Electric Bike Market: Analysis and Opportunities
An electric bike, often known as an e-bike, is a bike that has an electric motor aligned to the pedal for propulsion. These bicycles use chargeable batteries of different capacities. E-bikes are equipped with a mid or hub motor and can be classified on the basis of the power of the electric motor. Pedal-assist and throttle-on-demand are the different modes of electric bikes.
The major factors driving the growth of the e-bike market are increasing urbanization and traffic congestion that have discouraged people from using a car for the daily commute. Instead, many people now prefer to use e-bikes for the daily commute. These vehicles are cheaper than cars and, except for class III bikes, do not require a driving license. In addition, e-bikes are a sustainable means of transportation and can leverage existing and future mainstream EV charging infrastructures. Also, the growing demand for e-bikes among tourists augurs well for the growth of the market.
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Advancements in technology have helped the bicycle industry meet the increasing customer demand and become future-ready. Batteries represent a major focus area for manufacturers with better range, efficiency, compact size, and lightweight. Also, the industry is focusing on introducing advanced features in e-bikes such as anti-theft, sensors, and smart monitoring e-bike systems.
The Asia Pacific region is estimated to be the largest e-bike market by 2025. The region comprises some of the fastest developing economies of the world such as China and India. The governments of these developing economies have recognized the growth potential of electric two-wheelers and, hence, have taken several initiatives to attract major OEMs to manufacture electric two-wheelers in their domestic markets. For instance, the Government of India announced financial support and a scheme called Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME). Under the scheme, there is a subsidy of up to INR 22,000 for electric scooters/e-bikes. Government promotions and schemes have led to an increase in sales of electric two-wheelers over the years.
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The governments of many countries in the Asia Pacific region are focusing on electric bikes. In addition, China’s e-bikes have gained popularity in the European market due to its good quality and technological edge.
The class-I e-bike is estimated to be the largest segment of the e-bike market. Class-I e-bikes provide assistance only when the rider is pedaling and stop providing assistance when the bicycle reaches 20 mph. This type of e-bike can operate on any paved surface and is compatible with the e-bike laws of most of the countries. Thus, class-I e-bikes are expected to witness steady growth during the forecast period.
Opportunity: Bike Sharing
Bike-sharing is a thrilling new model of public and private transportation that has rapidly emerged in recent years. It offers a healthy, sustainable, and alternative transportation choice, particularly for short trips. The new trend in the cycling world is an e-bike, and this trend is now changing the bike-sharing industry. It has multiple benefits over traditional bicycles. Currently, there are 0.04 million shared e-bikes present globally, and approximately half of them are in China. Electric bikes (e-bikes) can provide a higher level of service compared to regular bike share systems. Electric bicycles reduce the effort required by the rider, promoting greater travel distances and easier use over hilly terrain. While the high price of e-bikes is a major concern for a rider, sharing electric bikes can overcome price barriers by dividing the cost between many users. Unlike the traditional bike-sharing system, e-bike companies have introduced dockless e-bike sharing, which benefits both the rider and service provider. Also, many countries such as the US, China, and Germany are introducing e-bikes in public bike-sharing programs. These bike-sharing programs can help tremendously in the growth of the e-bike market.
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