E-bike sales in the UK hit £310 million in 2022, a huge increase from just £55 million in 2017. This rapid surge in sales was partly driven by the COVID-19 pandemic which saw a “bike spike” as cycling was promoted as one way to stay active and safe. But, whilst this may have been an initial driving factor, we have seen no major slump in sales since the lifting of the pandemic restrictions.
Whilst it is reassuring to see sustained interest in e-bikes post-pandemic, we have seen this growth slow. This is likely down to early adopters driving the initial growth, with 9% of consumers indicating that they now own an e-bike.
Industry analysts do expect to see significant growth in the market in 2024 as more consumers become aware of and experience e-bikes, with a study by Mintel finding that 43% of UK adults would like to test ride an e-bike. However, this growth will only be achieved if we engage the next group of adopters and generate more mass market appeal for e-bikes.
While E-bike sales have demonstrated an upward trajectory, they constitute only a fraction (23%) of total bike sales within the UK. The Department for Transport's recent attitudes survey uncovers a strong willingness (54% of respondents) to experiment with e-bikes if afforded the opportunity. Offering free trial experiences emerges as a pivotal strategy, with preferences equally divided between traffic-free trial environments (40%) and free one-month e-bike loans (32%). Hands-on encounters enable potential buyers to tangibly experience the ease of operation, performance dynamics, and overall delight associated with e-cycling. This initiative serves to strengthen people's capability, opportunity, and motivation to embrace this transformative mode of mobility.
The commuter opportunity
One of the primary targets for e-bikes is the commuter market, the segment of society most likely to see the benefits of e-bikes. 64% of consumers commute, with an average daily commute of 29 minutes at an average daily cost of £7, time and cost that could potentially be reduced by an e-bike.
However, only a small percentage of commuters currently own an e-bike, with 76% of commuters we surveyed indicating that they have never bought or considered an e-bike.
Whilst the majority of commuters are yet to begin their e-bike journey, there is an opportunity for near-term growth with 11% of commuters indicating they are looking to buy an e-bike. This represents a total pool of 3,797,912 commuters who are actively considering purchasing an e-bike in the next six months.
However, most commuters do have concerns about e-bike ownership, with 87% highlighting barriers that would prevent purchase in the near term. That does still leave a pool of 493,729 commuters with no reservations about e-bikes and who are considering buying an e-bike in the next so there is significant opportunity for the sector in the months ahead.
This pool of buyers will grow significantly as the barriers to purchase, which are highlighted in this report, are addressed by industry and government along with pulling out the major benefits commuters would see from e-bike ownership.