Market Trends of united states e-bike Industry
The US shows a consistent and strong increase in E-Bike adoption rates, indicating a growing popularity and market expansion.
- Over the past few years, bicycles have gradually become one of the popular modes of daily commuting in the United States. The introduction of e-bikes also surged the demand for bicycles in recent years. Rising pollution and traffic conditions, along with rising fuel prices, have boosted the adoption of e-bikes across the country. E-bikes are gaining popularity among a range of age groups. People between the age of 50 and above are also showing high interest in these bikes. As a result, the adoption rate for e-bikes increased by 2.4% in 2019 compared to 2018.
- The COVID-19 pandemic in 2020 had a positive impact on the US e-bike market. Factors such as social distancing measures and anxiety among people about using public transportation resulted in changing travel preferences among consumers, further boosting the adoption of e-bicycles by 2.7% in 2020 compared to 2019.
- E-bike companies are launching new models with advanced technologies to attract customers in the United States and boost their sales significantly. Consumer preferences for a cleaner and healthier ride while saving fuel costs are also contributing to the higher adoption rate of e-bicycles. Owing to such factors, the country witnessed a rise of 3% in the e-bike adoption rate in 2021 compared to 2020, which is projected to grow by 12.24% during the forecast period.
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The US shows a steady increase in the population with a 5-15 km daily travel distance, indicating a consistent commuting pattern.
- Over the past few years, the United States has witnessed significant demand for bicycles. Though there is rising demand for bicycles, their use in the commute of 5-15 km is still low compared to the other modes of transportation, as the majority of people use personal automobiles for office and business commutes. Only 0.6% of the workers across the United States opted for bicycles as a mode of transport in 2019.
- In 2020, millions of Americans rediscovered bicycles as a safe, socially distant method of transportation after the COVID-19 outbreak. The introduction of e-bikes with advanced battery packs that provide an enhanced range of up to 40-45 km is also boosting the demand from consumers who have a daily travel distance of 5-15 km. During the pandemic, bicycles also became a preferred form of exercise among people due to the closure of gyms and fitness clubs.
- However, post the pandemic, many people continued using bicycles to commute to work, offices, businesses, and marketplaces within a range of 5-15 km. More than 15% of the users used bicycles as a mode of transport in 2022. Bicycles offer health benefits, carbon-free rides, no fuel costs, and time-saving in traffic congestion. These benefits are highly contributing to the rising adoption of bicycles, which may further boost the market in the country during the forecast period.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The US shows a gradual increase in bicycle sales, indicating a steady market with growing interest in cycling post-2020.
- Inflation rates peaked in 2022, followed by a trend towards stabilization, indicating a recovering and adjusting economy.
- The e-bike battery price in the US is progressively declining, reflecting technological advancements and increased market competition.
- The US's steady growth in dedicated bicycle lanes reflects an increasing emphasis on promoting cycling as a sustainable and healthy transportation option.
- The US is experiencing a steady decrease in E-bike charging times, showcasing advancements in battery technology and a growing electric mobility sector.
- Steady growth in GDP per capita indicates a robust economy, with a slight dip in 2020 followed by a strong recovery.
- The US bicycle rental market is on an upward trajectory, showcasing resilience and growth with an expected continued increase through 2029.
- The US hyper-local delivery sector is experiencing substantial growth, indicating a significant shift in consumer behavior towards localized online services.
- The number of trekkers in the US shows a robust and continuous growth, indicating an increasing enthusiasm for trekking and outdoor activities across the country.
- The Traffic Congestion Index in the US is relatively stable, indicating consistent traffic patterns and potentially effective congestion management strategies.
