Electric Bicycles - Finland | Statista Market Forecast

In Finland, revenue in the Electric Bicycles market is forecasted to reach US$133.50m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.87%, leading to a projected market volume of US$146.40m by 2029.
The unit sales of Electric Bicycles market in Finland are expected to reach 106.90k bicycles by 2029.
The volume weighted average price of the Electric Bicycles market in Finland in 2024 is expected to be US$1.36k.
It is highlighted that, from an international standpoint, the highest revenue is forecasted to be generated China (US$12bn in 2024).
In Finland, the Electric Bicycles market is experiencing a surge in demand driven by the country's focus on sustainability and outdoor activities.

Definition:

Electric bicycles are means of transport designed to transport people and goods for professional and private purposes. They are used for leisure activities such as travelling or for physical exercise. Depending on the specific purpose and rider, bicycles come in different shapes and features.

They are powered by combination of human strength and by electrically powered motors.

In recent years, different renting models have been established such as bike-sharing, in which bicycles can be rented for a defined period in exchange for a fee. These rented bikes are not included in this market outlook. Only bikes that were purchased for ownership are covered.

Structure:

The electric bicycles market covers all types of bicycles with electrical assistance, including road and racing bicycles, off-road bicycles, and special purpose bicycles. However, motorcycles, scooters, mopeds, secondhand bicycles, as well as bikes purchased by bike-sharing services are not included.

Additional information:

The market comprises the number of bicycles sold, the average price paid per bicycle, revenue, and revenue growth as the key performance indicators. Revenue is derived as the product of the average price per bicycle times the number of bicycles purchased. Therefore, revenue excludes any profits from bike-sharing fees. Revenues are including VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.

Electric Road and racing bicycles such as cruiser, e-standard, e-gravel road-,e-touring-, and e-fixed gear bikes

Motorcycles, scooters, mopeds, regular bicycles
Secondhand bicycles
Bike-sharing bicycles
Rented bicycles

The Electric Bicycles Market in Finland is facing subdued growth due to various factors such as limited infrastructure for e-bikes, high cost of electric bikes, and lack of government support. However, with increasing environmental concerns and rising interest in sustainable transportation, the market is expected to witness significant growth in the coming years.

Customer preferences: As sustainability and eco-friendliness gain importance in Finnish culture, there has been a growing demand for electric bicycles as a more environmentally friendly mode of transportation. Additionally, with an aging population and increasing health consciousness, there is a rising trend towards electric bicycles as a means of exercise and maintaining an active lifestyle. This shift towards electric bicycles is also driven by the convenience and ease of use, making them a popular choice among commuters and leisure riders alike.

Trends in the market: In Finland, the Electric Bicycles Market is experiencing a surge in demand, with more consumers turning to eco-friendly and cost-effective transportation options. This trend is expected to continue, as the government promotes sustainable transportation and offers incentives for electric bike purchases. Additionally, the rise in e-commerce and last-mile delivery services is driving the adoption of electric bicycles among businesses. These developments have significant implications for industry stakeholders, including manufacturers, retailers, and service providers, who must adapt to the changing market dynamics and invest in innovative solutions to meet the evolving consumer needs.

Local special circumstances: In Finland, the Electric Bicycles Market within the Bicycles Market is heavily influenced by the country's high level of environmental consciousness and focus on sustainability. Additionally, the government has implemented policies promoting the use of electric bicycles as a means of reducing carbon emissions and improving public health. The country's extensive network of bike lanes and favorable weather conditions also contribute to the growing popularity of electric bicycles. Furthermore, the Finnish culture values outdoor activities, making electric bicycles a desirable mode of transportation for both leisure and commuting purposes.

Underlying macroeconomic factors: The growth of the Electric Bicycles Market within the Bicycles Market in Finland is influenced by macroeconomic factors such as the country's strong economic health, government support for sustainable transportation, and increasing consumer awareness of environmental issues. Additionally, global trends towards eco-friendly transportation and the growing popularity of electric vehicles are driving the demand for electric bicycles in Finland. The government's investments in infrastructure and policies promoting sustainable transportation are also contributing to the growth of the market. Furthermore, the country's high standard of living and disposable income levels enable consumers to invest in expensive electric bicycles, further boosting market growth.

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).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

The bicycle market in Germany has been enjoying dynamic development for a very long time. Bicycles are a popular way to get around in both urban and rural areas, with young children learning to ride firmly entrenched in the national culture. Germany has a variety of scenic bike routes, but looking out for bike lanes in a city is a daily part of life both for cyclists and pedestrians. Many cyclists value the multiple advantages cycling brings – physical activity, saving money by foregoing commuting with public transport or driving, and the eco-friendly aspect. A German city, Munster, even made it on the list of the eight most bike-friendly cities in the world in 2022.