The global increase in environmental consciousness has resulted in a shift for bicycles from primarily sporting and recreational roles to becoming popular modes of commuting. Notably, the rising adoption of electric bicycles is driven by factors such as an aging population, contributing to a significant upsurge in the global production of electric bicycles in recent years.
The COVID-19 pandemic has significantly altered commuting patterns in Europe and the United States, prompting governments to advocate for a shift from public transportation to bicycles. This shift is accompanied by the development of bicycle-friendly infrastructure, such as dedicated lanes. With government encouragement and subsidies, the market for bicycles is poised for continued growth, particularly in the electric bicycle segment.
The global bicycle industry is experiencing four major trends: lightweight design, electrification, intelligence and networking, and sharing and services. Electrification and networking are focal points for major bicycle manufacturers. Numerous startups have entered the bicycle networking sector, introducing various applications to offer tailored solutions for vehicle manufacturers. Lightweight design, sharing, and service represent the goals for component manufacturers and related service providers.
Electric bicycles are at the forefront of this growth trajectory. Sales, which stood at 3.7 million units in 2019, are projected to reach 17 million units by 2030. Despite the challenges posed by the pandemic, data from 2020 already indicates a 23% growth in the electric bicycle market. Government investments in new infrastructure and high-end electric bicycles are driving this surge in demand, with predictions suggesting annual sales could reach 10 million units by 2024.
In Europe, electric bicycles are gaining popularity, especially among an aging demographic. Major automotive manufacturers are actively entering the electric bicycle market, offering models suited for both commuting and recreational use. The European electric bicycle market is expected to become a major mainstream commodity, experiencing rapid growth with sales potentially reaching several million units.
The United States Market
Similarly, the North American market is witnessing a shift from traditional bicycles to electric bicycles. Sales are on an upward trajectory, with the North American electric bicycle market estimated to reach 2 million units by 2030. Electric bicycles already account for nearly 25% of the total market value and are anticipated to grow to 50% by 2030, reflecting their increasing importance in the industry.
Taiwan's bicycle industry is also capitalizing on the global electrification trend. In 2018, the export volume and export value of Taiwan's electric bicycles experienced significant growth. The country has the potential to develop high-value-added electric bicycles, offering comprehensive solutions for diverse demand scenarios. Taiwan's bicycle industry is strategically positioning itself by integrating key components and systems into vehicle platforms, enhancing its competitiveness in the international market.