Mar 01, 2019
Electric Bicycles’ Buoyancy as a Sustainable Alternative Encourages Manufacturers to Make Technological Reformations, Finds Fact.MR
by Team Fact.MR
Sales of electric bicycles are rising at an exponential rate, owing to rising inclination toward fitness and recreation. Increasing popularity of electric bicycles as an efficient and eco-friendly solution for daily commute is a key reason fostering its demand. Rising fuel costs is also a prominent reason that is inducing a massive shift toward electric bicycles as a viable alternative. These insights are as per the latest Fact.MR research study that sheds light on a buoyant outlook of electric bicycles market in the future.
Refurbishment in the bicycling infrastructure and battery technologies is likely to pave new growth avenues for the electric bicycles market in the forthcoming years. Surging demand for low-cost and energy-efficient vehicles have also pushed the demand for electric bicycles. As per the report, manufacturers of electric vehicles are capitalizing on the pervasive trend of corporates resorting to electric bikes as an alternative cargo and fleet solution. Rising pace of urbanization has further resulted in spurring efforts
“Manufacturers of electric bicycles, in a bid to cater to the evolving needs of modern-age bikers, are offering innovative features to ameliorate accessibility. Less weight supported by integration of Li-ion batteries, economic cost, widespread availability, and no or minimal environmental impacts are foreseen to be some of the key factors restoring the faith of modern bikers in electric bicycles”, Senior Analyst, Fact.MR
However, certain instances also point to a particular demographic reluctant to embrace electric bicycles, which is likely to have adverse impacts on the adoption rate. A revelation by AAA states that nearly 73 percent of the U.S. adults are afraid to ride fully self-driving vehicles and around 64 percent of the millennials feel too hesitant or afraid to ride. Particulars as such are likely to create notable hindrances apropos of electric bicycles adoption.
Pedelec Sales Rev up as New-Age Bikers Resort to Cost-Effective Transportation Modes
The pedelec market is likely to witness remarkable growth, with an estimated valuation of around US$ 26 billion, and is foreseen to record an impressive 3.1% y-o-y in 2019, finds the latest research study published by Fact.MR. The study further finds that consumer proclivity toward adoption of sustainable modes of transportation is providing the much-needed fillip to sales of pedelec market in the upcoming years.
With consumers rapidly gravitating toward environmentally-responsible products, use of pedelec gaining prominence as it augurs well with the customer specifications. Winsome attributes, such as cost-effectiveness, compact and sleek designs, and speed in terms of commute is expected to foster adoption of pedelec in the forthcoming years.
Imposition of stringent regulations on the manufacturing and marketing framework of pedelec are creating significant challenges for manufacturers in the global market to continue with their conventional strategies. Regulations may hinder the process of new product launches, creating substantial barriers apropos of business expansion in the pedelec market.
The Fact.MR study provides actionable intelligence for the stakeholders in the pedelec market with detailed analysis of opportunities for the market players to flourish.