Global E-Bikes Market Is Anticipated To Cross A Market Size Of USD 53 Billion By 2026.
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Electric Bicycles are now considered an alternative eco-friendly & trendy option for public transport, fuel-run vehicles, and smart cars. This is mainly as they are cheaper in comparison to the other alternatives and are also easy to charge. This is to boost the sales of e-bikes in the coming period which is to be reflected as a market value of USD 53 Billion and an anticipated volume CAGR 8.85%. Many governments across the world are taking initiatives towards the reduction of carbon footprints and encouraging electric bicycles to use is one of the most prominent steps. This is expected to be the major market driver in the coming years. By type of propulsion, the e-bike market is classified majorly into two segments- Pedal Assisted & Throttle Mode. The main difference between the two is that in pedal-assist the rider is expected to pedal alongside the power received from the motor, whereas in the throttle mode, no pedalling is required and the bike moves solely on the power received from the motor. The market is led by the pedal-assisted, considering its advantage of allowing the rider to ride farther & faster and conquers tougher terrains. On the other hand, the throttle e-bikes allow the rider to make the motor push the bike forward at the ease of a button or a twist, and pedalling is optional. With such advantages, this segment is to have an anticipated CAGR of 9.88% in terms of volume through the forecasted period.
Based on class type, the e-bikes can be categorized as Class 1: Pedal Assist, Class 2: Throttle On Demand, & Class 3: Speed Pedelec. Of this, the market is led by the class 1 electric bicycle which is pedal-assisted, holding approximately 70% of the market share. In the majority of the states, class 1 electric bicycles are treated like mountain/ pavement bicycles which are legally allowed to be driven in the regular bicycle lanes. E-bikes that are pedal-assist only, with no throttle, and a maximum assisted speed of 28 mph, are included in the speed pedelec segment, which is expected to be growing with the highest an anticipated volume CAGR 13.41%, through the period of 2021-2026. The overall market of electric bikes can be divided into three segments based on the battery used- Lithium-Ion, Lead Acid & others. The lithium-ion battery segment is to lead the market by the end of 2026, with not much share difference from the following lead-acid segment. However, in 2015 the lead acid battery segment led the market. By the end of the forecasted year, the market lithium-ion battery-aided e-bikes segment is expected to reach 34 Million Units, while the lead-acid segment is to have a decline in the market share. The growth of the lithium-ion batteries can be sited to these being eco-friendly and life cycle & weight ratio in comparison to other batteries. The decline in the price of this battery is also one of the major reasons for its high preference in the coming years.
The major application of the e-bikes is seen in city & urban travel, as with the increasingly busy lives there has a hike in the need of daily commute. The decreasing reliability & the need to maintain the social distance is hampering the like of public transportation. On the other hand, there has been an increasing awareness about the need for sustainable environmental concerns. In order to give a solution to such challenges, e-bikes are an ideal solution for urban mobility. The use of e-bikes in urban dwellings accounted for more than 50% of the market share. One of the major application trends in the developed regions is the use of electric bikes by e-commerce and food delivery service providers. This is to give a huge boost in the market. Among the major application segments, the cargo segment is expected to be growing as the fastest segment, with a CAGR of 9.77%.
Globally, the Asia Pacific is the leading region with more than 60% of the market share in terms of both- value & volume. In China, there are more electric bikes than cars on the road. China held to nearly 75% of the e-bikes in the world as of the year 2020. Given such a huge number in China, it is not unexpected to see slower growth of e-bike production going forward as the market may be becoming saturated. The sales of electric bicycles have grown rapidly in Europe in recent years, following Asia. The market is extremely fragmented, with the major players holding a considerable share of the total market share. The majority of these companies' presence is concentrated in Asia, with Europe and North America being the other important markets.
Key Players: Yadea Group Holdings Ltd., Accell Group, Giant Manufacturing Co., Ltd., Merida Industry Co. Ltd, Pon Bikes, Rad Power Bikes Llc, Riese & Müller Gmbh, Trek Bicycle, Brompton Bicycle Limited, Specialized Bicycle Components, Inc., The Electric Bike Company, Pedego Electric Bikes
Table of Contents
1. Executive Summary
2. Report Methodology
3. Market Structure
3.1. Market Considerate
3.2. Market Definitions
4. Global Electric Bicycle (E-Bikes) Market Outlook
4.1. Market Size by Value
4.2. Market Size by Volume
4.3. Market Share
4.3.1. By Propulsion Type
4.3.2. By Class
4.3.3. By Battery Type
4.3.4. By Application
4.3.5. By Region
4.3.6. By Country
4.3.7. By Company
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Steven Thomas, AM - Content Marketing
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