Electric Bike Market to Generate $118.65 Billion by 2030, States the Report by Allied Market Research

A lead analyst at AMR highlighted the electric bike market across LAMEA is anticipated to grow at the fastest CAGR during the forecast period, owing to series of initiatives taken by private companies, local governments, and federal officials to promote the adoption of an electric vehicles.

Allied Market Research published a research report on the electric bike market. The findings of the report states that the global market for electric bike generated $40.31 billion in 2019, and is projected to reach $118.65 billion by 2030, witnessing a CAGR of 10.5% from 2020 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.

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“By-product, the scooter & motorcycle segment dominated the global electric bike market in 2019, in terms of revenue, however, the throttle on demand segment is anticipated to witness highest CAGR of 14.0% during the forecast period.
Depending on drive mechanism, the hub motor segment incurs higher share. Presently, Asia-Pacific is the highest revenue contributor, however, LAMEA is expected to lead the market during the forecast period, followed by North America.” said Akshay Jadhav, Lead Analyst, Automotive and Transportation at Allied Market Research.

The report provides insights on drivers, restrains, and opportunities to help market players in devising growth strategies and capitalizing on opportunities.Increase in fuel costs, growth in interest in cycling as fitness & recreational activity, consumer inclination toward uses of e-bikes as eco-friendly & efficient solutions for commute, and implementation of government regulations to encourage the use of electric bikes drive the growth of the global electric bike market. On the other hand, ban on use of e-bikes in major cities of China and high cost of e-bikes impede the growth to some extent. However, improvement in bicycling infrastructure & battery technology are projected to pave the way for lucrative opportunities in the industry.

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The report provides a detailed scenario of the Covid-19 impact on the electric bike market globally. The outbreak of the pandemic has had a mixed impact on the global electrical bike market. The work from home culture adopted by several organizations across the world eliminated the need for a commute to work locations.

This, in turn, diminished the demand for electricbikes among individuals. However, on the other hand, people are now avoiding public transportations and have started preferring electric bikes, since they are safe, affordable, and are regarded as a convenient alternative to public transportation. At the same time, several government restrictions on using public transport have augmented the sale of e-bikes.

The report offers detailed segmentation of the global electric bike market based on product, drive mechanism, battery type, and region. These insights are helpful for the new as well as the existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the coming years.
Based on product, the scooter & motorcycle segment accounted for the highest share in 2019, generating nearly two-thirds of the global electric bike market. At the same time, the throttle on-demand segment is expected to grow at the fastest CAGR of 14.0% from 2020 to 2030.

By drive mechanism, the mid-drive segment would cite the fastest CAGR of 11.0% throughout the forecast period. The hub motor segment, on the other hand, contributed to nearly three-fourths of the global electric bike market.

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By region, the market across LAMEA would showcase the fastest CAGR of 14.0% from 2020 to 2030. Simultaneously, the Asia-Pacific region garnered the lion's share in 2019, generating around two-thirds of the market.

Leading market players of the global electric bikes market analyzed in the report include Derby Cycle, Fuji-ta Bicycle Co., Ltd., Accell Group, Jiangsu Xinri E-Vehicle Co., Ltd.,Trek Bicycle Corporation,Yamaha Motor Co., Ltd., Mahindra & Mahindra Ltd. (GenZe), Prodecotech, LLC, Giant Manufacturing Co., Ltd., and Tianjin Golden Wheel Group Co., Ltd.

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This release was published on openPR.