Electric Bike Market Trends

Growth Drivers

• Worldwide Increasing Air Pollution - Air pollution is the release of contaminants into the atmosphere that are harmful to human health and the environment on a global scale. The health issue caused by air pollution has mostly gone unnoticed for many years. According to the World Bank statistics, pollution is responsible for over 11 million premature deaths worldwide. But now from government to individuals are more concerned regarding the planet’s air quality. Thus, various kind of initiatives and electric vehicles adoption have started to regulate the air pollution level.
• Expansion in Motor Fuel Prices – As per the data provided by the Bureau of Transportation Statistics, in the United States, regular motor gasoline prices increased by 49% from January to June 2022, while diesel fuel prices increased by a slightly higher rate of 55%.
• Upsurge in Traffic Congestion - In 2021, worldwide congestion level was reached around 11%.
• Enhanced Energy Efficiency Compared with Other Vehicles - In a study, electric bikes were discovered to be more energy efficient. The energy use was around 7.3 ± 3.0 kW h 100 km-1 for electric bikes vs. 57 ± 15 kW h 100 km-1 for motorcycles and 36 ± 9 kW h 100 km-1 for buses.
• Increasing Urbanization - As per the World Bank, currently, more than 50% of the world's population resides in cities. The number of people living in urban areas is estimated to upsurge more than double to 6 billion by 2045.

Challenges

• High Cost of Electric Bikes
• Lack of Good Road Network
• Lack of Infrastructure in Emerging Nations