Electric Bicycle Market Trends

Growth Drivers

• Government Initiatives Towards Promoting Eco-Friendly Vehicles
  Growing technological advancements has helped severely in contributing towards the development of eco-friendly solutions for minimizing carbon emissions. Owing to the various environmental concerns being raised by prominent international bodies, the government of various countries has taken initiatives to promote electric vehicles, including electric bicycles. Moreover, stringent government norms and regulations worldwide is anticipated to raise the adoption of electric vehicles. Such factors are anticipated to drive the growth of the global electric bicycle market.
• Rising Fuel Prices And Increasing Traffic Congestion
  The fuel prices have been skyrocketing in the recent years. As such, this trend has resulted in the prospective opportunities amongst people to look for electric vehicles as an alternative means of transportation vehicle. Also, the concern for the increase in traffic congestions owing to the significant growth in the number of vehicles owned, has also majorly contributed towards the growth of electric bicycles.  People are switching to cheaper alternatives to avoid the rising fuel costs. Such factors are anticipated to drive the growth of the global electric bicycles market.
• Upsurge in the Enthusiasm For Fitness And Exercise Regimes
  People nowadays are drawn towards a healthy lifestyle, especially in the urban areas. The trend towards fitness is influencing many people to take cycling as an alternative for commuting to office or to nearby areas. The comfort in using electric bicycles is that the customers experience the ease of traveling without sweating as compared to conventional bicycles. The ease of comfort that is being provided, along with the health benefits associated with cycling are some of the considerable factors that are estimated to promote the growth of the market.

Challenges

• Lack Of Road Network for Cycling and High Product Cost
  Unavailability of proper roads and cycling tracks in several developed and developing nations, coupled with the increasing cost of electric bicycles, which might not be affordable for low and middle income group individuals are some of the factors anticipated to act as a restraint factor towards the growth of the global electric bicycle market.