The Global E-Bike Market To Be Worth $80.6 Billion By 2027 – Report

0
33
Advertisements

Estimated Reading Time: 2 minutes

The e-bike market size is estimated to grow from USD 49.7 billion in 2022 to USD 80.6 billion by 2027 at a CAGR of 10.2% over the forecast period. The market would witness growth due to some driving factors, such as safe, convenient, and affordable alternatives to public transportation, rapid urbanization, and growing infrastructure development activities in different countries. The market for e-bikes has grown significantly during Covid-19 as they provide a safe, affordable, and convenient alternative to public transportation. The e-bikes are also easy to charge and are less costly than two-wheeler; hence, they are one of the preferred options for micro-mobility. However, post-2022, the demand for e-bikes would be steady, considering the return of safer public and private transportation systems such as metros, buses, and cab/ride-sharing platforms.

Due to the rugged design structure, mountain e-bikes have become popular among customers over the past few years. The demand for mountain e-bikes is snowballing as consumers seek more recreational activity options. There is a growing interest in performance-based adventurous sports, and mountain e-bikes are proving as a solution for this requirement of consumers. In many countries, mountain e-bikes are used for mountain trekking and daily commuting to work and shopping. Owning mountain e-bikes is a status symbol, too, as they are more expensive and stylish. These factors are expected to increase consumer preference for mountain e-bikes.

ALSO READ  Guwahati To Get North East’s 1st EV Charging Manufacturing Unit

25-45 km/h by speed segment is estimated to grow the fastest during the forecast period
Due to the low running costs, e-bikes are gaining popularity as a convenient commute mode. In North America, Class-I & II e-bikes are allowed a maximum speed of 32 km/h, and Class-III e-bikes are allowed a speed of up to 45 km/h. Due to the high speed of e-bikes with 25-45 km/h speed, they have the potential to replace bikes and cars to avoid traffic congestion and reduce emissions. The North American region has fewer regulations in terms of speed compared to Asia-Oceania and Europe. The comparative high-speed option allows the riders for a faster commute. Thus, these factors would increase the consumer preference for the 25-45 km/h speed e-bike segment.

Asia Oceania is projected to be the largest e-bike market by 2027
Asia Oceania will be the largest e-bike market by 2027 because of the increasing adoption of e-bikes in China and India. At the same time, other countries in the region, such as Japan, South Korea, Taiwan, and Australia, are projected to improve their share by promoting the benefits of e-bikes among consumers. Furthermore, global e-bike OEMs are relocating their operations in the region. The technology transfer has led to growth in the number of local players, which is expected to reduce the cost of e-bike adaptation in the region. Hence the region is expected to increase its share during the forecast period.

ALSO READ  Taking Freight Trucks Electric Would Have Big Economic And Environmental Benefits For India - Report

The e-bike market is dominated by players such as Accell Group NV (Netherlands), Pon.Bike (US), Merida Industry Co. Ltd. (China), Giant Manufacturing Co., Ltd. (Taiwan), and Yamaha Motor Company (Japan). These companies have strong distribution networks at the global level. These companies have adopted comprehensive expansion strategies; and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the growing market.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.