Market Trends of sweden e-bike Industry
Sweden's E-Bike adoption rates indicate a steady and healthy market growth, with increasing consumer acceptance.
- Sweden has witnessed significant demand growth for e-bikes over the past few years due to their advantages over traditional bicycles. Advantages, such as comfortable riding with minimal effort, zero carbon emissions, time-saving during peak traffic hours, and cost efficiency, are contributing to the adoption of e-bikes over other vehicles for daily commuting to nearby places. As a result, the adoption rate of e-bikes increased by 5.4% in 2019 over 2018.
- The COVID-19 pandemic and the increasing number of cases positively affected the Swedish e-bike market. People's growing preference for personal vehicles and avoidance of public and rented transportation highly contributed to the growth of e-bikes across the country. Thus, people invested in e-bikes as a convenient and price-friendly option for daily commuting to offices and nearby places, boosting their adoption rate by 6.2% in 2020.
- The relaxation in restrictions and the resumption of business operations and offices led to a gradual growth in the demand for e-bikes across Sweden. New product launches with advanced features, such as fast charging capacity, longer range, and exercise tracking, are also highly encouraging consumers to invest in e-bikes. Therefore, the adoption rate of e-bikes in Sweden is expected to reach 72.50% in 2029.
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Sweden demonstrates a steady increase in the percentage of commuters traveling 5-15 km daily, reflecting consistent commuting habits.
- Every year, the usage of bicycles for transportation rises in Sweden, driving the demand for bicycles among individual cyclists, especially those who prefer this mode of commute in a range of 5-15 km per day. In 2020, close to 10% of individuals in Sweden used bicycles as their primary mode of transportation to travel 5-15 km daily to various locations, including offices, enterprises, and schools.
- Growth in the number of COVID-19 cases in Sweden resulted in a shutdown of gyms and public transit. Thus, many Swedish people rediscovered bicycles as a safe, socially isolating mode of transportation. During the pandemic wave, people chose to exercise through cycling or engaging in recreational runs to nearby locations, which increased the number of commuters within the range of 5-15 km by 0.1% in 2021. The introduction of e-bikes with advanced battery packs to provide an improved range of up to 40- 45 km also boosted their demand among consumers who travel a distance of 5-15 km daily.
- During the pandemic, people used bicycles for daily travel to shorter distances, such as 5-15 km, including their workplaces and markets. In 2022, about 72.5% of people traveled to work daily on bicycles. Improvements in bicycle infrastructure and bike lanes in the country are expected to increase the demand for bicycles and the number of commuters within 5-15 km during the forecast period.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Sweden's bicycle sales display consistent growth, reflecting a stable market with an enduring interest in cycling.
- Sweden's inflation rates indicate a peak in 2022, followed by a trend towards stabilization, demonstrating economic resilience.
- Sweden's e-bike battery prices show a downward trend, signaling increased market adoption and cost efficiencies.
- Sweden's consistent growth in dedicated bicycle lanes indicates a strong commitment to cycling as a sustainable and healthy mode of transportation.
- Sweden's E-bike charging time is on a downward trend, indicating advancements in electric vehicle technology and a focus on sustainable transport.
- Sweden's GDP per capita reveals consistent growth, highlighting a strong economy with a focus on innovation.
- Sweden's bicycle rental market shows a substantial rise post-2020, maintaining steady growth and indicating a strong consumer base.
- Sweden's hyper-local delivery sector is on the rise, reflecting a market trend towards localized and convenient digital services.
- Sweden's trekker community is expanding, indicating strong engagement with the country's vast natural landscapes and a growing interest in outdoor and wilderness activities.
- Sweden's Traffic Congestion Index shows a slight decrease, indicating potential improvements in traffic management or a shift in commuting patterns.
