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Latin America Electric Bicycle (E-Bikes) Market to grow at a value CAGR of 10.39%: Bonafide Research
Oct, 01
2021

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Latin America Electric Bicycle (E-Bikes) Market to grow at a value CAGR of 10.39%: Bonafide Research

 

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Latin America is the lowest contributor in the global market in terms of value, while it left behind Middle East & Africa in terms of volume share. With the growing awareness in the region and the understanding of the advantages of electric bikes, the market is inclining in the region. The recent publication of Bonafide Research titled 'Latin 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.

The electric bicycles come with the advantage of an extended battery range for recreational activities, as they offer the fun of cycling, combined with the suitability of an automobile. By the end of the forecasted period, the Latin American electric bicycle market is expected to be crossing a volume of 0.74 Million Units. The high costs of e-bikes are hindering market growth in Latin America. As an alternative to this, the concept of e-bike leasing or renting has gained popularity in the region. With the increase in traffic and the cost-effectiveness, the millennials prefer to rent or lease the electric bicycle rather than purchasing one.

Government initiatives are one of the major reasons for the market growth in the region. Local governments in the region have been promoting the use of the electric bicycle for the daily commute by expanding the existing bike lanes and closing them for cars. The use of electric bikes has also inclined with the spread of Covid 19, as people opt against the travel in public transport. Apart from the infrastructural development, the tax measures by the national governments also act as a catalyst in the market growth. In the region, electric bicycles are considered as an added feature to the century-old innovation, with a rechargeable, battery-powered motor that supplements the pedaling speed when in need, even on the straight road or also a steep hill.

In recent years, electric bicycles have gained wide attention because of their characteristics of convenience, low noise, and less pollution. However, the low performance of electric vehicles as compared to their traditional counterparts is a major challenge faced by the region's electric bicycle market. The reason for the low performance of electric bikes can be attributed to the batteries used in them. The regional market is highly competitive with the presence of a number of startups and companies, such as Giant Bicycles, EDG, Trek Bicycle Corporation, and others, whereas major e-bike rental companies are adding more e-bikes to their fleet. Colombia and Costa Rica have comprehensive electric mobility laws in force and there are several others with initiatives underway for the formulation of similar legal instruments.

Although Brazilian consumers are interested in autonomous drive technology for road safety improvement, the country is poorly prepared for the same. Following electric bikes from Canada, China, India, Spain, and Italy, Brazilian brand Voltz Motors introduced an electric street motorcycle, the Voltz EVS, which has gathered 1200+ bookings since its launch in September 2020. Brazil’s first ‘smart’ electric bike is more capable than the Revolt RV400, which is the best electric bike in India right now.