Undoubtedly, e-bikes have become more popular than ever before, especially in North America. The market analysis of North American e-bikes can indicate the growth rate and predict future trends in the industry. The insights will also analyze the possible growth barriers, challenges, and the future turnout of the electric bikes market. This can be achieved through historical and recent data to give more accurate reports.
E-bike market analysis is of interest to many researchers and transportation enthusiasts. People are gradually scoring through the distance limitations by commuting with electric bikes. The topography and riders’ efforts are worthy of examination to report market sizes accurately. This guide covers the facts and statistics of consumption rate, theoretical reports on the post-COVId-19 situation, and how electric bikes benefit North Americans.
A large number of people neither commute nor stay in public places. At the beginning of 2021, the market value reached USD 0.80 billion, which was highly commendable. However, the public can expect a 10% increase, with a CAGR of 12.51% before 2029.
The pandemic has ended, and things gradually return to their initial state. People go back to electric bikes in an attempt not to commute in a congested public transport system. It helps users commute and enjoy a reasonable level of adventure or recreation. Cities also realize the benefits of e-bikes, and individuals continually place high purchasing demands on transportation.The logistics industry will make a significant contribution to the increase in sales of the e-bike market by the next decade.
E-bikes are sustainable, protecting the green environment. Hence, the quest to maintain the ecosystem, reduce the release of toxic substances into the atmosphere and carbon footprint are significant reasons for the rapid response to North American e-bikes adoption. The government’s involvement in using electric bikes has also caused a spike in market price.
Currently, electric bikes are blooming in Asia, while China is topping the ladder. China has many manufacturing companies; hence experts have predicted the spike in e-bike usage. Unexpectedly, North America has followed the lead after the Asia Pacific regions. Youths in places like California constantly express the convenience and efficiency derived from commuting with electric bikes. Most importantly, electric bikes are now being used for daily activities rather than leisure. This advancement in its purpose improves the authenticity in electric bikes forecast while identifying the North American e-bikes market growth.
The table below shows the strength, weaknesses, and opportunities of e-bikes compared to other means of transportation.
|Low rate of energy emission
Low fuel price and maintenance cost
Promotes healthy lifestyle
|Lower protection level
Long charging hours
Heavy battery weight
|Alternative to cover short distances
Improved technology/Platform for innovations
Improved parking facilities
Improved public charging port
Appropriate usage by children
The Market Segmentation
There are various e-bike market segments. They can either be segmented by battery, propulsion, or essential features. When considering segments by transport, cargo bikes, mountain, road, and city, are the four forms. The segment is further divided into the standard batteries purchased by consumers. This includes lead-acid, nickel-metal-hydride, and lithium-ion batteries. The forecast reveals lithium-ion batteries to be the most common in North America. This can be attributed to its low weight and durability. Although expensive, agencies and governments employ strategies to solve its drawbacks.
The next segment is based on the propulsion type, whereas it can either be throttle or pedal-assist mode. The pedal-assist mode seems more common in many countries, mainly Europe, than the throttle type. Hence, manufacturers have produced more pedal-assist bikes than throttle since 2021. The e-bike market sales for pedal-assists are massive, and experts have predicted it will occupy up to 70% of the market segment before the next decade. However, some places in North America, like the United States, have rules guiding pedal-assist e-bikes. There is a regulated maximum speed and walkways for it. In most cases, countries set the maximum speed as 25km/h.
Furthermore, the market segment has the hub motor and mid-motor divisions under the motor type category. The regional division of e-bike market segments seems to be the most common. Most forecast reports have focused on Europe, Latin America, Africa, Asia Pacific, North America, and the Middle East.
The Instability in E-bike Market Price
There are several factors that influence the e-bike market price. The most common factor is the economy, which in turn affects the demand and supply ratio. North American e-bikes increase in demand is a pleasure to many of its local retailers. As China dominates the market in the Asia Pacific more than many others, it is proof it could happen to North America. This is because of the substantial presence of retail outlets, online stores, and bicycle stores. E-bikes had huge market sales in 2018, of about 47.6 million. Due to movement restrictions, the rate dropped in 2019 but bounced back in 2021.
North America is also considered a late adopter of an e-bike is technology issues, retail availability, and unit cost. This is why every manufacturing company must have a presence in this region. For instance, the Haidong e-bike has overseas warehouses in Canada, the United States, California, and Oregon. It becomes easier for citizens of these places to locate their preferred model of electric bike.
Currently, a high economic rate is being reported globally, especially in the fuel sector. Since the price of fossil fuels skyrocketed, people have massively embraced e-bikes. Many sales marketers said that the market demand doubles in subsequent months, particularly in North America. In past years, most e-bike retail shops closed early during winter, while the situation is currently different. While some drivers opt for alternatives, others neglect cars and learn to commute with an electric bike.
COVId-19 Impact on Electric Bike Market
The e-bike market has experienced a sharp decline during the COVId-19 outbreak. North Americans were more sensitive to the pandemic subject, as strict regulations guided COVID-19 compliance. Despite the decline in 2020, there were significant sales of electric bikes in 2021. The Asia Pacific has experienced a sharp increase since the post-pandemic period. The forecast also attributed this to the manufacturing progress in the industry, like the two-wheeler-based V2X solutions. However, some places in North America, such as Canada, and the United States, have rules surrounding the two-wheeler-based solution. This shows that e-bikes are different from the traditional four-wheeled transport system.
Research reveals that health reasons are top in examining the intent behind using e-bikes. People are beginning to realize the importance of maintaining the body’s cardiovascular system. Engagement in physical activities helps reduce the body sugar level more than riding cars every day.
The transport ecosystem is thriving on shared micro-mobility. Users can request mobility services per-traveler charge with e-bike flexibility and reasonable maintenance cost. The forecast predicts that the North American e-bikes micro-mobility market will reach $11,178.5 million by 2029. The record in 2020 was estimated at $120.3 million.
The congestion rate in North America is high, so the government is pushing towards eliminating cars from the road. The micro-mobility market also beats the large congestion in the market. Since e-bikes do not take up much space in parking lots, they are the right solution to the high congestion rate. Also, buses and other public transport are overcrowded and can quickly transfer diseases or infections.
Since several market segments in the North American regions, investors are diversifying their portfolios. However, they keep investing as manufacturers introduce new or updated models. For instance, introducing the V2X (vehicle-to-everything) solution is a big win. It ensures riders are alerted of any immediate danger or casualty.
The Response to the Challenge
This electric bike’s insight is of great interest in many aspects. It has provided the needed information by many e-bike enthusiasts and users worldwide. The forecast reveals low e-bike market value in many continental regions. This is a significant hindrance to e-bikes adoption since it becomes less accessible to low-income earners. However, the government suggests E-bikes manufacturing companies produce several e-bikes with different prices that suit many needs. This has become the goal of many companies, and they keep employing methods that make e-bikes at a cheaper rate without limiting their features.
The outburst of E-bike is an eye-opener to citizens, activists, and regulatory bodies. Electric bikes will respond to urgency in the green environment and improve urban mobility in the next decade. Let’s just wait and see.