Annual Sales of E-Bicycles Expected To Top 360 Million by 2023
According to a recent research the global market for throttle-control and pedal-assist electric bicycles (e-bicycles) is expected to 350 million units annually by 2023.
As innovation in engine-powered two-wheel transportation accelerates, the market for e-bicycles is expected to expand.
Beyond the numbers is the technology, which is accelerating the trend.
This includes throttle-control and pedal-assist models, electric cargo bicycles, all-in-one retrofit kits and wheels, 3D-printed bicycles, and the use of e-bikes in security applications.
According to Navigant, which issued the report, “Governments are offering support for sustainable transportation, while consumers are finding value in this alternative mode of transportation as a way of avoiding traffic and high fuel prices, and navigating congested urban areas.”
Younger consumers, particularly in North America and Western Europe, are also becoming more interested in e-bicycles, according to the report. As the industry continues to develop, young professionals choosing e-bicycles for urban commuting are expected to contribute significantly to the growth of the overall e-bicycle market in these regions.
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