Market Synopsis:
The electric bicycle market will continue to grow strong with a CAGR of 5.91%, according to the reports published by Market Research Future. The report projects the overall valuation of the market, which is USD 21,347 Million by 2027. The registered CAGR is 5.91% for the entire market growth.
E-bikes are commonly known as an electric bike, which has an integrated electric motor aligned to the pedals of the bicycle. This supplied the force to move forward of the bicycle. The electric bikes mainly use Li-ion chargeable battery type of 8, 12 or 18-amp hour batteries.
The existing e-bikes are of various types across the globe, such as pedal assist, electric power, and battery powered. The global electric bikes have been witnessing golden opportunities led to the government support and strict rules favoring electric bikes. There have been more factors that are continuously supporting the global electric bikes market to spur and flourish in the years to come.
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Top Impacting Factors Driving the Marker
The factors impacting the electric bicycle market are accounted to be growing consumer inclination towards the use of e-bikes. This initiative has been taken in favor of an eco-friendly and efficient solution to commuting and increasing fuel costs. These are eventually taking the market of electric bicycles to a higher level. Looking in the past, this growth route of the market will continue over the decade and will prosper many opportunities stemming from the influx of fitness, recreational activities and more.
Recently, there has been a trend among people and their growing interest in cycling for fitness and recreational activities. These factors have driven a paradigm shift in the fitness-consciousness sector as, riding the electric bikes help to travel with continuous peddling, which, in turn, impacts health in maintaining fitness.
Such a practice of peddling electric bicycle also helps physical and mental health benefits, such as endurance building, alleviating stress, enhancing muscle strength, and expanding cardiovascular fitness population across the globe.
Going forward, more factors contemplating the market to grow would include a reduction in weights aiding with the integration of Li-on batteries, low cost, widespread availability along with minimal environmental impacts are majorly expected in fueling the growth of the global electric bicycle market over the forecast period.
Electric Bicycle Market Segmentation
By mode of type, the market has been segmented as Pedal Assist (or pedelecs), pedal assists with power on demand and power on demand. Of these, pedal assist segment is accounted for the largest share of the market. Pedal assist is a mode of cycling where strength is required only when peddaling is needed. This segment is believed to be more comfortable and hence is more adopted. Pedal assist bicycles have different levels of assistance such as low, medium, and high. Depending upon these, the rider can experience the comfort of a ride easily.
By mode of battery, the market is segmented into sealed lead acid and Li-Ion battery.
By mode of the motor, the market includes a segment of the hub motor and mid-drive electric.
Regional Outlook
Of these, the Asia Pacific region is leading the electric bicycle market, owing to the presence of developing nations such as China, Japan, and India. These countries are tremendously supporting the electric bicycle market with all positive approach. While China is now the most attractive country for electric bicycles and have eventually strengthened its industry leadership by making profits coupled with high supply of electric bicycles as well as components such as electric motors and battery cells.
Key Players
The key players in electric bicycle market are NYCeWheels (U.S.), Accell Group (Netherlands), Derby Cycle (Germany), Easy Motion USA (California), Moustache Bikes (France), and Jiangsu Xinri E-Vehicle Co., Ltd. (China). myStromer AG (Switzerland), Karbon Kinetics Limited (KKL) (U.K.), Pedego Electric Bikes (California), and A2B Electric Bikes (U.K) are among others.
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