E-bike Market: Introduction
E-bike stands for electric bikes. It refers to a scooter, bicycle or motorcycle (two-wheeler) having an integrated electrical motor for propulsion. These e-bikes run on electricity and do not require filling of fuel as they work on battery that needs to be charged. The charging time depends upon the type of battteries installed such as lead-acid batteries, lithium-ion batteries etc. Nowadays, electric bikes are prefered as these are ecofriendly and affordable in the long run.
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The e-bike market is witnessing excellent growth opportunities worldwide. According to forecast, the global market for e-bikes will witness substantial growth with steady CAGR rate through 2030. The inclination of consumers towards the eco-friendly and cost-effective products will continue to create opportunities for e-bike manufacturers.
Key Growth Factors
Growing awareness regarding environmental protection across the world is catching the attention of companies and this contributes to fuel the growth of e-bike market. E-bikes are safe for the environment as these do not release harmful gases and help in avoiding pollution and other environmental degradations.
Hike in the price of petrol and diesel is influencng consumers to invest in e-bikes. Although many bikes running on petrol are priced lower than e-bike, the investmet usually pays off, as in the long-run, the cost of charging is significantly lesser.
The speed factor is posing a challenge to the market growth of electric bikes. E-bikes have low speed as compared to non electric bikes. E-bikes cannot travel to distances more than 120kms without recharge. Further, charging capability of electric bikes is low as it takes large time to get charged. Quick charging is still in development, and these factors continue to be deterrents for consumers.
In addition to concerns about speed and charging, another challenge is that most e-bikes are designed for single-use, and have limitation on the maximum weight. In many developing countries, two-wheelers are used by families for commuting and also for buying groceries. Many consumers are putting off purchasing an e-bike due to weight limitation.
COVID-19 Impact on E-bike Market:
The outbreak of COVID-19 pandemic has created negative impact on e-bike market. The sale of e-bikes in the initial stages was reduced as the stores were closed due to lockdown imposed by the government. Most of the people in COVID 19 pandemic are prefering not to travel through public transportation facilities. In such a situation, e-bikes can be a good substitute as they are affordable. The e-bikes are easier to charge, less expensive, and causes least pollution. The current sales of e-bikes is increasing across the globe as the lockdown has been lifted in almost all the countries.It is estimated that the market demand for electric bikes will continue to rise at a steady rate through 2030.
E-Bike Market: Region-Wise Forecast
North America is expected to achieve high growth in this market due to rising adoption of energy-saving, fuel-efficient and eco-friendly electric two-wheelers in America, Canada and many other regions. It is estimated by the analysts that in the forthcoming years, North America will experience fastest growth in comparison to other regions. U.S. and Canada will be dominating the global market for e-bikes.
In addition to North America, France and Italy hold a major market share after U.S. in e-bike market. During the assessment period, it is anticipated that France, Italy, Germany and other European nations will experience reasonable growth owing to increasing consumer preference for innovative electric products.
Furthermore, China is taking initiatives for green marketing and transportation and is implementing strict rules and regulations against the emmision of harmful gases that is boosting the market for e-bikes in Asia Pacific.
By Product Type:
Throttle on demand
Scooter and motorcycle
By Drive Mechanism:
Pedal assist mode
By Battery Type:
Middle East and Africa
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The market for e-bike is highly fragmented. E-bike manufacturers are expanding their capabilities to improve their global presence. The focus on product innovation, new product development, research and development programmes etc are some initiatives taken by the key players to occupy the market.
Some of the leading players in this market include Giant Manufacturing Corporation, Merida Limited, Trek Bicycle Corporation, Riese and Muller Corporation, Fritzmeier system GmbH and Corporation, Accell group N.V., Aima Technology Group Corporation, Pedego Electric Bikes Limited, Yamaha Bicycles, Yadea Group Holdings Limited, Cannondale Bicycle Corporation etc. Among these manufacturers, Giant bicycles is increasing its product portfolio and focusing on innovations and modifications to lead the e-bikemarket.All these strategies have lead the company to rule the market and occupy the major market share.
What is the e-bike market size?
The e-bike market is worth nearly USD 30 billion, and is set to surpass USD 100 billion valuation by the end of 2030
What is the growth rate of e-bike market?
The e-bike market is set to grow at over 15% CAGR through 2030, as environmental conservation issues become more personalized
Which is the largest market for e-bike?
China is the largest market for e-bike, but bulk of the demand is met by local, homegrown issues.
Which is the fastest growing market for e-bikes?
In addition to China, India, Japan, Taiwan, and US are among the most lucrative markets for e-bikes
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