Pedelec Market is Expected to Capture Nearly 80% of Global Market Demand by 2031 End
Fact.MR’s report predicts the global sales for pedelecs to exceed US$ 55 Bn by registering a positive a CAGR of 7% for the forecast period 2021-2031. Consumers are becoming extremely conscious about the environment and their physical fitness is auguring well for pedelec market players. This, in turn, has spurred the demand for pedelecs.
Historically, between 2016 and 2020, sales of pedelecs surpassed US$ 26 Bn in 2019, experiencing a CAGR of over 3% across the aforementioned period. While initial projections during 2020 appeared glum, amid production crunches experienced during the height of COVID-19. Eventually, however, this translated into an opportunity as consumers began working on their fitness regimes, impelling sales of electric bikes and pedelecs.
Technological advancements in batteries and fuel cells are bringing in new varieties and improved efficiencies of electric motors used in pedelecs, thereby, enabling pedelec market players to launch more energy-efficient models. In addition, pedelecs are space and cost effective. These factors have increased the popularity of pedelecs amongst consumers.
Key Takeaways from the Market Study
- Asia is expected to possess nearly 80% market share for pedelecs until 2031
- Europe to account for over 45% of market share from 2021 to 2031
- By battery type, lithium-ion batteries expected to possess 50% market share
- Foldable pedelecs expected to surge at a CAGR of 7% across the forecast period
- China, Germany and France top three countries driving sales of pedelecs market
“Mounting concerns regarding increasing carbon footprints left by conventional fossil fuel driven vehicles is prompting users to switch over to more sustainable transport alternatives, impelling pedelec sales,” opines a Fact.MR analyst.
How are Environmental and Physical Benefits Improving Sales of Pedelecs?
With the growing awareness about the negative effects of internal combustion engines in conventional vehicles on the environment, consumers are making a shift away from petrol/diesel vehicles. Unlike IC engines in vehicles, pedelecs generate no harmful emissions and do not contribute to air pollution, thereby, providing a sustainable mode of transportation. Thus, the environmental relevance of pedelecs is one of the most important factors accelerating growth of the market.
While increased environmental awareness has provided a fillip to the global sales of electric vehicles, health-conscious consumers are more inclined towards purchasing pedelec. Owing to their positive impacts on the environmental health as well as physical health, the number of pedelecs sold across the world is expected to surge in the coming years.
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