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Electric Bike Market Projection By Top Key Players – Medtronic, Stryker, Fresenius SE & Co. KGaA, Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd, General Electric Company Market Research Forecast 2028
Electric Bike Market Forecast 2021-2028
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Market Overview:
The global electric bike market size is expected to reach USD 52.36 billion by 2028, exhibiting a CAGR of 16.0% during the forecast period. The growing technological innovations coupled with growing cognizance regarding the efficiency, eco-friendliness, and convenience of electric moped can have an excellent impact on the market growth, states Fortune Business Insights, in a report, titled “Electric Bike Market, 2021-2028.” The market size stood at USD 16.86 billion in 2020.
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COVID-19 Impact:
E-bike sales have seen a significant increase, which began before the COVID-19 issue but has accelerated after the pandemic-induced lockdown. According to a report issued by the World Economic Forum (WEF), sales of electric bikes in the U.S. grew by 145% in 2020 compared to 2019. According to the NPD Group, electric moped sales with average selling prices over USD 1,000 grew by 190 percent in June 2020 compared to June 2019. As a result, the epidemic has sped up the demand for electric moped.
Market Segments:
By propulsion type, the market is segmented into pedal assist and throttle. The pedal assist segment is expected to hold the largest share of the electric bike market share due to its longer battery life, lower servicing needs, and its ability to switch to five pedal-assist modes.
Based on battery type, the market is segmented into lead-acid, lithium-ion, nickel-metal hydride, and others. The lead-acid segment is expected to account for a significant share owing to its low cost and easy recycling. Geographically, the market is classified into North America, Europe, Asia Pacific, and the Middle East, and Africa.
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Driving Factor:
Increasing Adoption of Shared Micro-mobility to Augment Growth
The ecology of public transportation includes shared micromobility. As a flexible transportation alternative with minimal operating costs and overhead, shared electric micro-mobility can supplement higher-volume fixed-route transit systems by offering mobility services for numerous trips at a reduced per-traveler price. The North American Bikeshare and Scootershare Association (NABSA) released its annual report on the health of the shared micromobility business in August of 2021. According to the research, North Americans took 83.4 million journeys in shared micromobility cars in 2020, accounting for more than half of all trips in 2019. Over a third of all journeys were made on e-scooters. Pedal bikes and e-bikes accounted for over two-thirds of all travels. Despite all other trip patterns decreasing, the number of e-bike journeys grew from 7 million to nearly 10 million during the COVID-19 epidemic. As a result, the rising consumer acceptability of UBI will propel this market in the forthcoming years.
Regional Insights:
Rising E-bike Sales to Augment Growth in North America
In 2020, Asia Pacific was worth USD 8.72 billion, with China accounting for the majority of the market share. The dominance is ascribed to factors such as substantial cycling infrastructure in established and emerging nations such as China and Japan, high automobile and public transport congestion, and growing stringency of pollution laws for e-bikes.
The market in Europe is projected to develop significantly. In July 2021, the Heinrich-Böll-Stiftung European Union released the second edition of the European Mobility Atlas. According to the research, electric moped producers and parts are operating in 23 of the EU's 27 member nations. Roughly 900 small and medium companies (SMEs) employ around 120,000 people and invest more than one billion euros in research and development. The market in North America is also projected to develop rapidly. According to NABSA, the number of bike-share systems that use electric bikes has grown from 28% in 2019 to 44% in 2020. Several cities, including Washington, D.C., New York, and San Francisco, have reduced speed restrictions, blocked automobile lanes, and built dedicated bike lanes. The rise in electric moped sales can be ascribed to these causes.
Competitive Landscape:
The Accell Group to Dominate the Market
The Accell Group is a major participant in the electric bike industry. The firm employs roughly 3,100 people in 15 different countries. Furthermore, the company's motorcycles and associated goods are offered to clients and dealers in over 80 countries.
Key Development:
September 2020: Sparta, a bicycle brand operating under the Accell Group, introduced Sparta d-burst, a powerful new speed pedelec. D-burst is available as both e-bike and speed pedelec. Moreover, it comes with a capacity of more than 1125 Wh.
The Report Lists the Key Companies in the Market:
Giant Bicycles (Taichung City, Taiwan)
Energica Motor Company (Modena, Italy)
Accell Group (Heerenveen, Netherlands)
Robert Bosch GmbH (Gerlingen, Germany)
Derby Cycle Holding GmbH (Cloppenburg, Germany)
Pedego Electric Bikes (California, U.S.)
Panasonic Corporation (Osaka, Japan)
Mahindra & Mahindra Ltd. (Mumbai, India)
Trek Bicycle Corporation (Wisconsin, U.S.)
Bionx International Corporation (Ontario, Canada)
Shimano Inc. (Osaka, Japan)
VanMoof (Amsterdam, Netherlands)
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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