EDD - 2020 Problem Statement

The electric bicycle market is becoming increasingly relevant to society. In 2019, the electric bicycle market was valued at 15.42 billion USD and is expected to witness a compound annual growth rate of 7.49%. Germany comprised 25% of the electric bicycle market in 2019. Electric bicycles were highly relevant in other countries throughout Europe as well. 87% of people who used electric bicycles were 35 years of age or older. 78.7% of the people who converted from a standard bicycle to an electric bicycle bought an electric bicycle, while 21.3% of people converted their standard bicycle to an electric bicycle. The cost of electric bicycles is a major barrier preventing the general public from purchasing more electric bicycles. A total of 93% of people either highly considered or somewhat considered the cost of their electric bicycle, making the cost highly relevant. In addition to cost, current electric bicycles are very heavy. Standard bicycles are roughly 21-29 pounds and current electric bicycles are 40-50% heavier than a standard bicycle. Based on researched information, there is a large market for lighter weight and more affordable electric bicycles.

Team Members:

Adam Perry

Alex Neiter

Mason Bowles

Max Needham