Electric bicycles are a versatile, environmentally friendly, and trendy mode of transportation. Customers see them as a viable alternative to scooters, self-driving cars, and public transportation. Because of their small size, these bicycles help to reduce traffic congestion, achieve higher speeds with less effort, and reap the health benefits of peddling. These factors all contribute to an increase in the global popularity of electric bicycles. Government regulations and policies encourage the use of electric bicycles, rising fuel prices, an increased interest in cycling as a fitness and recreational activity are expected to drive market growth.
Governments worldwide are taking steps to reduce carbon footprints by encouraging electric bikes, electric vehicles, and bicycles as people become more aware of the dangers of driving that run on fossil fuels. Furthermore, governments are constructing bicycle-friendly streets, which encourage people to use bicycles as a primary mode of transportation. Electric bicycles, scooters, and motorcycles have received significant attention from various governments as reliable and efficient light motor vehicles (LMVs) that aid in carbon reduction.
Furthermore, to encourage the use of these environmentally-friendly vehicles, governments worldwide are providing tax breaks and incentives on electric vehicles. For example, in June 2019, the Indian government announced a plan to reduce the goods and services tax (GST) on e-vehicles from 12% to 5% to accelerate the adoption of electric vehicles.
The rise in global carbon emissions caused by fuel combustion has been a source of concern for governments and environmentalists over the last few decades. It, in turn, increases demand for electric vehicles worldwide, contributing to the market's growth. Because of our increasingly hectic lifestyles and the necessity of commuting daily, owning a vehicle has become almost essential, as public transportation is frequently unreliable. E-bicycles are the best solution to this problem because they are environmentally friendly and solve the daily travel dilemma. As a result, the demand for e-bicycles is increasing.
Electric bicycles are being used by an increasing number of commuters daily. Electric bicycles provide significant health benefits and aid in physical activity. According to a widely cited 2017 British Medical Journal (BMJ) study, "cycle commuters and mixed-mode commuting with a cycling component were both associated with a statistically significant lower risk of all-cause mortality compared with non-active commuters."
Electric bikes are less strenuous to ride than traditional bicycles, but they still encourage physical activity, especially when compared to driving or taking the bus to work. Furthermore, the addition of pedal assistance may increase a commuter's likelihood of leaving the car at home and biking to work. Using an electric bicycle saves time spent stuck in traffic and eliminates the hunt for a parking spot.
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The vast majority of the world's population now lives in cities and is expected to rise further. Cities are becoming denser, and traffic congestion is at an all-time high. It is opening up a vast market for commuting vehicles that don't require fossil fuel, sweat power, or quads of steel. Many city planners have taken notice and are making biking more convenient. E-bicycles have already exploded in popularity in Europe and China. According to The Economist, nearly one-third of new bike purchases in the Netherlands, the most bike-friendly region worldwide, was electric last year, with 40% of e-bicycle riders choosing this mode of transportation to replace car rides. Hence urban areas are driving the market demand.
The Covid-19 pandemic has prompted people to abandon public transportation. People choose to purchase vehicles and use them for commuting to protect themselves from the pandemic. Due to government restrictions on public transportation and social-distancing guidelines, commuters are turning to electric bicycles as a mode of daily transportation. E-bicycles are becoming popular as a safer, more convenient, and cost-effective mode of transportation. It is a low-cost and simple-to-charge system. There is no need for large sums of money to support this type of infrastructure. It is one of the primary reasons why e-bicycle sales continued even during the pandemic year of 2020 with the imposition of temporary and permanent lockdowns.
During the forecasted period, the Asian Pacific region is expected to emerge as a dominant force in the market. Countries such as India and Taiwan, and the Chinese and Japanese markets, are expanding as potential markets for stimulating an increase in the number of electric bicycle sales. The market's dominance in the region can be attributed to factors such as extensive bicycle infrastructure in both developed and developing countries, heavy traffic, and government mandates.
Europe is expected to experience significant market growth. Germany is the dominant country in Europe, followed by France and Italy. E-bicycles are a popular mode of transportation in Germany. The innovative nature of the product, fully-integrated batteries and drives, appealing designs, and the use of high-quality materials are some of the factors driving e-bicycle market sales. Apart from Germany, countries such as France, Italy, the Netherlands, and Spain saw a surge in demand for e-bicycles.
March 2021- Cannondale introduces the Adventure Neo line of commuter e-bikes. Cannondale introduces a new line of step-through, Bosch-powered e-bikes designed for city riding. The Adventure Neo line includes four models, each with an alloy frame, a step-through design, and a Bosch drive system with a battery capacity ranging from 400 to 625Wh.
July 2021- In its electric bike driving system, Bosch eBike Systems announced a new energy-saving riding mode for sporty tours and tour+. The new Tour+ mode provides continuous support based on the rider's effort, removing the need for manual switching between basic drive modes.
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