According to a new report published by UnivDatos Markets Insights the E-Bike Market is expected to grow at a CAGR of around 10% from 2021-2027.
As per our analysis, it is predicted that global E-Bike sales are expected to grow at a CAGR of about 10% to reach USD $43.9 Bn in 2027. The increasing integration of cell phones into vehicles is a big development in the e-bike business. Riders can get real-time information about the battery’s status, speed, location, and route, among other things. Government subsidies and financial incentives are crucial growth drivers for the sector. Additional discounts offered by the governments encourage the citizens to purchase e-bikes for e.g., Sweden’s Government’s subsidy scheme made up 25% of the purchase price of an e-bike, up to a total of $1,129, and this caused sales to increase by over 50%. It resulted in a total sale of 103,000 units from September 2017 to August 2018 period. E-bikes are gaining popularity around the world as a versatile, flexible, and environmentally responsible method of transportation, particularly for shorter distances. Many people see electric bikes as a viable alternative to scooters, personal vehicles, and public transportation. The innovative nature of electric bikes, as well as their enticing looks and advanced features, are some of the primary elements boosting the e-bike industry’s prediction in the approaching years.
The E-Bike Market has been significantly harmed by COVID-19. The worldwide outbreak of the coronavirus pandemic, accompanying steps to suppress it, and significant supply chain disruption have all had an impact on e-bike market trends to some degree. In most parts of the world, e-bike manufacturing and sales declined during the first quarter of 2020. However, because of COVID-19’s contagious nature, the bulk of commuters have been avoiding public transportation. In 2020, government restrictions on public transportation as a result of social distancing measures have pushed an increasing number of people to use e-bikes. As a result of the pandemic, walking and cycling got a bigger profile than ever in 2020. Governments all across the world encouraged people to walk or ride their bikes instead of taking congested public transportation and invested in large-scale bicycle infrastructure to assist them.
The global E-Bike market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- Based on mode, the market is segmented into Pedal Assisted and Throttle Assisted. The pedal segment generated revenue of USD XX billion in 2020. Over the projected period, the pedal-assisted markets are expected to increase significantly. Consumers like the pedal assist mode because it combines the benefits of riding with the convenience of electric assistance for longer cruises. As a result, pedal assist leads the mode segment.
- Based on battery type, the market is segmented into Lithium-Ion, Lead Acid and Others. The Lithium-Ion segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027. One of the major causes of the growth of this segment is these batteries are smaller in size, long-lasting, and have more power-to-weight ratio than other batteries.
- Based on application, the market is segmented in Mountain/Trekking Bikes, City/Urban, Cargo and others. The Mountain/Trekking Bikes segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027. As customers are becoming more interested in trekking and recreational activities, demand for mountain/trekking e-bikes is fast expanding. There is a rise in demand for mountain/trekking e-bikes as people become more interested in performance-based adventure activities.
E-Bike Market Geographical Segmentation Includes:
- North America (United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Italy, France, Spain, and the Rest of Europe)
- Asia-Pacific (China, India, Australia, Japan, and the Rest of Asia-Pacific)
- Rest of the World
Based on the estimation, during the projection period of 2021-2027, Asia Pacific is expected to be the largest market. The Asia-Pacific e-bike market is dominated by China, which is the region’s largest manufacturer and exporter of e-bikes. E-bikes are increasingly being purchased throughout the region for cost-effective and environmentally friendly commuting for short distances, such as commuting to work or the office. In this region, India, Japan, and South Korea are potential markets owing to the increasing e-bike sales in these countries.
The major players targeting the market include
- Yamaha Motor Corporation
- Mahindra & Mahindra Ltd.
- Accell Group
- Giant Manufacturing Co., Ltd.
- Derby Cycle
- Jiangsu Xinri E-Vehicle Co., Ltd.
- Karbon Kinetics Ltd
- Trek Bicycle Corporation
- Merida Industry Co.
- Riese & Muller