North American sales of e-bicycles are expected to grow at a compound annual growth rate (CAGR) of 22 percent over the next six years, according to a report from Pike Research.
“E-bicycle manufacturers and importers in North America and Latin America continue to struggle with a weak distribution network and modest demand,” reports Dave Hurst, a senior analyst with Pike Research. “As a result, the e-bicycle market is experiencing an accelerated rate of acquisitions and business failures. Nevertheless, sales are expected to grow rapidly, with a CAGR of nearly 22 percent in North America from 2012 to 2018.”
Pike Research forecasts that the worldwide market for e-bicycles will increase at a CAGR of 7.5 percent between 2012 and 2018, resulting in global sales of more than 47 million vehicles in 2018 compared to 30 million estimated to occur in 2012. The firm’s forecast calls for the global e-bicycle market to generate $6.9 billion in worldwide revenue in 2012, growing to $11.9 billion in 2018. By 2018, the firm anticipates China will account for 42 million e-bikes, or 89 percent of the total world market.
Under a more aggressive forecast scenario, worldwide e-bicycle sales could reach 51 million units and $13.2 billion revenue in 2018, the clean tech market intelligence firm forecasts.
Pike released its forecast the day after Germany’s bicycle industry trade association estimated that e-bike sales in that country reached 310,000 units in 2011, up 55 percent from 2010. Those sales helped propel total bike sales in Germany to €2 billion, up 8.8 percent.