E-Bike Market Summary -
Market Research Future (MRFR) study on the global E-Bike Market is a detailed assessment that provides a holistic overview of the industry. The study discusses the COVID-19 overview of the global e-bike market and offers a concise summary of key markets, current trends, growth forecasts, and market challenges (forecast period) to identify investment opportunities.
Electric bikes, also known as e-bikes, are equipped with an electric motor used to gain momentum. They use chargeable batteries, which have various capacities depending on their size. Electric bikes are categorized on the basis of the power of the electric motor on which they operate. Peddle assist, throttle on demand, speed pedelec, and electric moped or motorcycle are all types of electric bikes.
E-bikes or electric bikes are equipped with Li-ion chargable batteries which provide the rider with almost 100 miles in a charge, making it extremely convenient for day-to-day use. It is expected that increased environmental awareness and the growing move towards the adoption of environmentally friendly vehicle options will contribute significantly to the growth of the global e-bike industry. In addition , urban consumers are increasingly taking adventurous activities into their lifestyles, and e-bikes are a huge part of that.
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Urban consumers have high disposable incomes which in recent years have been conducive to market growth. The increased interest in e-bikes has led producers to invest in e-bike development and to focus on altering the design to create more demand in the years to come. The latest in e-bikes can offer real-time information about current velocity and battery status so consumers can be aware. In addition, startups are popping up to establish e-bike rental services in big cities that will lead to market growth.
The high costs associated with e-bikes, though, are likely to deter demand. Notably, this is taken into account by suppliers and they are looking for ways to cut costs without losing quality to boost revenue during the review period. This would undoubtedly give rise to business opportunities in the years to come. In addition, strict government e-bike laws are restricting market growth. However, the potential offer of e-bikes to alleviate traffic in congested cities is expected to provide growth for the business room.
The major players profiled in e-bike market are Derby Cycle AG (Germany), Panasonic (Japan), Accell Group (Netherlands), Easy Motion electric bikes (U.S), Pedego (U.S), Jiangsu xinri e-vehicle co. ltd (China), Yadea technology group co. ltd (China), Bosch (Germany), Stromer (Switzerland), and BTS machinery Co., Ltd (China)
E-Bike Market Dynamics
The global market for electric bikes continues to be influenced by a mix of different macro-economic and micro-economic factors. Consistent advances in technology have allowed the development of comfortable, environmentally-friendly electric bikes. Demand for electric bikes is also greatly affected by rising customer perception of the need to reduce their carbon footprint.
Extended government funding and implementation of strict rules in different geographies have driven the sale of electric bikes. In metro cities, particularly in North America and European countries, the concepts of public charging infrastructure and e-bike rental services are on the rise. Increased investment in research and development by a range of industry players, the growth of new high-efficiency batteries, and the production of high-performance vehicles have played a pivotal role in accelerating the adoption of electric bikes.
Nevertheless, some factors pose challenges to the development of the global market for electric bikes. Electric bikes are very expensive and cannot be purchased by all. As these bikes run on batteries, they need regular charging — which remains a challenge due to the limited charging stations. Maintenance of the product is also of the utmost importance, and also requires a proper charging system. High maintenance costs are another primary factor that dissuades customers from purchasing electric bikes.
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E-Bike Market Segmentation
The global e-bike market has been segmented into type and battery.
Based on type, the global e-bike market has been classified into throttle on demand, pedelecs, scooter & motorcycle
Based on battery type, the global e-bike market has been segmented into nickel-metal hydride (NiMH), lead-acid, lithium ion, and others
Region-wise, the global e-bike market has been segmented into North America, Asia Pacific, Europe, and the Rest of the World.
The Asia Pacific region is anticipated to accelerate the global market for electric bikes. The APAC region is expected to remain attractive for electric bikes and is expected to lead the global demand for electric bikes. Countries like India and China have made a significant contribution to the growth of the APAC region. China has seen a higher use of electric bikes, which has increased sales figures and has also had an impact on the development of the global market. In India, the government has promoted the use of electric bikes and is looking forward to transforming every “fuel-driven vehicle” into electric vehicles by the end of 2035.
Some main markets for electric bikes are Europe and North America. Several electric bike manufacturers are based in these two areas. Europe and North America remained at the forefront of developments in electric bike technology. The market for an electric bike in Europe and North America is expected to rise at similar rates during the forecast period.
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