Market Trends of mexico e-bike Industry
Mexico's E-Bike adoption rate demonstrates gradual growth, with a trend towards more widespread use and market acceptance.
- The sales of bicycles in Mexico have been growing significantly over the past few years. The increase in health-conscious consumers, high traffic congestion (as Mexico is one of the countries with a high traffic index), and increasing government practices to promote e-bicycles concerning environmental conditions are enhancing the adoption of e-bicycles in the country. Reductions in fuel costs and eco-friendly rides accelerated the adoption rate of e-bicycles to 12.1% in 2018 over 2017 in Mexico.
- The country witnessed a sales decline in 2019, which continued by 11.5% in 2020 over 2019. The rise in the COVID-19 cases, restrictions imposed by the government, such as the closing of various manufacturing industries, and the implementation of trade barriers across various countries have resulted in a sales drop. Mexican bicycle sales were highly affected as it is majorly dependent on imports. Shortage of products declined the adoption rate of e-bikes by 9.2% in 2020 over 2019.
- The starting of business operations and the removal of trade barriers after the lockdown resulted in the gradual growth of the sales of e-bicycles in Mexico in 2021, as starting trade activities solved the problem of the product shortage in the country. The availability of advanced products with high-tech features is attracting consumers, which is projected to increase the adoption rate further, by 15.5%, during the forecast period in Mexico.
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Mexico's percentage of commuters with a 5-15 km daily travel distance is gradually increasing, indicating a slow but steady change in commuting distances.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- After a dip in 2020, Mexico's bicycle sales display a steady upward trend, suggesting a recovering market with increasing sales potential.
- Mexico demonstrates a declining inflation trend post-2022, suggesting successful economic measures to stabilize prices.
- In Mexico, e-bike battery prices are decreasing, signifying market maturation and increased accessibility.
- Mexico's growth in dedicated bicycle lanes showcases a commitment to enhancing cycling infrastructure and promoting eco-friendly urban mobility.
- Mexico shows a steady decrease in E-bike charging times, indicating improvements in electric vehicle infrastructure and efficient charging technology.
- Mexico's GDP per capita reveals gradual growth with a significant recovery post-2020, indicating economic stabilization and improvement.
- Mexico's bicycle rental market has nearly doubled its value from 2017, indicating a robust and expanding sector with continued growth expected.
- Mexico's hyper-local delivery sector is witnessing notable growth, suggesting an increasing integration of localized digital services within consumer habits.
- Mexico's trekker numbers are consistently rising, suggesting an increasing engagement with outdoor activities and appreciation for the country's diverse natural settings.
- Mexico's Traffic Congestion Index is relatively high but stable, indicating persistent congestion issues but no significant worsening over time.
