[BLT Insight]Electric bicycles in Korea

Views 99


The demand for electric bicycles across Europe is explosively increasing. In 2022, sales of electric bicycles in the European Union (EU) and the United Kingdom reached 5.5 million units, a significant 8.6% increase. Particularly noticeable increases in demand were observed in Germany, France, and the Netherlands. The electric bicycle market in Europe is also experiencing rapid growth, with a projected annual growth rate of 12.5%, expected to reach €17.94 billion in 2028 from €9.91 billion in 2023. Additionally, China's electric bicycle market is also experiencing rapid growth, with annual sales of 30 million units.

The growth of the electric bicycle market - Innovius Research


The growth of the electric bicycle market is primarily driven by the 'environmental transition' and the rise in energy prices. Compared to traditional bicycles, electric bicycles offer superior maneuverability and significantly lower maintenance costs, ranging from $30 to $50 annually. Particularly for urban residents whose average vehicle mileage is not very long, electric bicycles are emerging as an excellent alternative to electric cars, especially for one to two-person households.


[Korea Mobility's Hubless Electric Bicycle 'Komo Bike']


Korea Mobility, an electric bicycle company led by CEO Park Jung-seok, successfully developed the "Komo Bike," a futuristic hubless electric bicycle, using its proprietary technology, and raised ₩1.5 billion (Pre-A) in funding. Korea Mobility plans to prioritize facility investment to localize the production of a 250W motor, which is currently under development, to enhance product competitiveness. Having obtained CE certification, Korea Mobility is expected to enter the European market, where demand for electric bicycles is high, becoming the first company in the world to do so.


The core technology of electric bicycles lies in batteries and charging systems, and technological development in this area is also active. Samsung SDI, led by CEO Choi Yoon-ho, responded to market growth by developing and releasing a lithium-ion-based high-capacity 3.5 Ah cell. KoreaNet, led by CEO Chae Kang-sik, developed an effective charging system by applying a communication network-based charging system. Mobility Energy, led by CEO Choi Hang-seok, applied monitoring technology to address performance degradation issues in battery packs caused by temperature increases during charging, thereby resolving issues related to decreased charging and discharging capacity. Technological development for batteries and charging systems for electric bicycles is active.

[Samsung SDI's Lithium-ion Battery for Electric Bicycles - Cylindrical Cell]


The Korean government is also actively responding to these changes. In order to address climate change and carbon reduction, the government provides subsidies to purchasers of electric bicycles. When purchasing electric bicycles, up to ₩300,000 in subsidies are provided through local governments. In addition, local governments are establishing their own shared bicycle services, expanding the market for electric bicycles. The expansion of the electric bicycle market is expected to continue.


As of 2024, BLT Law Firm has been a partner chosen by more than 2,000 innovative startups, supporting IP acquisition and strategy formulation, as well as investment attraction, technology special listing, and other business support utilizing IP to drive corporate growth and success.


'BLT insight' introduces a recently invested technology field every week.

If you have any questions about the Korean market or related to intellectual property rights, please ask your questions via the link below:

www.BLT.kr/contact 

Or, you can inquire by emailing shawn@BLT.kr 


Head Office 1F, 25, Beobwon-ro 3-gil, Seocho-gu, Seoul, 06595 Republic of Korea

Tel : +82-2-514-0104     Fax : +82-70-4855-0102     Email : info@blt.kr


Incheon Office 26F, 165, Convensia-daero (POSCO Tower Building), Yeonsu-gu, Incheon (Stage9 Songdo POSCO Tower)

Tel : +82-32-710-5104     Fax : +82-70-4855-0102     Email : info@blt.kr

ⓒ 2023. BLT Patent & Law Firm All Rights Reserved.

Head Office 1F, 25, Beobwon-ro 3-gil, Seocho-gu, Seoul, 06595 Republic of Korea

Tel : +82-2-514-0104     Fax : +82-70-4855-0102     E : info@blt.kr

Incheon Office 26F, 165, Convensia-daero (POSCO Tower Building), Yeonsu-gu, Incheon (Stage9 Songdo POSCO Tower)

Tel : +82-32-710-5104     Fax : +82-70-4855-0102     Email : info@blt.kr


ⓒ 2023. BLT Patent & Law Firm All Rights Reserved.