According to Panasonic's forecast, global sales of electric bicycles are expected to reach 40 million by 2023. The company wants to make sure they can serve as much as possible in the global market. To enter the US electric bicycle market, Panasonic is partnering with Kent International, North America's largest bicycle manufacturer.
Panasonic believes this is an important opportunity. Not only because the electric bicycle market in the United States grew by 25% last year, but also many electric bicycles in the United States are used as electric vehicles. Moreover, electric bicycles are a more economical way for consumers to try electric vehicles. Electric bicycles can be an effective way to help traffic turn to electrification.