Sales of electric bicycles have been increasing worldwide for years, with the US growing particularly dramatically from year to year. But never before have we seen the colossal growth brought about by the COVID-19 pandemic. And, according to industry leaders, there is no sign of slowing down.
When the pandemic first hit the U.S. hard about 18 months ago, most in the industry assumed the waters were rough ahead of us.
The exact opposite turned out to be, at least in terms of sales. The numbers absolutely skyrocketed as electric bikes flew off shelves across the country and around the world.
Of course, not everything went smoothly. Due to the rapid growth, new problems arose in the industry. But sales are still high, and sales are unlikely to drop again before the pandemic.
As Don DiCostanzo, CEO of electric bike maker Pedego, told Yahoo Finance:
“Let’s be honest – everything electrical is just hot, whether it’s cars, now planes, trains. Electric bikes are probably the fastest growing segment of any of these categories because they are affordable for everyone. “
With so many models of electric bikes across the board, many of which fall into the key under $ 1,000 category, Americans have been rallying electric bikes in droves.
Pedego even launched its cheapest electric bike to date in the middle of the pandemic (see my review video below). This helped the company reach a new demographics of riders and compete more directly with industry leaders like Rad Power Bikes, who currently dominate the $ 1,000-2,000 category.
Many popular electric bikes still cost north of two grand, some are significantly more expensive.
A new bill in the U.S. House of Representatives and an accompanying bill in the U.S. Senate are currently trying to help Americans lower those prices with an e-bike tax credit similar to the electric vehicle tax credit.
The plan provides a 30% discount on the purchase of a new electric bike in the US. There are a few more restrictions, such as capping the discount at $ 1,500 and the e-bike’s qualifying price at $ 8,000. But if the bill is passed, it could open the door to a second major wave of electric bike sales in the US.
That couldn’t come sooner for many commuters who are now weighing their options for socially distant commuting between expensive and time-consuming private cars or overcrowded public transport.
Electric bikes have proven to be an excellent alternative for many of these commuters as they are a cheaper, faster, and healthier transportation alternative.
And if the past 18 months are any sign of it, many more commuters are likely to discover these benefits once the modal shift we see continues to transform urban and suburban traffic before our eyes.
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