Electric Bicycles - Worldwide

Worldwide

Revenue in the Electric Bicycles market worldwide is forecasted to reach €33.35bn by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.38%, leading to a projected market volume of €41.33bn by 2029.
Unit sales in the Electric Bicycles market are expected to hit 49.42m bicycles by 2029.
The volume-weighted average price of Electric Bicycles market in the market in 2024 is expected to be €0.77k.
Looking at the international perspective, it is evident that the highest revenue will be generated China ( €10,720m in 2024).
In the Worldwide Electric Bicycles market, China remains a dominant force, driving innovation and setting trends for the industry.

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Analyst Opinion

The Electric Bicycles Market within the Bicycles Market Worldwide has seen minimal growth, influenced by factors like limited infrastructure and high cost. However, with rising environmental concerns and the trend towards greener transportation, the market is expected to experience a surge in demand in the coming years.

Customer preferences: As the demand for sustainable transportation options continues to rise, electric bicycles are gaining popularity among consumers. This trend is particularly prominent in urban areas, where individuals seek to reduce their carbon footprint and avoid traffic congestion. Additionally, the growing interest in health and fitness has also contributed to the increase in electric bicycle sales, as they offer a convenient and eco-friendly means of transportation while promoting physical activity. This shift towards greener and healthier modes of transportation is indicative of a larger cultural shift towards sustainability and wellness.

Trends in the market: In the global Electric Bicycles Market within the Bicycles Market, there is a noticeable trend towards integrating advanced technologies, such as smart sensors and electric motors, into traditional bicycles. This is driven by the increasing demand for eco-friendly and cost-effective transportation options. Additionally, the rise of e-commerce platforms has made it easier for consumers to purchase electric bicycles online. These trends are significant for industry stakeholders as they highlight the potential for continued growth and innovation in the electric bicycles market. Furthermore, they also indicate the need for manufacturers and retailers to adapt their business strategies to cater to the changing consumer preferences and buying behavior.

Local special circumstances: In China, the Electric Bicycles market has experienced significant growth due to the country's high population density and traffic congestion in urban areas. The government has also implemented policies to promote the use of electric vehicles, including bicycles, as a solution to air pollution. Additionally, cultural norms of using bicycles for daily transportation have contributed to the market's success. In Europe, the market is driven by the growing awareness of environmental sustainability and the availability of government subsidies for purchasing electric bicycles. These factors have led to a higher adoption rate of electric bicycles in European countries compared to other regions.

Underlying macroeconomic factors: The growth of the Electric Bicycles Market within the Bicycles Market is also influenced by macroeconomic factors such as technological advancements, government regulations, and investment in sustainable transportation infrastructure. Countries with supportive regulatory frameworks and significant investments in green transportation are experiencing higher market growth compared to regions with regulatory barriers and limited funding. Additionally, the increasing focus on reducing carbon emissions and promoting eco-friendly modes of transport is driving the demand for electric bicycles globally.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of electric bicycles and the respective average prices for bicycles.

Modeling approach:

Market sizes are determined through a Bottom-Up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use publications of industry associations, expert blogs, and data provided by governments and scientific institutions. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, and consumer spending per capita (based on current prices). This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the ARIMA time series forecast and forecasts based on previous growth rates are well suited for forecasting the future demand for bicycles due to the brick and mortar nature of this market. The main drivers are GDP, consumer spending per capita, and population.

Additional notes:

The data is modeled using current exchange rates. The market is updated once a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).