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.
Overview
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.
Market Dynamics
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.
To know the latest trends and insights prevalent in Global E-Bike Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/e-bike-market-2773
Browse 150 market data tables* and 90 figures* on “Global E-Bike Market” - Global forecast to 2028
Key Trends and Analysis of the Global E-Bike Market:
- Several supportive government initiatives are expected to boost the sales of e-bikes across the globe. For instance, in June 2019 the Indian Government announced to reduce the GST (good and services tax) on e-vehicles from 12% to 5% to promote the adoption of e-vehicles. This is expected to create ample opportunities for the market growth during the forecast period of 2021-2028.
- For instance, Sanyo (Japan) holds ownership of two solar parking lots in Tokyo where more than 100 e-bikes can be recharged. Moreover, the increasing technological advancements is expected to fuel the growth of e-bikes. Furthermore, in 2017, Bikeep, one of the leading companies in bike parking systems and commercial bike racks launched smart bicycle rack for electric bicycle charging.
- By battery type, lithium-ion is expected to be the dominant segment throughout the forecast period. This is mainly due to declining price and eco-friendly properties of these bikes.
- By motor type, mid motor segment is anticipated to witness fasted growth during the forecast period of 2021-2028. The mid motor offers several benefits such as seamless integration with bike frames, compact size, lighter weight, and so on which is anticipated to boost the demand for these motors significantly.
Competitive Section
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.
Segmentation
Market Taxonomy:
- By Type
- Mountain Bike
- Road Bike
- City Bike
- Cargo Bike
- Others
- By Battery Type
- Lead Acid
- Nickel-cadmium
- Nickel-metal Hydride
- Lithium-ion
- By Motor
- Hub Motor
- Mid Motor
- By Operation Mode
- Battery/Peddle Operated
- Throttle Operated
- By Region
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
