IN THE FOOTSTEPS OF EUROPE: EBIKE MARKET GROWTH IN NORTH AMERICA
Ebike markets in Canada and North America are experiencing growth in popularity of all makes and models while running 4-5 years behind Europe in scale.
The global market for Ebikes has a combined annual growth rate (CAGR) of 13% led by Asia and followed by Europe. The third most in growth being North America which leads in expansion capacity. All this growth is fueled by increasing adoption of Ebikes as a transportation mode by the public, the advancement of technologies, cycling lanes across main developing cities, and Increasing policy support across the globe.
Last year, in 2021, the total Ebike market in Europe was 12 billion Euro. US and Canadian markets combined, accounted for approximately 1.4 billion USD. With both having similar population and economical landscapes, this is proof of an 8 to 10 times market growth potential in the next few years for North America.
COVID and Lifestyle Paradigm Shift
2020 saw the advent of radical covid restrictions and immense lifestyle changes. This gave way to an unprecedented appetite for the adoption of ebikes. Cars were suddenly parked with cancelled insurance by a labor market that stopped commuting to work. The world saw reduced trust in public transportation, vacation destinations were restricted and ebikes became a national pastime with media coverage daily. Ebikes became a big story!
Supply chain dynamics
Global manufacturing scene:
The global manufacturing landscape consists of two types ebike makers and parts suppliers
A)The old and famous parts and bike manufacturers such as Shimano, Bosch, Giant, Trek, etc.
B) The new increased scaling parts and bike factories located in China and eastern Asia.