Belgium E-Bike Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Belgium E-Bike Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Belgium E-bike Market is valued at USD 448.35 million in 2021 and is and is expected to reach USD 868.18 Million by 2027 registering a CAGR of 11.39% during the forecast period.

As a result of the COVID-19 restrictions, fewer commuting trips were being replaced and tended to be more frequently performed by bigger vehicles. Although there have been fewer restrictions than in Belgium and other European nations, personal transportation has become increasingly common in Belgium.

Over the long term, the e-bike market in Belgium is anticipated to expand due to the falling prices of Li-ion batteries. Industrial and technological advancements, such as improved technology practices and the optimal utilization of resources, have contributed to a decrease in the price of lithium-ion batteries.

Furthermore, increasing e-bikes adoption due to focus on human health and the environment and increasing e-bike sales coupled with the factors like people becoming more health conscious and preference for reliable mode of transportation.

As the electric bikes gaining prominence in Belgium, start-ups and major players are introducing latest product portfolio in Belgium to leverage growing demand into significant market share. Such factors are augmenting the market growth.

Key Market TrendsGrowing Year-on-Year E-bike Sales Aiding the Market

In recent times, e-bikes are especially popular with people between the age of 50 to 60 years, and they have been using bikes mainly for recreation purposes in Belgium. But there was a noticeable growth in sales of e-bikes between the age group of 40 to 50 years. This reflects that more people have been adopting e-bikes for commuting. Furthermore, e-bikes with a lady's frame are preferred as they are easier to get on and ride.

Belgium's e-bikes market accounts for one of the largest percentages of overall bike sales in Europe, with almost 5%, of total Europe's sales. In March 2019, the Belgian Parliament called for reducing the Value Added Tax (VAT) on the sale of conventional bicycles and e-bikes from the existing 21% to 6%. This would help in bringing down the cost of e-bikes considerably. These kinds of initiatives are expected to help the market studied grow over the forecast period in the country.

The fact that the Corona measures were somewhat looser in 2021 compared to the previous year partially accounts for this rise. Consequently, more people returned to work last year, and the e-bike was regarded as a viable alternative for commuting.Because of this, the ability to travel greater distances is the reason the customer decides to purchase an e-bike.Dutch e-bikers cycle approximately 43 kilometers per week on average.Regarding the riders' ages, the number of e-bike purchasers aged 35 to 49 significantly increased in 2021.

Dutch consumers have purchased more expensive e-bikes in 2021. From € 2,191 to € 2,283, the average price increased by 4%. in 2021 in Belgium . From € 2,031 to € 2,197, the increase in Belgium in 2021 was more than 8% higher than in 2020. To put it another way, consumers in the country have begun to purchase more high-end electric bikes. E-bikes priced above €3,000 are also showing significant growth.In addition, there is still a lot of potential for cheaper e-bikes.In Belgium, over 30% of purchases are of e-bikes with prices up to 1500 euros.

Governmental Support To Increase E-bike Usage

The government of Belgium is also supporting bicycle adoption and launching various plans to increase cycling activities. Belgium sets a positive example for improving cycling infrastructure and supports with many projects planned that should encourage a transition away from cars.

The cycling activity plan, which goes by the name "BE CYCLIST," records 52 activity focuses that Belgium's national government will carry out by 2024. The first-of-its-kind federal action plan for promoting cycling was approved by the Belgian government on September 24, 2021 There are a total of 52 small and large measurable measures in the plan, which aims to assist as many Belgians as possible in getting on their bikes.

Belgium already has one of the most relevant bike-friendly fiscal measures in place in Europe, with employees who commute to work by bicycle receiving a tax exemption of 24% per kilometer. A bicycle allowance is available to 571,000 employees, according to official statistics. The government is currently looking into ways to extend the allowance to all companies, even though the allowance is currently a benefit that employers can choose to provide to their employees. This could be seen as the first step toward making it mandatory for all or some employers.Additionally, the government intends to increase its support for business initiatives that improve the sustainability of commutes.

The three regions of the Belgian federal state are putting in a lot of effort to build new bike paths and improve the ones that are already there.Between now and 2026, federal and European funds will jointly make an annual investment of approximately 350 million euros in cycling infrastructure.

Competitive Landscape

The major players in the market for e-bikes include Giant Manufacturing Co. Ltd., Bergamont Fahrrad Vertrieb GmbH, Cowboy, BIZBIKE BVBA, Georg Fritzmeier GmbH and Co. KG, Klever Mobility Europe GmbH, QWIC, S CAPE, and Yamaha Motor Co. Ltd. With all favorable conditions in the market, E-bike manufacturers are introducing new advanced models into the market, integrating the latest technologies in their product lineup. For instance,

• In November 2021, Cowboy, a Brussels-based e-bike manufacturer, has released a new e-bike series with a wireless charging solution as part of a cooperation with Spark Connected. A cockpit fitted into the stem with a built-in mount to securely hold the rider's smartphone is only available on the C4 and C4 ST e-bikes, giving the user real-time access to crucial information through the Cowboy app while riding.

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