Market Trends of south korea e-bike Industry
Consumers Opting for Convenient and Time-Saving Vehicles
- The South Korean e-bike market is mainly driven by the application of e-bikes in micro-mobility services. The use of micro-mobility services has grown strongly since 2018 due to the high availability, low pricing, ease of functioning of such services, and less vandalism. Micro-mobility offers a low-cost travel option, attracting commuters. For instance, the average per-km cost of a micro-mobility service in the country is USD 0.15, compared to USD 1 for a car ride booked via a mobility-as-a-service (MaaS) platform. The low-cost commute option is motivating consumers to choose a suitable micro-mobility mode for first- and last-mile connectivity.
- During the COVID-19 pandemic, bicycle usage among people rose by more than 65% in Seoul as commuters avoided public transportation due to fear of transmission, thus boosting the market for e-bikes in South Korea. The number of bike-sharing firms has grown in recent years with the growing need for last-mile connectivity, particularly in metropolitan areas. Many well-known venture capitalists and manufacturers are investing in micro-mobility businesses, allowing service providers to expand their operations. Lime, Wind Mobility, and Beam Mobility are among the major micro-mobility businesses that garnered significant investment. Sequoia Capital, SoftBank Vision Fund, and DST Global are among the leading venture capitalists investing in start-ups.
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Favourable Impact of Covid-19 on the Bicycle industry
- The demand for bicycles in the country is gradually growing. However, the number of people commuting a distance of 5-15 km is still relatively low as most people prefer to travel via buses and other modes of transport. In 2019, fewer people chose to commute via bicycles within 5-15 km. However, in 2020, the number of people using bicycles to commute 5-15 km increased as they started exercising and going to nearby places, such as markets, during the pandemic-induced lockdown. Such factors increased the demand for bicycles in South Korea in 2020.
- The restrictions and lockdowns imposed to combat the COVID-19 pandemic positively impacted bicycle sales due to people's avoidance of public transportation and rental services, which increased the demand for bicycles. People started using bicycles to travel short distances, due to which the country witnessed a significant increase in the number of commuters traveling a distance of 5-15 km in 2021.
- Currently, many people are using bicycles to commute 5-15 km to their workplaces and markets. The number of people commuting to work by bicycle increased in 2022. It is expected to continue to increase during the forecast period, further boosting improvements in bicycle infrastructure and bicycle lanes in South Korea.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Factors Contributing to Bicycle Growth
- Fluctuation in Inflation Rate and Its Effects
- Investments in Various Battery Projects
- Government Efforts to Improve Bicycle infrastructure may increase the Use of Bicycles
- Battery Advancement Major Growth Factor for Bicycle Sales
- GDP per Capita's Role in the Bicycle industry
- Growing Preference for Bicycles
- Advancements in E-Bikes and New Product Launches
- Rising Bicycling Events are Attributed to Growth in the Bicycle Trekkers
- Rising interest of People toward Pollution-Free Vehicles
