Electric bicycles have been putting more new and returning riders on two wheels than ever before. Riding an electric bike significantly contributes to health; it improves cardiovascular conditioning, improves brain function, and helps to maintain a healthy body weight. E-bikes are cost-efficient, safe, and easy to drive. Due to increasing global warming and regular climate change, more and more people are opting for environmentally friendly things like e-bikes. In addition to that, electric bikes offer an extended range, which allows riders to commute without arriving at work sweaty, haul heavier goods, use bikes for more errands, and take longer trips. They also make it easier for older riders and those with disabilities to access cycling. Consumers are increasingly leaning toward adopting public transport modes that are characterized by low or near-zero carbon emissions. The mass commercialization of electric vehicles in the transportation industry in Mexico has propelled the market prospects of the electric bicycle market.
According to the report, "Mexico Electric Bicycle (E-bike) Market Research Report, 2027", published by Actual Market Research (ActualMR), the market is projected to expand at a significant growth rate during the forecast period. Factors such as inclination towards healthy lifestyles, a growing fitness trend, and increasing preference for recreational activities, specifically among youth, are expected to supplement the growth of the electric bike market throughout the forecast period. Furthermore, government regulations encouraging the use of e-bikes, increased R&D investment, the growing trend of all-terrain e-bikes for commuting and recreational activities in remote areas are expected to create several lucrative opportunities in the Mexico electric bike market in the coming years. Further, the decrease in the cost of Li-ion batteries is driving the e-bike market. The increase in the use of e-bikes in the automotive sector has provided Li-ion battery manufacturers with economies of scale, decreasing the cost of Li-ion batteries and making them viable for use in e-bikes. As a result, the adoption of Li-ion batteries has increased in e-bikes, particularly by bike-sharing firms.
The e-Bike market is witnessing a lot of technological advancements for more optimized and reliable products. The connected e-Bike is one such advancement, wherein the SIM module enables the e-Bike to send and receive data to and from the cloud without a connected smartphone. The connected e-bikes provide advanced features like emergency calls, integrated navigation, social media connection, an anti-theft system, and remote diagnostics, which attract a larger customer base. Therefore, the trend for connected e-Bikes would create an opportunity for the e-Bike market to develop and grow during the forecast period. Consumer preference for e-bikes as an eco-friendly and efficient mode of transportation, rising fuel costs, and increased interest in cycling as a fitness and recreational activity across the country are expected to drive market growth. Furthermore, improvement in biking infrastructure and battery technology is expected to offer lucrative opportunities for the electric bike market's growth.
According to the report, the Mexico electric bicycle (E-bike) market is segmented into two propulsion types, including pedal assist and throttle. Among these types, the pedal assist segment occupied a major portion of the market share in 2021 and is expected to continue growing during the forecast period. The higher market growth is attributed to its better battery life, lower servicing needs, and the ability for users to choose from three to five modes of pedal-assist depending on the model. However, the throttle segment is anticipated to exhibit a higher CAGR during the forecast period. Factors such as decreased pedaling effort in scenarios such as accelerating up a hill or cruising will drive the growth of this segment. Further, the market is segmented into three class types, including Class 1: Pedal Assist, Class 2: Throttle On Demand, and Class 3: Speed Pedelec. Class 1 e-bikes had the highest market revenue share in 2021 and are expected to maintain their dominance in the coming years. The rising demand for pedelecs because of their health assistance along with power assistance within the range of 25 kph that does not have any regulation on its driving is likely to propel the growth of class 1 e-bikes. Furthermore, based on the application, the city/urban segment is anticipated to dominate the market during the upcoming timeframe.
Key Players: Pedego Electric Bikes, Juggernaut eBike, Giant Manufacturing Co., Limited, Trek Bicycle, Specialized Bicycle components, Inc., Mastretta electric bike, Merida Industry Co. Limited
The COVID-19 outbreak has given a huge boost to the electric bike market. As people have become more cautious and with public transport taking a backseat even after the lifting of lockdowns, electric bikes have turned out to be the preferred choice of transport because it's fast, easy to ride, cheap and safe. The government restrictions and lockdowns during the first quarter of 2020 dampened the sale of e-Bikes as the stores were closed, and the commute was allowed for only essential services. However, after removing all impositions due to increased vaccination drives, things have started to normalize with the opening of offices and all other regular activity stores globally, which has again increased the regular travel scenario of commuters. The electric bike market is estimated to observe a huge boost in sales post-COVID-19 during the forecast period.
Considered in this report
Historic year: 2016
Base year: 2021
Estimated year: 2022
Forecast year: 2027
Aspects covered in this report
Mexico Electric Bicycle (E-Bikes) market with its value and forecast along with its segments
Various divers and challenges
Ongoing trends and developments
Five force models
Top profiled companies
Segment covered in the report
By Propulsion Type
By Class Type
Class 1: Pedal Assist
Class 2: Throttle On Demand
Class 3: Speed Pedelec
By Battery Type
Trekking (E-mountain Bikes/e-MTB)
Others (Speed e-bikes, Foldable, Fat Bicycle)
The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing the government- generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have verified the details obtained from secondary sources.
This report can be useful to Industry consultants, manufacturers, suppliers, associations & organizations related to electric bicycle products industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.