Abstract image of modern car.

E-bikes and micro-mobility were top-of-mind themes at Baird’s recent 2022 Vehicle Technology & Mobility Conference. The firm hosted a group of industry leaders for a panel discussion on the state of the e-bike market, including demand drivers and potential challenges, and shared their outlook for the coming years.

The panel featured Taco Carlier of VanMoof; Nick Hage of Dorel Sports; Bob Margevicius of Specialized Bicycle Components; and Mike Radenbaugh of Rad Power Bikes. John Bastian, Director in Baird’s Global Investment Banking group, moderated the discussion.

Image of Vehicle Technology & Mobility Conference - 2022 panel including Taco Carlier, Nick Hage, Bob Margevicius, Mike Radenbaugh and John Bastian

View the Panel Presentation


Discussion Highlights

A Confluence of Demand Drivers

Hage highlighted four macro trends that are influencing consumers to turn to e-bikes. “People are focused on health and wellness. They’re looking for outdoor experiences. There’s a desire for green living in a cleaner environment… and there’s a need for more mobility options as well as a willingness to invest in infrastructure.”

Global Trend, With Europe Leading

The e-bike market is growing in markets across the globe. Specialized is seeing growth in the U.S. and Europe “pacing around 10-15%,” said Margevicius.

A Very Green Footprint

“E-bikes get 1,600 miles per gallon, energy equivalent. A traditional car, maybe 25-30 miles per gallon… an electric car about the same size, about 100 miles per gallon. Equivalent electric bikes are 16 times more energy efficient than an electric car,” said Radenbaugh, highlighting e-bikes’ potential in a world of increasing calls for decarbonization.

Evolving Demographics

Carlier observed, “I believe e-bikes is the first trend ever that started with older people and then slowly converted to younger people.” Hage agreed and highlighted new findings from a recent National Bicycle Dealers Association (NBDA) report: “We are absolutely trending much younger than what we saw maybe 3-5 years ago. Sixty-three percent of e-bike riders are now between the ages of 25-44. It used to be 60+ more.”

Protecting the Investments

Industry leaders are mindful of the cost of an e-bike. “We have to work together to try and keep the prices within a reasonable price range so that people can afford [an e-bike] and they understand and appreciate the value of it,” said Margevicius. “The fastest-growing segment is the mobility segment with prices between [about] $1,500 to $3,000,” said Hage, highlighting the demand at more modest price points.

Carlier called out a corollary to this growing demand: “If the [e-bikes] sector is becoming more popular, we’ll also become more popular with bike thieves. In order to keep on growing, we have to solve bike theft… I think that’s the future because people won’t buy a $1,500-5,000 e-bike and just park it on the street.”


Meet the Panel

Headshot of Taco Carlier

Taco Carlier
Co-Founder & Chief Executive Officer

Headshot of Nick Hage

Nick Hage
SVP, General Manager,
North America & Japan
Dorel Sports

Headshot of Bob Margevicius

Bob Margevicius
Executive Vice President
Specialized Bicycle Components

Headshot of Mike Radenbaugh

Mike Radenbaugh
Chief Executive Officer
Rad Power Bikes


Photo of John Bastian

John Bastian
Global Investment Banking