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

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

Denmark E-Bike Market was valued at USD 0.45 billion in 2021, and it is projected to reach USD 0.77 billion by 2027, registering a CAGR of 9.51% over the forecast period.

Prior to COVID-19, Denmark's economy was strong in terms of industry and trade, with no substantial macroeconomic imbalances. As a result of the oncoming COVID-19 issue in Europe in general, and Denmark in particular, the good trends of economic development came to an abrupt halt in early March of 2020, resulting in an economic catastrophe requiring immediate action. Additionally, it's likely that the corona crisis has made riding a more appealing mode of transportation. The electric bike facilitates long-distance biking and is used by the general public, not only hard-core exercisers. Therefore, the market is expected to witness significant growth during the forecast period.

Over the long term, E-bike subsidies are also important in increasing e-bike sales in the country. Furthermore, as environmental concerns and pollution levels rise, various state-funded projects or programs encourage commuters to switch from driving vehicles to riding electric bicycles. E-bike sales in Denmark have been expanding year after year. This surge in sales implies that more purchasers are now interested in e-mobility, allowing players to begin manufacturing and assembly in the country to reduce the costs of importing vehicles from other countries. In Denmark, there is also a lot of interest in e-bikes. This is an obvious next step for a luxury company like Gazelle, which has years of experience developing and manufacturing e-Bikes.

However, the high cost of the product may limit market growth over the projection period.

Key Market TrendsPedal Assisted Segment Is Expected To Hold High Market Growth Over The Forecast Period

The pedal-assisted segment is expected to dominate the industry and is predicted to account for a significant market share. Pedal-assisted e-bikes provide more power from the motor, allowing riders to travel quicker and pedal more effortlessly.

Riders benefit from pedal aid. It assists with hills, inclines, and rocky terrain, allowing for a smoother ride and decreasing joint stress. The user can also ride with more power and precision than on a traditional bike. And it gets people cycling who might not ride a standard bike normally due to bodily aches and problems. Riders can also go on longer rides without becoming physically exhausted. The surge in youth demand for pedal-assisted e-bikes is expected to contribute to market growth.

Rising Adoption Of E-Bikes In Various Industries To Drive Market

E-bikes are being used in a variety of sectors and applications in Denmark, rather than only as a cleaner and greener method of transportation for short distances. There are several travel locations in Denmark. To encourage travelers to adopt e-bikes due to their benefits, several tourism organizations are only offering packages dubbed 'Cycling Holidays'. Although favorable infrastructure conditions already exist, individuals require additional incentives to prefer the bicycle over the car. Supercykelstier, a collaboration between the Capital Region and 30 municipalities that are building a network of cycle superhighways to improve conditions for bicycle commuters, commissioned this study to identify one or more potential tax solution(s) for promoting bicycle commuting in Denmark.

Aside from expanding consumer interest in recreational and adventurous activities, rising acceptance of e-bike applications in numerous industries, including logistics and e-bike rental services, is predicted to drive the market studied during the projection period. Furthermore, rising environmental awareness and government-led initiatives to promote an electric mode of transportation increase market demand. For instance,

According to Danish Bicycle Dealers, the number of units of e-bikes imported in 2021 between January to July was around 54,825, while the number of units of e-bikes exported in 2021 between January to July was around 6,786.

Competitive Landscape

The market is moderately fragmented with the presence of several players in the market. New companies are also researching the industry and planning to enter the E-Bikes sector, while established players are pursuing various growth strategies such as partnership, expansion, and so on, in order to raise their market share and revenue.

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