Despite the gloom, eBike market predicted to rocket 50% in 5 years
If it feels like there are a lot of ‘top 10 eBikes to buy’ articles floating around online lately, there’s a good reason for that. It’s because there are.
Even someone outside the cycling industry (remember those people?) will be increasingly aware of electric bikes, even if they just know the term and aren’t clear what they actually are (e-motorbikes? Do you need to pedal them yourself? etc).
From endless conversations about when and if they will grow in numbers in the UK over the years, eBikes are coming of age worldwide and here in Blighty, where they are among the big hopes for growth in the medium to long term of the industry. Areas of controversy, like lithium battery fires, are being addressed in a professional manner, not least because this sector is important.
In the excellent CI.N podcast with Shift Active Media’s Doug Baker, released this week, the chat circulates around data and how it can be used to predict the cycle market. Baker points out how data on searches online can be harnessed to give a view on the market and you can see how searches for ‘best ebike’ has indeed rocketed.
These stats relate to the UK and illustrate that trend referred to in the Podcast.
Another report, this time from Research and Markets, predicts the global eBike market will reach $US 77.2 billion by 2028, estimating that the current market for electric bikes in 2023 is somewhere in the region of US$51.5 billion (with a CAGR of 8.4% leading up to 2028).
The Asia Oceania region will lead the eBike market, predicts the report, noting the work of Governments around the world looking to reduce congestion and emissions. It notes Italy has offered a subsidy of US$527 in municipalities with over 50,000 inhabitants to purchase new bicycles and eBikes.
Research and Markets predicts the 650W-plus eBike battery capacity segment (linked most closely with eMTBs and eCargo bikes) to be the fastest growing segment of the eBike sector, with a CAGR of 15%.
Europe is predicted to be the second largest market in 2023, with the cycling and eBike market worth US$21 in 2021, a rise of 7.5% from 2020. Of that, Germany dominated.
