Global environmental awareness is rising, and bicycles have gradually changed from sports and leisure functions to commuting means. Among them, electric bicycles have been fueled by an aging population, which has led to a substantial increase in the global output of electric bicycles in recent years.
The COVID-19 epidemic has changed commuting habits in Europe and the United States. Countries encourage people to replace public transportation with bicycles and add infrastructure such as bicycle lanes. Together with government encouragement and subsidies, market demand will continue to increase, and future demand for electric bicycles is expected to continue to grow.
The four major development trends of the global bicycle industry are lightweight, electrification, intelligence, and networking, and sharing and service. Among them, electrification and networking are the main development directions of major bicycle factories. In the bicycle networking part, many new ventures have joined and launched various applications to provide customized solutions for vehicle manufacturers; lightweight, sharing, and service Development goals for component factories and related service operators.
Electric bicycles are leading the growth curve. Bicycle sales were 3.7 million units in 2019 and are estimated to reach 17 million units by 2030. Although bicycle shops in many countries have been closed due to the epidemic and the supply chain has also become tight, the data for 2020 can already show that the electric bicycle market has grown by 23%. In addition to the surge in demand, it is also driven by the government's new infrastructure and high-end electric bicycles. It is predicted that annual sales of 10 million will be reached by 2024. Not only is the prospect of electric bicycles quite optimistic, but the regular bicycle market is also predicted to increase sales.
Electric Bicycles in Europe
Europeans have always liked to travel and exercise by bicycle, and see the increase in the number of silver-haired people. Electric bicycles, which allow retired elderly people to enjoy cycling, have become the most popular sports products. Major car manufacturers are actively attacking the electric bicycle market.
Looking at the business opportunities of the Bank of China, in recent years, major car manufacturers have focused on the field of electric bicycles. From the beginning, they mainly used commuting. Now many car manufacturers have launched electric bicycles for high unit price road bikes and mountain bikes. Let the silver-haired people easily ride bicycles with friends.
Electric bicycles will be a major mainstream commodity in the European bicycle market in the future, and they will grow at a very fast rate. The sales volume of electric bicycles in Europe has reached 200,000 units in one year, and it is optimistic that the market can expand to at least several million units. Merida also expanded its electric bicycle production line at its production base in Germany two years ago to attack the European electric bicycle market.
Electric Bicycles in The United States
The phenomenon that the market shifts from conventional bicycles to electric bicycles are not only happening in Europe, but the sales of electric bicycles in the North American market are also getting better and better. The North American electric bicycle market has accumulated 500,000 sales in 2020 and is estimated to reach 2 million in 2030. The overall bicycle market is expected to grow from 15.2 million to 23.3 million in 2030, and more importantly, the increasing importance of electric bicycles in the North American industry. Electric bicycles now account for nearly 25% of the total market value, and it is estimated that they will grow to 50% before 2030.
Electric Bicycles in Taiwan
The Taiwan bicycle industry, affected by the international electrification trend, in 2018, the export volume and export value of Taiwan's electric bicycles increased by 57.9% and 52.7%, respectively, compared with previous years. Taiwan has the potential for the development of high-value-added electric bicycles. Bicycle factories can provide corresponding overall solutions for different demand scenarios, providing diversified application options in terms of complete vehicles, service platforms, app application design, and logistics management, and master-specific customers. Customized products or services, combined with the integration of key components and systems into the vehicle platform, will further create Taiwan’s bicycle output value and enhance the future competitiveness of Taiwan’s bicycle industry in the international market.