More Than 40 M. E-bikes to be Sold by 2023: Navigant Research

Due to increasing urbanization that breed growing acceptance of electric bicycles for personal transport, worldwide sales of e-bicycles, including throttle-control and pedal-assist models, are expected to grow from 31.7 million in 2014 to 40.3 million by 2023, according to a new report from Navigant Research.

While e-bicycles are still an emerging market in North America, where they are largely  viewed as novel sports equipment rather than personal transport, Navigant Research says, they have developed into a mature market in many countries in the Asia Pacific and Western Europe, where strong commuter cultures utilize e-bicycles for daily transportation.

Along with technology advances in e-bicycles, emerging trends in global cities have helped position this market for accelerating growth.

"The global market for e-bicycles continues to expand with the advent of new technology developments and the increasing affordability and availability of product offerings," says Ryan Citron, research associate with Navigant Research. "Among other trends, combined throttle-control and pedal-assist models, electric cargo bicycles, all-in-one retrofit kits and wheels, and the use of e-bicycles in police patrol and security applications have all contributed to creating a growing global market with strong potential.”

Growing urbanization, along with rising fuel costs and traffic congestion, is pushing consumers toward alternative forms of transportation and increasing use of two-wheeled transport for commuting, according to the report. This is particularly true in  developing countries of Asia Pacific, with estimated 170 million consumers in China using e-bicycles daily. As more people in  developed countries choose to live in urban centers rather than  suburbs, e-bicycles are likely to become increasingly popular for personal transport, the research firm says.