Electric bikes could grow to 2 billion by 2050
Posted on in Cycles News
The Electric Bike Worldwide Report predicts that the electric bike industry is poised to grow to 2 billion by 2050, with 84 million e-bikes being sold each year.
Today there are 200 million electric bicycles ridden, mostly in China where sales total CNY 100 billion (14bn euro) in value - a tenfold increase since 2005.
But China's domestic sales on electric bicycle have been declining since 2013 in the face of a saturated market, said He Zuoxiu, a scholar with the Chinese Academy of Sciences. "China has over 250 million electric bikes, while an additional 33 million are being newly manufactured annually.
"However, the demands are growing in Germany, France, India, Vietnam and other foreign markets. China's 'One Belt, One Road' initiative has created a best opportunity to export the abundant electric bicycles abroad", he added.
Some 1.3 million electric bicycles with the total value of $510 million were exported to over 100 nations and regions in 2016, a 20 percent increase vs previous year, said Ma Zhongchao, director with the China Electric Vehicle Association.
"The Chinese-made electric bicycles have the advantages on price and quality comparing with those manufactured abroad," Ma said. E-bikes in China sell for about $400 versus roughly $2000 for its European counterpart.
It is predicted that eventually, eBikes will account for one of every three bikes sold in the European Union, a ratio now achieved only in the Netherlands. Until then, the report predicts that e-bike sales will continue growing at a rate of about 15% a year.
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