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Electric Bikes Market: Comprehensive Insights into Market Size, Growth Drivers, Key Trends, and Competitive Landscape
Electric Bikes Market
Electric Bikes Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $96.59 billion In 2028 At A CAGR Of 14.2% :
The electric bike market size has grown rapidly in recent years. It will grow from $49.54 billion in 2023 to $56.79 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to environmental awareness, government incentives and policies, urbanization and traffic congestion, consumer interest in health and fitness, cost savings on transportation.
The electric bike market size is expected to see rapid growth in the next few years. It will grow to $96.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to cultural shift towards electric mobility, rise of sharing and rental services, product innovation and design diversity, global sustainability focus, rising fuel costs and economic benefits. Major trends in the forecast period include e-bike subscription and ownership models, market entry of new players, environmental sustainability messaging, focus on lightweight designs, customization and personalization.
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Electric Bikes Market Major Segments
The electric bikes global market covered in this report is segmented -
1) By Class: Class-I, Class-II, Class-III
2) By Motor Type: Mid Motor, Hub Motor
3) By Battery Type: Lead Acid, Lithium ion (Li-ion), Nickel-Metal Hydride (NiMH), Other Battery Types
4) By Application: Mountain Or Trekking, City Or Urban, Cargo, Other Applications
Key Driver - Government Regulations Spur Electric Bike Market Growth Worldwide
The implementation of government regulations to encourage the use of electric bikes is expected to propel the growth of the electric bikes market in the coming years. Electric bikes have a longer range and are easier to use, allowing users to travel without sweating, pull bigger loads, run more errands, and take longer journeys. For instance, in 2021, the FAME India Scheme (Faster Adoption and Manufacturing of (Hybrid & Electric Vehicles) was implemented with a budget of $1.36 billion and it focuses on the electrification of public and shared transportation. Furthermore, in 2021, the California state budget committed $10 million to the Air Resources Board to implement the e-bike rebate program by July 2022. Therefore, the implementation of government regulations to encourage electric bikes drives the electric bikes market.
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Prominent Trend - Technological Breakthroughs Propel Electric Bikes Sector Forward
Technological advancements are shaping the electric bikes market. Major companies operating in the electric bikes sector are focused on developing technological solutions for electric bikes to meet customer demand and strengthen their position. For instance, in September 2021, Bosch, a Germany-based technology company has unveiled its new Smart System, a comprehensive package that includes innovative digital advances, such as a new mobile app and wireless remote control, to improve the digitalization of bikes utilizing the company's drivetrain system. Riders may set riding modes, automatically record activity, and integrate fitness apps including Apple Health with the new mobile app.
Electric Bikes Market Players
Major companies operating in the electric bikes global market report are Panasonic Corporation, Yamaha Motor Company, Mahindra & Mahindra Limited, Pon Holdings BV, Giant Manufacturing Co. Ltd., Pon Bicycle Holding B.V., Yadea Group Holdings Ltd., Accell Group NV, Trek Bicycle Corporation, Merida Industry Co. Ltd., Tianjin Golden Wheel Bicycle Group Co. Ltd., FRITZMEIER Systems GmbH & Co. KG, Specialized Bicycle Components Inc., Cube Bikes GmbH, Derby Cycle AG, Derby Cycle Holding GmbH, Brompton Bicycle Ltd., Beistegui Hermanos S.A., VanMoof, Koninklijke Gazelle N.V., Pedego Electric Bikes, Cannondale Bicycle Corporation, Electra Bicycle Company, BionX International Corporation, Focus Bikes GmbH, Gocycle Limited, Klever Mobility Europe GmbH, Tianjin Fuji-ta Group, Bulls Bikes GmbH, KTM Fahrrad GmbH, Cycles Lapierre S.A.S., M1-Sporttechnik GmbH & Co. KG, Orbea S. Coop. Ltda., Pivot Cycles LLC
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Largest And Fastest Growing Region In The Market
Asia-Pacificwas the largest region in the electric bikes market in 2023. Europe is expected to be the fastest growing region in the forecast period. The regions covered in the electric bikes global market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electric Bikes Market Report Structure
3. Electric Bikes Market Trends And Strategies
4. Electric Bikes Market - Macro Economic Scenario
5. Electric Bikes Market Size And Growth
…..
27. Electric Bikes Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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