Press Release

Electric Bicycle to Witness Higher Demand Due to Transition Towards Sustainable Mobility

The Latin America Electric Bicycle Market is projected to grow at a CAGR of around 7.2% in the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The major reason for the rising adoption of electric bicycles is the shift of daily commuters towards electric bicycles instead of motorbikes & cars, as the fuel prices in the region are constantly rising. Further conventional vehicles require regular maintenance, which is not the case with electric bicycles, due to which e-bicycles are far more cost-effective compared to conventional vehicles. Further, these bicycles are compact, which allows the rider to bypass traffic congestion & blockage of the road effortlessly without wasting much time. These factors have widely supported the adoption of electric bikes, especially among daily commuters.

However, there exist many substitutes for electric bicycles, such as mopeds, electric motorbikes, scooters, and many others. This is hampering the adoption of e-bicycles among buyers as these options are also cost-effective & allow the user to bypass traffic congestion easily. Despite these restraining factors, the adoption of electric vehicles is gradually growing mainly because of the health benefits that it offers.

In addition, the government in the region is pushing toward sustainable transportation & promoting e-mobility. Supporting infrastructure is being created that supports micro-mobility, like electric bike stands, service lanes, etc. This has made the electric bicycle ride very convenient & cost-effective, thereby supporting the adoption of electric bicycles in the Latin America region.

Further, shared mobility service providers, such as Uber Technologies, Smart Bikes, etc., are also adopting electric bicycles fleet to provide shared electric bicycle services to individuals in the region. These services are provided for several purposes, including trekking, urban traveling, etc., thereby attracting a larger customer base. Thus, these factors have resulted in the growth of the market in the forthcoming years, further states the research report, “Latin America Electric Bicycle Market Analysis, 2023.”

Pedal-assisted Electric Bicycles to Lead the Growth

Based on propulsion type, the market is divided into Paddle Assisted & Throttle Assisted. Among them, a Pedal-assisted electric bicycle captures a notable share in the Electric Bicycle Market as most electric bicycles come in the paddle format assisted with a low-powered battery. These paddles provide full control to the rider & give the experience of traditional bicycles.

Further, using pedal-assisted electric bicycles, riders can cover a longer distance without experiencing fatigue. These bicycles also allow one to ride over rough surfaces & trek on hilly slopes without applying much force. Thus, due to these factors, the demand for pedal-assisted electric bicycles is higher, thereby generating substantial revenue from this segment.

Brazil to Witness Higher Adoption of Electric Bicycles

Geographically, Brazil holds a notable share of the Latin America Electric Bicycle market owing to factors such as the increasing inclination of the residents towards sustainable transportation, growing urbanization & traffic congestion. Additionally, the service providers such as food delivery & e-commerce companies like iFood, Deliver Much, and others are expanding their presence in the country. These companies are adopting e-bicycles fleets to provide home deliveries as the maintenance cost of e-bicycles is low, and they improve overall operational efficiency.

Furthermore, as more service providers are projected to expand their presence due to expanding e-commerce & quick delivery service market in the country, the demand for electric bicycles is expected to rise in the coming years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including E Mov Inc., Trek Bike Corporation, Brazil Electric Bikes, Merida Bikes, Caloi, Ridley Bikes, Haibike, Lev Bicycle, Vela Bikes, E-Moving, and Others.  are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel & impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across the region?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?