Electric Bicycles - Norway | Statista Market Forecast

Revenue in Norway's Electric Bicycles market is forecasted to reach US$505.80m in 2024.
This projection anticipates an annual growth rate (CAGR 2024-2029) of 6.47%, leading to a projected market volume of US$692.10m by 2029.
Unit sales in Norway's Electric Bicycles market are expected to reach 266.10k bicycles in 2029.
The volume weighted average price of the Electric Bicycles market in Norway in 2024 is expected to be US$2.48k.
Internationally, it is evident that the highest revenue will be generated China (US$12bn in 2024).
in Norway, known for its stunning natural landscapes and high quality of life, presents a growing interest in Electric Bicycles market as part of its environmentally conscious initiatives.
In the Electric Bicycles market in Norway, the demand for sustainable transportation solutions is driving a surge in sales.

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 Norway within the Bicycles Market is experiencing substantial growth, driven by factors such as increasing demand for eco-friendly transportation, government initiatives promoting electric vehicles, and the convenience of electric bikes for commuting.

Customer preferences: As sustainability and environmental consciousness continue to gain importance in Norway, the demand for electric bicycles has seen a significant increase. Consumers are now opting for eco-friendly modes of transportation, reflecting a cultural shift towards a greener lifestyle. Additionally, with the country's aging population, electric bicycles offer a viable solution for older individuals to stay active and maintain their mobility. This trend is expected to continue as more people prioritize health and sustainability in their lifestyle choices.

Trends in the market: In Norway, the Electric Bicycles market within the Bicycles Market is experiencing a surge in demand due to the increasing focus on sustainable transportation options. This trend is expected to continue as the government promotes the use of electric bikes to reduce carbon emissions. Additionally, the rise of e-commerce and the popularity of electric bike sharing programs are driving market growth. As a result, stakeholders in the industry are investing in research and development to improve battery technology and expand their product offerings. This presents new opportunities for manufacturers, retailers, and service providers in the Electric Bicycles market.

Local special circumstances: In Norway, the Electric Bicycles Market within the Bicycles Market is thriving due to the country's strong focus on sustainability and environmental consciousness. The government offers incentives for electric bicycle usage and has implemented strict regulations for emissions. Additionally, Norway's geography, with its many hills and fjords, makes electric bicycles a practical and efficient mode of transportation. The market is also influenced by the country's cycling culture and high disposable income, leading to a growing demand for premium electric bicycles.

Underlying macroeconomic factors: The Electric Bicycles Market within the Bicycles Market in Norway is also affected by macroeconomic factors such as global economic conditions, national economic stability, fiscal policies, and other financial indicators. Countries with strong economic growth and stable fiscal policies are likely to see higher demand for electric bicycles, as consumers have more disposable income to spend on such products. Moreover, government initiatives promoting sustainable transportation and reducing carbon emissions are also driving the growth of the electric bicycles market in Norway. Additionally, the increasing awareness about the health benefits of cycling and the growing trend of urbanization are contributing to the market's 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.