Global E-Bike Market, by Type (Mountain Bike, Road Bike, City Bike , Cargo Bike, and Others), by Battery Type (Lead Acid, Nickel-cadmium, Nickel-metal Hydride, and Lithium-ion), by Motor (Hub Motor and Mid Motor), by Operating Mode (Battery/Peddle Operated and Throttle Operated), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Global Forecast to 2028, is expected to be pegged at US$ 39,489.5 Mn by 2028, exhibiting a CAGR of 10.4% during the forecast period (2021-2028), as highlighted in a report published by Coherent Market Insights.
Electric bikes are one of the trendy, eco-friendly, versatile, and a flexible mode of transport. Consumers consider e-bikes as an ideal alternative for public transports, scooters, and cars. These bikes help in avoiding traffic congestion, owing to compact size and associated with several health benefits which is anticipated to increase its popularity across the globe.
The global e-bike market was valued at US$ 18,223.4 Mn, in terms of value in 2020 and is expected to grow at CAGR of 10.4% for the period 2021-2028.
Some of the major factors fuelling the growth of e-bikes include increasing traffic congestion coupled with rapid urbanization. Since the COVID-19 outbreak, the shared mobility for transportation is unlikely to be preferred which leads to adoption of e-bikes as a convenient, safe, and affordable alternative to public transportation. Majority of countries are focused on boosting the sale of e-bikes using both regulatory changes and subsidies intended to reduce the stress on public transport. Moreover, as compared with other transportation systems, e-bikes are cheaper as there is not any requirement of significant investment in supportive infrastructure which is anticipated to upsurge the demand for e-bikes across developing and developed economies such as India, China, the U.S., Germany, Italy, Brazil, and others.
Global E-Bike Market - Impact of Coronavirus (Covid-19) Pandemic
In COVID-19 pandemic the adoption of e-bikes is increased as a safe and convenient option, as commuters are mostly avoiding public transportation to maintain social distancing guidelines. The industry participants have experienced a short term disruption in e-bike development and sales as the factories and stores were closed. However, with the beginning of unlock across several countries, the market has started recovering and expected to growth exponentially.
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Major companies operating in the global e-bike market include Accell Group, BionX, Bosch, Derby Cycle AG, Easy Motion, Electric Bike Technologies LLC, Giant Bicycles, GRACE, Jiangsu Xinri E-Vehicle Co. Ltd., Panasonic, Pedego, Stromer, Superpedestrian, Trek, and Yadea Technology Group Co. Ltd.