E-Bike Sales Surge As Price Of Gas Increases | Ryde Micromobility

With gas prices reaching record highs, some people are looking for new ways to save money and stay away from the pumps. While electric vehicles are in high demand some are taking it a step further. The impact of high fuel prices is stretching further by the day with some companies now imposing surcharges on certain services. While some drivers are finding alternate solutions, others are ditching the cars all together opting for two wheels rather than one. "Definitely seeing a big increase and demand for E-Bikes since gas has gone up. People are starting to see this as a long-term problem.” said Kenneth Ng of Demon Electric.

            With prices climbing, drivers say it's taking a toll. Families that once had two vehicles are begging to consider selling one and owning Electric Bikes as an alternative. This will definitely see an increase of demand for Cargo bikes where riders can carry one or two children plus a load of cargo in the back. This impact is also being felt by businesses. Uber will now levy a surcharge on service for ride sharing and food delivery. Fuel prices are not likely to come down anytime soon, which means people, and business alike are increasingly searching for more wallet-friendly ways to get around town.

            These sales are rising faster than expected, above already high expectations set by a pandemic boom. While North America has been slower to adopt E-bikes and E-mobility, E-Bikes have reportedly been outselling fully electric vehicles 2 - 1. What’s more, Deloitte projected that between 2020 and 2023, 130 million E-bikes will have been sold worldwide, which would mean that E-Bikes are slated to become the number one mode of electric transportation in the world. Sales boom’s may be often fleeting, but with the current price of gas, the E-Bike revolution could become permanent.

            Interest in E-Bikes has remained consistently high since the start of the pandemic. Two years in and people are still purchasing bikes. For many, the one time cost of an e-bike outweighs gas prices. As time goes on, battery replacements will also become more affordable, and easier to make. All of these factors are leading to many families making the switch over. As well as the over looked sense of freedom. No need for high insurance plans, or a drivers license (Canada’s E-bike speed cap is 32Km/H), or paying $100 for gas that currently will only fill up your average sedan 3/4 of the way full. And let’s not forget cheap maintenance costs that even for the most inexperienced riders may only bring you up to roughly $1000 annually on a bad year.

            Ultimately the amount most commuters spend on gas annually both previously and even more so currently doesn’t even come close to the purchase prices of your average E-Bike. The estimated average cost of gas annually for families in Ontario before the price surge was around $2,098. However if you’re now paying around $100 bi-weekly for gas (that’s being conservative), your average cost goes up to $2,400 which is $302 more than what families were paying before. Demon Electric’s foldable and portable E-bike “Rebel” is $2’099 (one dollar more than average gas prices pre-surge) travels at 32Km/H, has a battery life span of 10’000 charges, and can travel 50km before needing a recharge (which only takes 3-4 hours, so you could theoretically charge it while at work or over night in the garage). In short, the savings can no longer be ignored.