Market Trends of nordic e-bike Industry
The consistent growth in e-bike adoption across Nordic countries, led by Denmark and Norway, showcases a strong inclination towards sustainable and health-conscious transportation choices in the region.
- Nordic countries have witnessed significant growth in the demand for e-bikes over the past few years. The benefits of e-bikes over the old traditional bicycles have raised the former's demand across the region. Riding comfortably with minimal effort, zero carbon emission, time-saving during peak traffic hours, and cost-efficiency are some of the major factors contributing to the adoption of e-bikes over other vehicles for daily commuting to nearby places. As a result, the adoption rate for e-bikes increased by around 5% in 2019 over 2018 across the Nordic region.
- In 2020, the Nordic e-bike market was favorably impacted by the COVID-19 outbreak. The use of personal vehicles increased, and people started avoiding other modes of transportation, including public transportation and hired cabs, which greatly aided in the spread of e-bikes throughout the region. These factors encouraged many to buy e-bikes as a practical and affordable option for daily commuting to work and neighboring locations in various countries. As a result, the adoption rate of e-bikes in Sweden increased by around 6% in 2020 compared to 2019.
- In 2021, the easing of COVID-19 restrictions led to the restart of offices and business operations, thus, increasing the region's consumer demand for e-bikes. The introduction of new e-bikes with cutting-edge features like quick charging, a large range in kilometers, and fitness tracking has greatly influenced people to purchase e-bikes. As a result, all Nordic countries are anticipated to have an e-bike adoption rate of more than 50% by 2029.
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A modest but steady increase in the population commuting 5-15 km, with Sweden and Norway showing consistent growth, reflecting a stable trend in regional commuting habits.
- The need for individual bikers rises each year as the number of Nordic nations using bicycles for transportation increases. The number of people who commute by bicycle 5 to 15 kilometers each day has increased due to the rising bicycle demand. In 2020, more than 10% of people in the area commuted daily between 5 and 15 kilometers to various destinations, including workplaces, businesses, and educational institutions.
- Millions of people rediscovered bicycles as a safe, socially isolated form of transportation due to the growing number of COVID-19 cases throughout the region, which prompted the closure of gyms and public transportation. During the pandemic, more people decided to commute within a range of 5 to 15 kilometers, thus increasing the number of commuters in 2021. Customers who commute 5 to 15 kilometers daily are also demanding e-bikes with cutting-edge battery packs that offer a greater range of up to 40-45 kilometers.
- People have become habitual in using bicycles for daily travel, further increasing the number of commuters between 5 and 15 kilometers, including traveling to their places of employment, businesses, and nearby markets. Various countries in the region have witnessed growth in the number of bicycle users. In 2022, Sweden witnessed 72.5% of people traveling to work daily on bicycles. Improvements to cycling infrastructure and the creation of bike lanes are expected to increase the demand for bicycles and commuters between 5 and 15 kilometers during the projection period in Sweden. Similar factors are projected to increase the demand for bicycles and commuters between 5 and 15 kilometers across the Nordic region.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The Nordic region shows a strong, growing market for bicycles, reflecting a widespread and enduring interest in cycling.
- Inflation trends in the Nordic region reflect a balanced economic scenario with Sweden, Norway, and Denmark experiencing a gradual increase in prices, underlining the region's effective management of economic pressures.
- The consistent decline in Li-ion battery prices in the Nordic region underscores a strong shift towards electric mobility.
- Extensive bicycle lanes in the Nordic region enhance safety and encourage cycling as a primary mode of transportation.
- Advanced Battery Technology is Encouraging Consumers to Choose E-Bikes
- Development in industries and GDP Per Capita
- Demonstrates a steady and consistent growth in the bicycle rental market, with countries like Sweden and Finland contributing to the regional market value.
- The Nordic region is embracing e-bikes for hyperlocal deliveries, optimizing for speed and sustainability in urban areas.
- Trekking is growing in popularity, with Sweden, Norway, and Denmark showing consistent increases in the number of trekkers, indicating a robust outdoor activity culture.
- Norway and Sweden show a decreasing trend in traffic congestion, maintaining lower levels compared to Denmark, which has a slightly fluctuating but stable congestion rate.
