Sales of electric bicycles in the United States will more than triple in the next six years, reaching 265,000 in 2018, according to a recent report from Pike Research.
The major market research and consulting firm pointed out that while e-bikes are highly popular in many rapidly growing economies–particularly China, which accounts for some 92% of e-bike sales in the world today–they have yet to catch on in a significant way in North America.
Only around 89,000 e-bikes would be sold this year in the United States, for example, Pke said, compared to 252,000 in Germany, a country with less than one-third the population of the United States.
Worldwide sales of e-bikes would surpass 47 million vehicles in 2018, generating nearly US$12 billion in revenue in that year, Pike said.
“Although the e-bicycle will remain a niche product in the United States, the U.S. market is expected to expand at a compound annual growth rate of 20%,” said senior research analyst Dave Hurst. “That means it will continue to trail significant Western European markets, but increases in bicycle infrastructure in growing urban centers and the rise in popularity of alternative means of transport will make e-bikes a viable choice for thousands of new users.”