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The early adopter- North America to grow at an anticipated value CAGR of 9.69%: Bonafide Research
Oct, 01
2021

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The early adopter- North America to grow at an anticipated value CAGR of 9.69%: Bonafide Research

 

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North America is one of the lowest contributing regions in the global market, which in 2020 accounted for less than 10% in both value & volume terms. In the region, the electric cycle is still considered a recreational activity rather than a sustainable alternative transportation mode. This is one of the major hurdles in the market growth of electric bicycles or e-bikes in the region. The recent publication of Bonafide Research titled 'North America Electric Bicycle (E-Bikes) Market Outlook, 2026' identifies and discusses the developments in electric mobility across the region, with not only facts and figures but also has a detailed study about the forecasts on the electric bicycle industry.

Even though the market has limited availability of e-bikes, the market of electric bicycles in North America is expected to be growing to a market of over 2 Million Units by volume by the end of the forecasted period. The limited availability is also linked with the lack of proper distribution channels. Even though the online sales channel is to be more potential, the manufacturers are highly reliant on the retail sales channel. A few of the major companies in the e-bike market of North America are Shimano Inc, Giant Manufacturing Co Ltd, Stromer, Trek Bicycle Corporation, BMZ GmbH, Golden Wheel Group, Vanmoof, Riese & Mueller, and Qwic. Governments are investing in bike-sharing programs, and bike lanes streets as part of major initiatives to increase transportation options, enhance road safety, and improve the environment.

Another hurdle in the region is the lack of adequate infrastructure and supportive policies from the governments. The countries are continuing to urbanize and the funds allocated to transportation are now becoming scarce.

The market is dominated by the US, with more than 80% in value & volume terms. However, the lack of specific regulation brings in confusion and thus hampering the market. While some US municipalities prohibit e-bikes on multi-use paths and city streets, only 20 out of 50 states in the country had e-bike specific regulations. Electric bicycles have started to gain more popularity among the geriatric population and the recreational riders post the Covid pandemic. This has made the companies shift their marketing strategies focusing on the senior public by citing the health-related benefits. The transportation 2040 plan which was introduced in Vancouver city is one of the main reasons for the increasing use of e-bikes. Apart from this, the Revolution Cycle in Edmonton began the pedelec bicycle tours to enhance e-bikes sales. The growing demand among baby boomers is likely to widen the scope and growth of the e-bike market in the United States.

E-bikes are an environment-friendly solution for a daily commute and thus augmenting the demand in North America. The Class 1 Pedal-assisted electric bicycles, which held to 0.78 Million Units in the year 2020, lead the market. In Canada, these electric bikes are also gaining popularity in major cities like Toronto & British Columbia. Eight provinces of Canada allow electric power-assisted bicycles. These provinces include Alberta, Manitoba, British Columbia, New Brunswick, Nova Scotia, Quebec, Ontario, and Saskatchewan.