Global electric bicycle market is projected to reach 27,187.9 million USD by 2025
The electric bicycle market was valued at 16,652 million USD in 2019 and is projected to reach 27,187.9million USD by 2025, at a CAGR of 8.8% between 2019 and 2025. The growth in the market size is driven by the increasing demand for eco friendly and efficient solution for commuting as well as owing to government support and strict rules in favor of electric bikes. The growth is also associated with the steady demand in US and Europe, decrease in the cost of manufacturing with the advancement of cutting edge technologies and outsourcing manufacturing thus decreasing costs of production.
In this study, 2019 has been considered as the base year and 2020 to 2025 as the forecast period to estimate the market size of electric bicycles.
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Electric bicycles have been accounted for the key solutions for eco-friendly solutions, growing at a CAGR of 4.7% between 2014 and 2019. The demand for city/urban commute has dominated the market for electric bicycles followed by the demand for recreational activities that drove the market for mountain and trekking electric bicycles.
The market for Electric bicycles is intensely competitive and is highly fragmented. The vendors in the electric bicycle market compete based on product portfolio, product differentiation, and the pricing of products. The rise in technological innovations in designing the products for better quality, ease of use and better performance is expected to continue to intensify the level of competition among the companies to expand their product portfolios by incorporating innovative features into their products. In addition, the market is expected to be highly competitive over the years with increased number of new players. The companies profiled in the report include AIMA, Yadea, Sunra, TAILG, Lvyuan, BYVIN, Incalcu, Lvjia, Lima, Bodo, OPAI, Xiaodao Ebike, Birdie Electric, BDFSD, Gamma, Mingjia, Qianxi Vehicle, Zuboo, Lvneng, Aucma EV, Giant EV, Palla, Forever, Emmelle, Yamaha, Songi, Hero Electric, Accell Group, Terra Motor, Govecs,
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The market for electric bicycles has been growing considerably over the years. China has accounted for the major market with a share of 89.5%, followed by Europe with a share of 5.6% in 2019. The growth of the market led by the increased sales generated in mature markets, like North America and Western Europe. Considerable rise in online sales and penetration of branded product breadth across retail stores has increased the market for electric bicycles market.
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