Electric Bicycles - NAFTA | Statista Market Forecast

In 2024, revenue in the Electric Bicycles market of NAFTA is projected to reach US$2.23bn.
The revenue is forecasted to demonstrate an annual growth rate (CAGR 2024-2029) of 13.72%, leading to a projected market volume of US$4.24bn by 2029.
By 2029, unit sales in the Electric Bicycles market of NAFTA are expected to reach 3.05m bicycles.
The volume weighted average price of Electric Bicycles market in the NAFTA market in 2024 is expected to be US$1.45k.
It is noted from an international standpoint that China will generate the highest revenue in the Electric Bicycles market worldwide, amounting to US$12bn in 2024.
In the NAFTA market, Electric Bicycles are gaining popularity as eco-friendly transportation options for urban commuters.

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 NAFTA has been steadily growing, with an average growth rate driven by factors such as increasing environmental consciousness and the convenience of electric bikes. This market is expected to continue its growth as more consumers seek sustainable transportation options.

Customer preferences: With the growing concern for environmental sustainability, there has been a rise in demand for eco-friendly modes of transportation. This has led to an increase in the popularity of electric bicycles, as they offer a greener alternative to traditional bikes. Additionally, the growing trend of urbanization and the need for efficient and cost-effective transportation options have also contributed to the growth of the electric bicycle market. Furthermore, the rise in health consciousness and the desire for a more active lifestyle have also played a role in the increasing demand for electric bicycles.

Trends in the market: In the NAFTA region, the Electric Bicycles Market within the Bicycles Market is experiencing a surge in demand due to the increasing focus on sustainable transportation options. In the US, there is a growing trend of using electric bicycles for commuting and leisure purposes. In Canada, the government has introduced incentives and subsidies to promote the use of electric bicycles, leading to a rise in sales. In Mexico, the market is witnessing a shift towards electric bicycles as a cost-effective and environmentally friendly mode of transportation. This trend is expected to continue, creating opportunities for industry players and contributing to the growth of the overall Bicycles Market.

Local special circumstances: In Mexico, the Electric Bicycles Market is experiencing significant growth due to the country's favorable geographical landscape for cycling and the government's efforts to promote sustainable transportation. Additionally, the cultural preference for outdoor activities and the increasing awareness of environmental issues have also contributed to the market's growth. In Canada, the market is driven by the country's strict emissions regulations and the growing trend of using electric bikes for commuting and recreational purposes. The availability of government subsidies and incentives for electric bikes has further boosted market demand.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market is influenced by macroeconomic factors such as trade policies, economic stability, and government initiatives. Countries with favorable trade agreements, strong economic growth, and supportive policies for alternative transportation are experiencing a surge in demand for electric bicycles. Additionally, as concerns over climate change and air pollution continue to rise globally, there is a growing demand for eco-friendly transportation options, further driving the growth of the electric bicycles market.

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.