Electric bike sales projected to be worth $18.65 billion by 2024

The value of global electric bike sales in 2018 settled at $14.775 billion, according to a new study that projects further gains to come.

Published by an Indian consultancy which compiled data from across the globe, it was found that the fastest growth for the segment remains in Asia, with Europe a fast-adopting second. Within the German market alone industry association ZIV forecasted 900,000 units sold in 2018, something that was latterly surpassed.

Forecasting a compound annual growth rate of 6.39% leading to 2024, that values the market in just 5 year’s time as $18.65 billion.

With legislation currently aligning the use of speed pedelecs with rules of mopeds across much of the world, the figure is seen to be on the conservative side. Of course bike shops can and do sell speed pedelecs, but certain rules apply.

The report said on Germany’s performance “In 2018, electric bike sales captured a 23.5% share in the total bicycle market. Out of the total e-bikes sold in Germany, 99.5% are of 250W/25Km/h models. Remaining 0.5% of the total e-bikes sold, are of speed pedelecs; the 45 km/hr models, which are type-approved, and for which, the insurance and helmet obligation applies.”

As a manufacturing stronghold in Europe, Germany’s brands helped the numbers along by exporting heading on for 440,000 assisted bikes in 2018, which represented a 51% growth on the prior year.

By volume, France and Italy round out Europe’s top three markets, with the Netherlands and Spain also recording high sales for the populations. In high modal share Netherlands a quarter of people were found to be willing to commute by electric bike. In regions like Utrecht cycling is already a dominant transport form.

As far as the technology goes, throttle are fast becoming a technology of the past as more integrated design and pedal assistance gains momentum. 88.32% of electric bike sales in 2018 were said to be of the pedal assisted variety.

Domestically where the report was produced it was noted that India’s growth is expected to skyrocket with the Government strongly encouraging its citizens to consider a change. This is helped along by Hero Cycles, the world’s largest manufacturer by volume, who will be producing cheaper models for the market. The creation of a ‘Cycle Valley’ manufacturing hub bolsters the country’s output.

The full report is available for sale here.