Electric Bike (E-Bike) Market Analysis by Types ((Lead Acid, Lithium Ion, Nickel-Metal Hydride (NiMH) & Other), Demand, Top Manufacturers and Application in Grooming Regions

According to the latest report by IMARC Group, The latest research study "E-Bike Market Share, Size, Growth, Opportunity and Forecast 2023-2028" finds that The global electric bike market size reached US$ 23.2 Billion in 2022. Looking forward, the market expects to reach US$ 34.6 Billion by 2028, exhibiting a growth rate (CAGR) of 6.78% during 2023-2028.

An electric bicycle (e-bike) refers to a battery-powered two-wheeler that runs on rechargeable batteries. It has a pedal assist that eases the overall riding experience on hills, inclines, and rough terrain and reduces stress on the joints of the rider. It can cover longer distances in a shorter period with lesser peddling effort. It aids in improving physical health, increasing muscle strength and flexibility, reducing stress, and decreasing body fat levels. At present, several product manufacturers are introducing e-bikes in various designs and performance capacities, depending on the needs of the customer. E-bikes are also used in different adventure sports, which are gaining popularity among young enthusiasts.

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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Global E-Bike Market Trends:

There is an increase in the sales of two-wheeled electric vehicles (EVs) on account of rapid urbanization and inflating income levels of individuals. This represents one of the major factors positively influencing the demand for e-bikes around the world. Due to the inflating prices of petrol, the escalating demand for fuel-efficient and high-performance e-bikes is also contributing to the market growth. Along with this, with the rising environmental consciousness among individuals, several governing agencies are implementing stringent regulations to encourage the use of e-bikes to reduce the carbon footprint and promote efficient solutions for daily commutes, which is favoring the market growth.

In addition, the growing consciousness among the masses about physical health is driving the demand for e-bikes worldwide. Apart from this, there is an increase in travel activities and the emergence of e-bike rental services trend at tourist places as they are affordable and convenient and offer an effortless riding experience. This, in confluence with significant growth in the travel and tourism industry, is creating a positive outlook for the market. Besides this, leading players operating worldwide are introducing mobile applications with smart e-bike monitoring systems (SEMS) to help track fitness and provide information in real-time on smartphones. These systems are incorporated with various technological advancements, such as artificial intelligence (AI), the internet of things (IoT), and sensors, which is offering lucrative growth opportunities to leading players operating in the industry.

Additionally, there is a rise in number of individuals participating in sports and recreational activities and the easy availability of e-bikes via offline and online retail channels. Along with this, extensive research and development (R&D) activities conducted by leading players to introduce improved product variants are anticipated to impel the growth of the market in the coming years.

List of Major Key Players:

The major players in the market are ACCELL GROUP (ACCEL.AS), BionX International Corporation, BOSCH LTD (BOSCHLTD.NS), YAMAHA MOTOR CO (YAMHF), Derby Cycle Holding GmbH, Giant Manufacturing Co. Ltd., Klever Mobility GmbH, Merida & Centurion Germany GmbH, Samsung SDI Co., Ltd, Continental AG, ProdecoTech, Fuji-ta Bicycle Co., Ltd., Trek Bicycle Corporation, PEDEGO INC, and Shimano Inc

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The report cover the below key market segments:

Mode Insights:

Throttle
Pedal Assist

The report has provided a detailed breakup and analysis of the e-bike market based on the mode. This includes throttle and pedal assist. According to the report, pedal assist represented the largest segment.

Motor Type Insights:

Hub Motor
Mid Drive
Others

A detailed breakup and analysis of the e-bike market based on motor type has also been provided in the report. This includes hub motor, mid drive, and others. According to the report, hub motor accounted for the largest market share.

Battery type Insights:

Lead Acid
Lithium Ion
Nickel-Metal Hydride (NiMH)
Others

Class Insights:

Class I
Class II
Class III

Design Insights:

Foldable
Non-Foldable

Application Insights:

Mountain/Trekking Bikes
City/Urban
Cargo
Others

Regional Insights:

Asia Pacific
Europe
North America
Middle East and Africa
Latin America

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