According to a report from Navigant Research, international revenue from electric bicycles, or e-bicycles as they are called, will reach $10.8 billion by 2020. Much of this revenue is due to the huge popularity these bicycles have in Asia.
2013 will most likely see sales of $2.6 billion. Innovations in the lithium-ion battery has led to lighter weight bikes that have the ability to discharge energy quickly. They are also safer since they are relatively light and easier for the rider to control.
Principal researcher Dave Hurst at Navigant Research noted that urbanization is occurring at warp speed across the globe, and more and more countries are encouraging citizens to consider bikes as an alternative to traffic congestion. E-bicycles are appealing to both the younger generations and the older ones.
China still holds the bicycle record – with 9 out of 10 electric bicycles sold there. A combination of a swelling population, incredible traffic problems in urban areas, and citizens who don’t have much money, is taking people away from automobiles and leading them toward bicycles as the primary method of travel.
Bike sales, both electric and traditional, are growing steadily in the West, too. Annually, 20% of global electric bicycle revenue derives from Western Europe.
Navigant Research forecasts a global e-bicycle sales increase from 31 million units to 38 million units annually.