As innovation in engine-powered two-wheel transportation accelerates, the market for e-bicycles is expected to expand. The technological trends contributing to this development include combined throttle-control and pedal-assist models, electric cargo bicycles, all-in-one retrofit kits and wheels, 3D-printed bicycles, and the use of e-bikes in security applications.
According to a recent report from Navigant Research, worldwide sales of electric bicycles are expected to surpass 360 million annually by 2023.
“In addition to new technologies, economic and environmental market forces are also shaping the global e-bicycle industry,” says Ryan Citron, research associate with Navigant Research. “Governments are offering support for sustainable transportation, while consumers are finding value in this alternative mode of transportation as a way of avoiding traffic and high fuel prices, and navigating congested urban areas.”
Younger consumers, particularly in North America and Western Europe, are also becoming more interested in e-bicycles, according to the report. As the industry continues to develop, young professionals choosing e-bicycles for urban commuting are expected to contribute significantly to the growth of the overall e-bicycle market in these regions.