E-bikes, often known as electric bicycles, are a particular kind of vehicle equipped with additional battery capacity and electric motors to help the rider while pedalling. Because they are affordable, fuel-free, and environmentally friendly, these electric bicycles are an effective mode of transportation.
Latin America Electric Bicycle Market Driving Factors and Challenges
Several nations, including Brazil and Mexico, have been reporting excessive pollution levels and poor air quality. This is mostly caused by the high rate of traffic congestion and the widespread use of internal combustion engine automobiles. The people developed serious respiratory illnesses as a result of the emission of dangerous gases and particle materials. As a result, there is a behavioural shift taking place in the area, with people progressively switching to greener forms of transportation like electric bicycles, which is driving up electric bicycle market expansion. In an effort to lower the total amount of carbon emissions from the transportation sector, urban commuters who ride their bikes every day, such as students and working professionals, are switching to e-bikes.
Compared to vehicles and motorcycles, bicycles are much more affordable, can easily navigate through extremely crowded city roads, and don't need extra parking. As a result, the use of electric bicycles has increased due to several environmental and economic concerns, particularly among the younger people living in the region's cities. Furthermore, the governments in the region have established goals to attain net neutrality by 2050 and significantly reduce carbon emissions by 2030. This is boosting the Latin America Electric Bicycle Market by encouraging residents and mobility service providers throughout the area to embrace electric bicycles.
However, the Latin America Electric Bicycle market faces several challenges. There are many different options available to replace electric bicycles, such as regular bicycles, low-power electric bikes and scooters, and electric mopeds. These alternatives are perfect for the job and provide all the advantages of an e-bike, including reduced maintenance costs, increased efficiency, freedom from traffic jams, and many more. Because of this, consumers in the Latin American region who purchase electric bikes have the ability to quickly switch to other options, which hinders the expansion of the Latin American electric bicycle market.
Impact of COVID-19 on Latin America Electric Bicycle Market
Despite stringent precautions, daily infections in Latin America—which is currently the principal epicentre of COVID-19—surpassed those in Europe and the United States. Travel, commodities prices, and supply networks were all affected. But in response, towns like Buenos Aires, Bogota, Lima, and Quito increased bike lanes, encouraged riding, and restricted car access to lessen the congestion on public transport. As a result of the pandemic-induced behavioural shift towards health consciousness, the use of electric bicycles has increased. This shift makes it possible for riders to burn calories while riding, and the electric support is helpful when climbing hills or in strong headwinds. As a result, despite shifting consumer tastes, the Latin American electric bicycle market is expanding positively.
Latin America Electric Bicycle Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Brazil Electric Bikes, Caloi, E Mov Inc., E-Moving, Haibike, Lev Bicycle, Merida Bikes, Ridley Bikes, Trek Bike Corporation, Vela Bikes and Others.
Latin America Electric Bicycle Market Segmentation:
By Battery Type: Based on the Battery Type, Latin America Electric Bicycle Market is segmented as; Lead Acid Battery, Lithium Ion Battery, Nickel Cadmium, Nickel Metal Hydride, Others.
By Battery Capacity: Based on the Battery Capacity, Latin America Electric Bicycle Market is segmented as; Less than 250 W, 251 W to 450 W, 451 W to 650 W, Above 651 W.
By Propulsion: Based on the Propulsion, Latin America Electric Bicycle Market is segmented as; Pedal Assisted, Throttle Assisted.
By Application: Based on the Application, Latin America Electric Bicycle Market is segmented as; Cargo, Trekking, Urban Commute.
By Region: This research also includes data for Argentina, Brazil, Columbia, Mexico and rest of Latin America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.