Electric bicycle market to reach $24.3bn in 10 years

Sales of electric bicycles are predicted to reach $24.3bn over the next 10 years according to a recent report from Navigant Research. Sales are expected to hit 35 million units this year alone. The increasing popularity of e-bikes is due to many factors including: traffic congestion, low cost comparative to cars, lack of requirement for a licence to operate, the growth in cycling infrastructure globally, and improvements in li-ion technology.

The intersection of environmentally focused communities along with new technologies delivering enhanced battery power are combing to put electric bike sales worldwide on a winning pace.

According to the latest research, sales of electric bicycles are expected to reach $24.3 billion in the next decade, with nearly 35 million unit sales forecast for 2016.

“Rising levels of population density and traffic congestion are driving interest in different modes of transportation,” says Ryan Citron, research analyst at Navigant Research, which issued the findings. “E-bikes are uniquely positioned to be a primary benefactor of this trend since they are low in cost relative to cars, do not require licenses to operate, and can take advantage of existing bicycling infrastructure.”

Improving lithium ion (Li-ion) battery technology is also helping to drive e-bike sales, allowing for e-bikes that are lighter, lower in cost, and remarkably similar to traditional bicycles, according to the report. While sealed lead-acid still constitutes a majority of e-bike batteries, the market is steadily shifting toward the Li-ion chemistry.

Category: General Update, Green