The North American e-bike market was valued at USD 0. 71 billion in 2020, and it is expected to reach USD 1. 44 Billion by 2026 registering a CAGR of 12. 51% during the forecast period. Due to the COVID-19 pandemic outbreak and the subsequent lockdowns (with all the restrictions followed), the production of e-bikes witnessed a decline.
New York, July 02, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America E-bike Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06101241/?utm_source=GNW
However, as life slowly returns to a state of normalcy, the market is picking up pace. Due to the pandemic and the risk of contamination, while commuting via public transport, people are showing an increased interest in buying their own means of commute.
Technological advancements in battery packs and drive motors and e-bike sharing are the factors that are expected to drive the market studied, during the forecast period. Governments are investing in bike-sharing programs, and bike lanes, and more pedestrian-friendly streets as part of major initiatives to increase transportation options, enhance road safety, and improve the environment. All these developments are also driving the market’s growth.
Owing to the COVID-19 pandemic, e-bike mobility turned into an essential transportation service. After an initial slump in e-bike sales during lockdowns, the demand for e-bikes skyrocketed people are preferring to use own vehicles and avoid public transportation for safety concerns.
Key Market Trends
Pedal Assist Segment is Expected to Dominate the Market
Pedal assist is an operating mode on an electric bike where once it is activated, the motor kicks in while rider is pedaling. Designed to help the rider pedal easier, pedal assist has varied settings that will allow an effortless ride along at desired speed. Once pedal assist is turned on, bike is provided with extra power making it easy to ride long distances without rider getting tired.
The Pedal assisted segment of the market is expected to dominate the market in the forecast period. From the past few years, major motorcycle manufacturers are entering the e-bike market, which is expected to make the regional market more competitive in pedal-assisted segment. For instance,
- In October 2020, Harley-Davidson unveiled a brand to focus exclusively on the e-bicycle market. Named as Serial 1 Cycle Co., the brand’s products will be pedal-assist electric bicycles. The e-bicycles will be available via direct-to-consumer sales online and at select Harley-Davidson dealers.
- In July 2020, Yamaha Bicycles introduced two new offerings under the all-mountain e-bike segment. The YDX-MORO and YDX-MORO Pro boast PW-X2 drive unit, and a new proprietary Quad Sensor System, and include Automatic, MTB, and Walk Assist modes. The PW-X2 drive unit and new 500 watt-hour lithium-ion battery are secured in an all-new patent-pending Dual Twin Frame™ design, along with a new Horst link suspension design. The YDX-MORO models are Class 1 e-Bikes, delivering pedal assist up to 20 mph. They have five assist modes, including Eco, Standard, High, new MTB mode, and EXPW. The new PW-X2 provides assist up to 120 rpm in Eco, Standard, High, and MTB modes and 170 rpm in EXPW mode.
Increasing Governmental Support Towards E-bikes
Due to increasingly busy lives and the need to commute daily, it has become almost necessary to own a vehicle, as public transport often is not reliable. On the back of that, there is a growing concern for preserving and sustaining the environment for future generations, mainly because of the increasing scarcity of natural resources and environmental concerns. This poses a unique challenge for both society and governments. E-bikes are the ideal solution to this problem. They are environment-friendly, and they solve the problem of the daily commute. This is augmenting the demand for e-bikes in North America.
The United States witnessed unprecedented growth in sales of bicycles and e-bikes during the COVID-19 pandemic. Stores, such as Walmart and Target, recorded a major growth in sales of bicycles and e-bikes. Also, major cities witnessed a high influx of cyclists on the road. During May-June 2020, in New York City, the State Department of Transportation reported a 50% increase in cycling traffic over the same time in 2019, whereas in Philadelphia, bike traffic grew by 150%.
Major cities in the United States are adding bike lanes to support the rapid adoption of e-bikes in the city. For instance,
- In December 2020, in New York, Mayor Bill de Blasio announced that the New York City Department of Transportation (DOT) constructed a record 28.6 lane miles of new protected bike lanes across all five boroughs in 2020. After this announcement, the city’s total bike lane network reached 1,375 lane miles, 545 of which are protected miles, including nearly 170 miles on street. The Department of Transportation is on track to meet the Green Wave Plan goal of installing over 80 miles of protected bike lanes by the end of 2021 and adding 75 miles of bicycle infrastructure in Bicycle Priority Districts by 2022.
Canadian Government is also running pilot projects for the e-cargo bike deployment. For instance,
- In May 2021, the Province of British Columbia announced to partnerwith the City of Vancouver to support a cargo e-bike micro hub project that may help reduce traffic congestion and air pollution around the city. The government is providing CAD 200,000 in funding. The ministry grant may contribute funding for coordination, building rental and maintenance, data collection, and analysis
The North American E-bike Market is extremely fragmented, with the major players holding a low share of the total market share. Some of the major market players are Giant Bicycles, Merida, Trek Bikes, Riese & Muller, and Yamaha Motor Corporation. Giant Bicycles is the largest player in this market.
All of these companies’ presence is majorly concentrated in North America along with other important global markets. The companies are diversifying their product portfolio through innovations and new launches and are aiming to continue their spots as market leaders.
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