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Aiding the environment & employment generation- Europe Electric Bicycle (E-Bikes) Market to reach a market size of USD 19 Billion: Bonafide Research
Oct, 01
2021

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Aiding the environment & employment generation- Europe Electric Bicycle (E-Bikes) Market to reach a market size of USD 19 Billion: Bonafide Research

 

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In the European region, the electric bicycle industry is booming not only with its advantages to the environment but also with its ability of economic support. Even though the electric bicycle industry provides economic support indirectly with the reduction in fuel consumption, but it impacts directly through employment generation. It is said that the production of 1000 electric bicycles creates 4-5 jobs, whereas the production of the standard bicycle creates 2-3 jobs. The electric bicycle industry in the EU is made up of around 900 small and medium enterprises, responsible for a workforce of 120,000 (direct & indirect) and an R&D budget of over €1 billion annually.

The recent publication of Bonafide Research titled 'Europe 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.
Cycling has been one of the clear winners in the recreational activities during the Covid pandemic outbreak in the region. The pandemic encouraged more people to focus on their health and wellness, especially among the elder group. This is expected to allow the market incline even in the forecasted period, letting the market growth with an anticipated volume CAGR of 12.15%. The electric bikes have been shifted from being an alternative to cycle commuting or public transport, is now gained a solid platform as a part of recreational leisure activity. Along with this, the region is expected to be inclined towards the commercial use of electric bicycles, and thus the cargo use segment is expected to reach a market share of 3.83% by 2026.

The region is under continuous ongoing infrastructure improvements which include pavement widening, new bike lanes, cycle-only corridors, etc, to make the use of electric cycle safer. One of the major countries in the region, UK is on its way to decarbonize its transportation industry, is also inclined towards the sustainable mobility solution. The government has been introducing various initiatives to encourage the use of electric bikes in the near future. In 2018, funding of GBP 2 Million was announced in order to support the uptake of e-cargo bikes. Under the Bike 2 Work scheme, the government backed the cycle to work program by allowing employers to provide their staff with a tax-free electric bike. However, these are not equivalent to the other common grant provided elsewhere in Europe for two-wheeler electrically assisted bikes for personal use.

Europe is also home to a number of travel destinations, entertaining millions of visitors every year. One of the budding tourism trends in the region is e-bike tourism. Tourists are wooed by this experience and are opting for e-bikes to tour prominent and the countryside. Apart from this increasing preference toward adventure activities, the adoption of electric bicycles in several sectors, like logistics and e-bike rental services, is expected to drive the market.

The European region is growing to be one of the high potential markets, which have been attracting many international players. Many international companies which are not in the region are now opting to expand their market in the region too. With an intention to enter the European market, India-based Hero Cycles Ltd acquired a stake in HNF Nicolai, a German e-bike manufacturer.