that the electric bicycle industry will continue to grow over the next few years. For a few years, a strong increase in sales of bicycles with pedal assistance has been observed. According to a study organized by Vantage Market Research, currently, the battery modality already has a market share of 55.6%. This percentage will continue to grow exponentially over the next few years with a view to 2030.
Well, how is the bulk of commercialized units of this class distributed? The Asia-Pacific region has the most electric bikes in the world. At press time, this geographic area had around 42% of the total volume of units. It would be followed by Europe, with the Netherlands, France, or Germany at the forefront. Finally, North America would occupy third place. The orography of this last area is what would limit the development of this means of transport.
Although the flagship product is directly related to folding electric bikes, the truth is that the e-MTB and road bike segments are also experiencing strong growth. It is expected that throughout the coming years, the electrical assemblies will continue to offer great performance in each of the market niches that appear. The popularity of these technologies plays a particularly interesting role in those areas where there are large unevenness due to the assistance that is achieved.
Among the manufacturers that have a greater representation in the electric bicycle market, we can find Accell Group (Netherlands), Jiangsu Xinri E-Vehicle Co. Ltd. (China), Mahindra & Mahindra Ltd. (India), and Prodecotech LLC (USA). If you are interested in a model manufactured by one of these companies, you should know that it has the backing of being one of the major manufacturers in this industry. After all, $119 billion of market dollars are at stake by the year 2030.