Want to take the hottest tour of the electric vehicle (EV) market? You will not have to open the car door or get into an electronic taxi. Instead, you’ll have to throw a leg over an e-bike.
The rapid growth of the e-bike market
Sales of e-bikes or electric bikes have outpaced sales of electric cars Two to one in 2020. Since then, sales have continued to climb with no signs of peaking.
Projections vary, but all see continued growth. Statista stats the e-bike market to grow to $53.5 by 2027, while Research and Markets sees it reaching $80.6 billion over the same time period.
International governments are pushing e-bikes
Part of the rosy outlook for e-bike sales is the growing support from governments. Many European countries offer incentives to buy e-bikes. Here are some plans.
- Italy offers the equivalent of $557 to residents of cities of more than 50,000 who buy e-bikes.
- The UK offers an employee incentive e-bike purchase scheme that can save owners 25 to 39 percent on bikes and equipment. Payments are automatically deducted from the person’s salary.
- France provides subsidies of up to 4,000 EUR (about 4,300 USD) For those who abandon their cars for an e-bike. In addition, cities are greatly expanding bike lanes. Paris restricts car and truck traffic in the city center and plans to create bike lanes across the city by 2026.
Locals lead the way in the United States
Efforts to provide incentives for the purchase of e-bikes have not been made into law at the federal level in the United States. However, more state and local governments are taking action.
Vermont became the first state to pass legislation introducing an incentive for e-bikes in 2021.
The City of Denver has offered one of the most popular incentive programs. On Earth Day (April 22) 2022, the city started issuing coupons for the purchase of e-bikes. As of the end of the year, 4,734 coupons Used to buy e-bikes.
With Denver’s success, the state of Colorado has implemented a similar plan that will provide $12 million for e-bike incentives.
California will launch a $10 million incentive program this year. Massachusetts has a similar $1 million program.
In addition to state and city governments, some utility companies have offered rebates on e-bikes..
E-bikes reduce emissions and save time
One obvious appeal of e-bikes is the “e” part. Both public and private transportation are turning towards electric car. The payoff is less crowding and less pollution. E-bikes tick both of those boxes.
According to research in Insights DeloitteMany commuters report that using an e-bike reduces their commute time to work and short trips. Deloitte cites another study that showed 60 percent of all travel in the United States is five miles or less.
Those short trips are often spent in traffic. Deloitte says Americans lose 99 hours a yearamong other vehicle fenders.
For young and old
You might think that e-bikes are the domain of young people. However, more seniors are climbing aboard.
A 2019 surveyed by EVELO Electric Bicycles I found that the majority of e-bike owners and shoppers are 55 and older. Evelo notes that its customers tend to be older. However, her data correspond to Previous studies by Portland State University.
Bypassing the market for individual buyers
More companies are turning to e-bikes for delivery and courier services. E-cargo bikes cut costs, emissions and travel time, plus they need minimal parking spaces. In addition, they have relatively Large loading capacity.
Another market that is turning to e-bikes is ride-sharing programs in the city. Many large cities around the world offer bicycles for visitors and residents to get around more easily than driving a car. Increasingly, those cities are integrating e-bikes into their ride-sharing programs.
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