E-bikes Coast to Profits Outpacing Electric Vehicles in Sales Worldwide

Want to take the hottest ride in the electric vehicle (EV) market? You will not have to open a car door or climb aboard an e-taxi. Instead, you will have to throw a leg over an e-bike.

Rapidly Growing E-bike Market

E-bike or electric bicycle sales outperformed electric automobile sales two to one in 2020. Since then, sales have continued upward with no signs of peaking.

Projections vary, but all see continuing growth. Statista figures the e-bike market climbing to $53.5 by 2027, while Research and Markets see it going to $80.6 billion over the same time period.

International Governments Push E-bikes

Part of the rosy outlook for e-bike sales is the increased support of governments. Many European countries offer incentives for e-bike purchases. Here are some of the plans.

Italy offers the equivalent of $557 to residents of cities with over 50,000 population who purchase e-bikes.
The United Kingdom offers an employee incentive e-bike purchase plan that can save owners 25 to 39 percent on bikes and equipment. Payments are automatically deducted from a person’s paycheck.
France is offering subsidies of up to 4,000 euros (about $4,300 U.S.) for those who give up their cars for an e-bike. In addition, cities are vastly expanding bike lanes. Paris is restricting car and truck traffic in the city center and plans to have bike lanes throughout the city by 2026.

Locals Lead Way in U. S.

Efforts to offer incentives for e-bike purchases have not made it 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 offering an e-bike incentive in 2021.

The city of Denver has offered one of the most popular incentive programs. On Earth Day (April 22) 2022, the city began issuing vouchers for the purchase of e-bikes. As of the end of the year, 4,734 vouchers had been used to buy e-bikes.

With Denver’s success, the state of Colorado implemented a similar plan that will provide $12 million for e-bike incentives.

California will launch its $10 million incentive program this year. Massachusetts has a similar $1 million program in place.

In addition to state and city governments, some utility companies have offered e-bike rebates..

E-bikes Cut Emissions and Save Time

One of the obvious appeals of e-bikes is the “e” part. Both public and private transportation is shifting toward electric vehicles. The payoff is less crowding and lower pollution. E-bikes tick both of those boxes.

According to research in Deloitte Insights, many commuters report using an e-bike reduces their commute time to work and short trips. Deloitte cites another study that showed 60 percent of travel in the United States is five miles or less.

Often those short trips are spent sitting in traffic. Deloitte says Americans lose 99 hours a year idling between the bumpers of other vehicles.

For Young and Old

You might think e-bikes are the domain of the young. However, more seniors are climbing on board.

A 2019 survey by EVELO Electric Bicycles found that the majority of e-bike owners and shoppers were 55 and older. EVELO noted that its customers tend to be seniors. However, its data corresponds to previous studies by Portland State University.

Market Beyond 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 space. In addition, they have a relatively large load capacity.

Another market turning to e-bikes are city ride-share programs. Many large cities around the world offer bicycles for visitors and residents to get around with greater ease than driving a car. Increasingly, those cities are incorporating e-bikes in their ride-share programs.

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Max Erkiletian

Max K. Erkiletian began writing for newspapers while still in high school. He went on to become an award-winning journalist and co-founder of the print magazine Free Bird. He has written for a wide range of regional and national publications as well as many on-line publications. That has afforded him the opportunity to interview a variety of prominent figures from former Chairman of the Federal Reserve Bank Paul Volker to Blues musicians Muddy Waters and B. B. King. Max lives in Springfield, MO with his wife Karen and their cat – Pudge. He spends as much time as possible with his kids, grandchildren, and great-grandchildren.