In Western Europe, a strong commuting culture has prompted electric bicycles to be used as everyday vehicles, and the US market has quickly followed the mature Western European electric bicycle market. Sales of electric bicycles continued to grow in Europe in 2018.
In Sweden, market growth was as high as 51% in 2018, followed by the Netherlands and Germany, with 38% and 36% respectively. It is estimated that by 2024, the proportion of the electric vehicle market will increase to 38%, 14.8 billion euros. The average annual growth percentage is 20%.
This forecast is included in Navigant Research’s latest analysis of the global market for electric bikes with throttle control and pedaling. In the Asia Pacific and Western Europe, with the advancement of electric bicycle technology, the emerging trend in cities around the world has consolidated the position of the market and helped to accelerate growth.
Ryan Citron, the research assistant at Navigant Research, said: “The global electric bicycle market continues to expand with new technology developments, lower prices, and product launches.”With other trends, models with throttle control and pedal boost, electric cargo bikes, all-in-one retrofit kits, and wheels, and the use of electric bikes for police patrols and security help create a growing global potential market.”
The report also pointed out that the urbanization process, together with rising oil prices and road congestion, prompted consumers to choose other modes of transportation and enhanced the use of two-wheeled vehicles in transportation and commuting.