North America E-Bike Market 2022-2028

MARKET OUTLOOK

According to the analyst, the market for e-bike in North America is anticipated to grow with a CAGR of 10.34% in the forecasted period from 2022 to 2028. The United States and Canada together form the market in this region.

To increase sales of e-bikes in the United States, retailers are focusing on older but active users. As of 2016, people in the age group of 52 to 70 years accounted for nearly 25% of Americans. Though many of them enjoy cycling, they cannot ride a bicycle due to health-related issues, such as exercise-induced asthma or knee & joint pain.

Therefore, to cater to this potential customer base and increase product sales, retailers are citing the benefits of electric bikes. This includes ease of pedaling, limited efforts required to propel the bike forward, less heart stress during a ride, and a reduced likelihood of sudden spikes while navigating elevated or uneven terrains.

Electric bikes are now being preferred as a new mode of transportation in different places across Canada, such as British Columbia and Toronto. Therefore, new rules are being implemented and infrastructure is also being developed to aid increased adoption of these vehicles. For instance, under the Transportation 2040 Plan, the city of Vancouver recognized electric-assist bicycles as a growing transport mode owing to their various benefits. Such initiatives support the growth of the market in Canada.

COMPETITIVE OUTLOOK

QWIC, Samsung SDI Co Ltd, Riese & Müller, Stromer, Accell Group, Brose Fahrzeugteile SE & Co KG, Shimano Inc, Yadea Group Holdings Ltd, BMZ GmbH, Giant Manufacturing Co Ltd, NIU International, Vanmoof are some of the notable players in the e-bike market.