U.S. e-bike market experiences remarkable growth as sales quadruple since 2019

U.S. e-bike market experiences remarkable growth as sales quadruple since 2019

Electric bicycles (e-bikes) are rapidly reshaping the way people get around all over the world, and the trend is quite evident in the United States, where the e-bike market has experienced remarkable growth with sales quadrupling since 2019. The e-bike market across the United States has undergone a phenomenal transformation, witnessing a 400 per cent jump in sales in less than half a decade. Obviously, the global increase in popularity of e-bikes is reshaping urban mobility, and this transformative trend is vibrantly evident in the American landscape.

Stats shared by the Office of Energy Efficiency & Renewable Energy have highlighted the growth trajectory of the e-bike segment in the American market. While the European and Asian markets have traditionally embraced e-bikes as a primary mode of transportation, the U.S. market, which is currently dominated by recreational and sport applications, has witnessed an unprecedented growth.

As per newly released stats, nearly 325,000 e-bikes were sold in the U.S. in 2018, and the figure slightly dipped to 287,000 units in the year of 2019. However, the global COVID-19 pandemic became an unexpected catalyst for the e-bike industry, and the year of 2022 recorded sales of a staggering 1.1 million units. The figure represents a surge of nearly 400 per cent compared to the figure recorded in 2019. This growth translates into a remarkable financial jump, from $240 million in e-bike sales in 2019 to an impressive $885.5 million in 2022, driving the industry on the road to the billion-dollar mark.

While the e-bike industry enjoyed an impressive surge in sales due to increasing adoption rates, it hasn’t been without consequences for conventional non-electric bikes, which experienced a 16 per cent decline in sales last year. The given decline in traditional bike sales in 2022 reflects a consumer shift, prioritizing electrically assisted bikes for enhanced convenience and sustainability.

Looking ahead, the future of e-bike adoption in the U.S. holds promise, thanks to potential incentives that are said to be on the horizon. A group of congresspeople have recently re-introduced the Electric Bicycle Incentive Kickstart for the Environment (E-BIKE) Act, which proposes substantial benefits for prospective buyers, including up to a discount of 30 per cent (capped at US$1,500) on the purchase of new e-bikes. The main goal of the E-BIKE Act is to enhance accessibility to e-bikes by stimulating local government investments in bike-friendly infrastructure.

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