Markntel Advisors published a recent research report on The Latin America Electric Bicycle Market with a forecast period of 2023-28, a historical period of 2018-21, and a base year of 2022. As per the report, the Latin America Electric Bicycle Market is projected to grow at a CAGR of 7.2% percent during the forecast period. The report encompasses a comprehensive analysis of numerous market drivers, the latest trends, and opportunities for the market players and also precisely analyses the possible factors expected to impede the market growth.
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Also, the report comprises a progressive evaluation of the Latin America Electric Bicycle Market, the most recent developments, and the overall market scenario regarding how markets recovered after significant events like the Russia-Ukraine War and the Covid-19 Pandemic. The study aims to provide exhaustive information about new product launches, untapped geographies, recent developments in the industry and among the key players, and numerous investments that fluctuate in the market.
Latin America Electric Bicycle Market Dynamics
Latin America Electric Bicycle Market Drivers:
Gradual Shift Among the Individuals Towards Eco-friendly Mobility – Countries such as Brazil, Mexico, and others have been recording poor air quality & high rates of pollution. This is mainly due to the extensive usage of internal combustion-based vehicles & the heavy traffic congestion rate. According to the Brazil Air Quality Index in 2022, nearly 47% of the country’s energy-related carbon dioxide emissions are released by the transportation sector.
The release of harmful gases & particulate matter, in turn, resulted in severe respiratory diseases among the individuals. Therefore, leading to a behavioral change, where individuals in the region are gradually moving towards cleaner modes of transportation, such as electric bicycles, further augmenting the market growth. Daily urban commuters like working professionals & students have been transitioning to e-bicycles to reduce the overall carbon emissions from the transportation sector.
Bicycles are highly cost-effective in comparison to cars & motorbikes, can easily bypass highly congested city lanes, and do not require any additional parking space. Thus, owing to such environmental & economic factors, the adoption of electric bicycles has been growing, especially among the young population residing in the urban parts of the region.
In addition, the government across the region has set a target to substantially reduce carbon emissions by 2030 & achieve net neutrality by the year 2050. This, in turn, is fuelling the adoption of electric bicycles among the residents as well as mobility service providers across the region, thereby driving the Latin America Electric Bicycle Market.
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The market is anticipated to offer remunerative prospects for the stakeholders in the coming years.
The leading players, such as likely acquire a substantial market share.
E Mov Inc., Trek Bike Corporation, Brazil Electric Bikes, Merida Bikes, Caloi, Ridley Bikes, Haibike, Lev Bicycle, Vela Bikes, E-Moving, and Others
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Latin America Electric Bicycle Market Categorization
As per the report, the Latin America Electric Bicycle Market is highly robust and diversified. The report analyses the information obtained after studying market penetration, focusing on individual elements and segments of the market. Under Market Segmentation, the report classifies the market based on numerous segments, such as:
By Propulsion
-Pedal Assisted
-Throttle Assisted (Power on demand)
By Application
-Urban Commute
-Trekking
-Cargo
By Battery Type
-Lithium Ion Battery
-Lead Acid Battery
-Others (Nickel Metal Hydride, Nickel Cadmium, etc.)
By Battery Capacity
-Less than 250 W
-251 W to 450 W
-451 W to 650 W
-Above 651 W
Geographical Landscape
On the geographical front, the market expands across:
By Country
-Mexico
-Brazil
-Argentina
-Columbia
-Rest of Latin America
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