Why Is Demand for Electric Bike Highest in Asia-Pacific?

The increasing provision of government incentives and subsidies in several countries is causing a sharp rise in the sales of e-bikes across the world. Subsidies in the form of price reductions or discounts are encouraging people to buy these bikes. For example, the Swedish government provided a subsidy of as much as 25% (or up to nearly $1,119) per e-bike to all the citizens of the country for up to three years in 2018. 

E-Bike Market Outlook

Because of the provision of this subsidy, more than 100,000 e-bikes were sold in 2018, registering a huge growth from the recorded sales of 67,000 e-bikes in 2017. Apart from this, the increasing concerns being raised in many countries over the escalating pollution levels are also pushing up the sales of eco-friendly modes of transportation such as e-bikes. In various countries such as Netherlands, Belgium, Germany, and Japan, people are increasingly preferring low-speed electric vehicles over the high-speed ones.

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As a result, the demand for e-bikes is rising rapidly in these countries, especially for short-distance commuting. Moreover, the pedal-assist electric bikes are very beneficial for the health of geriatric people. Due to these reasons, the popularity of e-bikes is growing quickly all over the world. This is, in turn, driving the progress of the global e-bike market. The market valuation is predicted to surge from $14.4 billion in 2019 to over $25.9 billion by 2025.

Geographically, as per the findings of P&S Intelligence, a market research firm based in India, the Asia-Pacific (APAC) e-bike market was very lucrative in the years gone by. The presence of a strong bike commuting culture in India, China, Japan, and many other regional countries and the large-scale utilization of low-speed electric two-wheelers in Japan, Indonesia, and China for commuting are the key factors responsible for the surge of the industry in the region in the past.

The e-bike market will record huge growth in the APAC region in the future years as well, because of the rising implementation of favorable government initiatives and incentives in the regional countries and the increasing road congestion in various APAC countries. The market will exhibit rapid advancement in North America in the forthcoming years, mainly because of the ballooning utilization of these bikes for health and recreational purposes in the region.

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Thus, it can be said without any hesitation that the sales of e-bikes would shoot-up all over the world in the upcoming years, mainly because of the rising requirement for environment-friendly modes of transportation and the increasing provision of financial incentives and subsidies on the prices of e-bikes in several countries around the world.