BANGALORE, India, July 4, 2022 /PRNewswire/ — The Global Electric Bike Market is Segmented by Product (Pedelecs, Speed Pedelecs, Throttle on Demand, and Scooter & Motorcycle), Drive Mechanism (Hub Motor, Mid-Drive), Battery Type (Lead Acid, Lithium-Ion): Opportunity Analysis and Industry Forecast, 2022–2030.
The global electric bike market was valued at USD 40,312 Million in 2019 and is projected to reach USD 118,657 Million by 2030, registering a CAGR of 10.5% from 2020 to 2030.
The major factor driving the growth of the electric bike market
The electric bike market is anticipated to grow as a result of factors including the implementation of government regulations to promote the use of electric bikes, consumer preference for using e-bikes as an eco-friendly & efficient commute solution, an increase in fuel costs, and a rise in interest in cycling as a fitness & recreational activity.
Due to their reduced size, ability to go at a higher pace with less effort, and the health advantages of pedaling, electric bikes are a flexible, adaptable, eco-friendly, and fashionable means of transportation that helps reduce traffic congestion. These elements contribute to the growth of the electric bike market.
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TRENDS INFLUENCING THE GROWTH OF THE ELECTRIC BIKE MARKET
Government regulations are being implemented to promote the use of electric bikes. Because people are becoming more aware of the dangers associated with driving fossil fuel-powered vehicles, governments around the world are taking steps to reduce their carbon footprints by promoting the use of electric bikes, electric vehicles, and bicycles. Additionally, governments are building bicycle-friendly streets and lanes, which are enticing people to use bicycles as their primary form of transportation. Many governments are paying close attention to electric bicycles, scooters, and motorbikes as dependable, effective types of light motor vehicles (LMVs) that contribute to lowering carbon emissions. This factor is expected to drive the growth of the Electric bike market
Change in the trend toward the adoption of a healthy lifestyle is expected to further fuel the e-bike market. According to a Brigham Young University study that was published in the Journal of Medical Internet Research, riding an electric bike provides almost as much exercise as riding a mountain bike without making you feel like you’ve worked out hard. The fact is that cyclists still have to pedal even with pedal assistance, which results in calorie burning. It’s a fantastic cardiovascular workout that can support muscle growth and endurance.
People are more likely to cycle because it is easier and provides a similar workout with fewer effort thanks to e-bikes. Riding an e-bike helps people who might otherwise lead sedentary lives get outside and exercise. This physical activity, change in scenery, and exposure to fresh air assist to elevate mood, lower stress, promote more restful sleep, and boost productivity. These factors are expected to drive the growth of the electric bike market.
The COVID-19 pandemic has most commuters staying away from public transportation. E-bikes are regarded as a reliable, practical, and inexpensive substitute for public transit. This is expected to further fuel the electric bike market
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ELECTRIC BIKE MARKET ANALYSIS
Based on type, Throttle on demand is projected to be the most lucrative segment. The throttle system is the greatest option for quicker riding on country roads with switchbacks or navigating hectic traffic because you can easily and swiftly pull out of traffic at intersections and lights and feel much safer.
Based on region, LAMEA is expected to hold the highest CAGR of 14.00% during 2020-2030.
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Key Companies
- Accell Group
- Derby Cycle
- Fuji-ta Bicycle Co., Ltd.
- Giant Manufacturing Co., Ltd.
- Jiangsu Xinri E-Vehicle Co., Ltd.
- Mahindra & Mahindra Ltd. (GenZe)
- Prodecotech, LLC
- Tianjin Golden Wheel Group Co., Ltd.
- Trek Bicycle Corporation
- Yamaha Motor Co. Ltd.
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SIMILAR REPORTS:
– The global wireless electric vehicle charging market size was valued at USD 7.6 Million in 2019 and is projected to reach USD 210.1 Million by 2030, registering a CAGR of 36.4% from 2020 to 2030.
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– The global Electric Car market size is projected to reach USD 597340 Million by 2027, from USD 154350 Million in 2020, at a CAGR of 25.3% during 2021-2027.
– The global Electric Vehicle Charger market was valued at US$ 3654.6 million in 2020 and it is expected to reach US$ 17820 million by the end of 2027, growing at a CAGR of 25.4% during 2021-2027.
– The global Public Charging Stations for Electric Vehicle market size is projected to reach US$ 5616.4 million by 2028, from US$ 1250.3 million in 2021, at a CAGR of 23.4% during 2022-2028.
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– The global electric vehicle market was valued at USD 163.01 Billion in 2020 and is projected to reach USD 823.75 Billion by 2030, registering a CAGR of 18.2% from 2021 to 2030.
– The global micromobility market was valued at USD 40.19 Billion in 2020, and is projected to reach USD 195.42 Billion by 2030, registering a CAGR of 17.4% from 2021 to 2030.
– Due to the COVID-19 pandemic, the global Pedelec market size is estimated to be worth USD 15860 Million in 2022 and is forecast to a readjusted size of USD 38840 Million by 2028 with a CAGR of 16.1% during the review period.
– Due to the COVID-19 pandemic, the global Electric Cargo Bikes market size is estimated to be worth USD 723.6 Million in 2022 and is forecast to a readjusted size of USD 1447.5 Million by 2028 with a CAGR of 12.3% during the review period.
– The global electric kick scooter market size was valued at USD 2.10 Billion in 2020, and is projected to reach USD 4.52 Billion by 2028, registering a CAGR of 12.2% from 2021 to 2028.
– The global Bike and Scooter Rental market size is projected to reach USD 4740.8 Million by 2027, from USD 2115.4 Million in 2020, at a CAGR of 11.7% during 2021-2027.
– The global vehicle electrification market was valued at USD 70.14 Billion in 2019, and is projected to reach USD 140.29 Billion by 2027, registering a CAGR of 11.3%.
– The global Electric Scooter market size is estimated to be worth USD 5703.5 Million in 2022 and is forecast to be a readjusted size of USD 7384.9 Million by 2028 with a Compound Annual Growth Rate (CAGR) of 4.4% during the forecast period.
– The global folding bikes market was valued at USD 790.90 Million in 2019 and is projected to reach USD 1,260.98 Million by 2027, registering a CAGR of 8.7% from 2020 to 2027.
– The global Electric Commercial Vehicle market size is projected to reach USD 178560 Million by 2027, from USD 101270 Million in 2020, at a CAGR of 8.3% during 2021-2027.
– Due to the COVID-19 pandemic, the global Electric Scooter and Motorcycle market size is estimated to be worth USD 7885 Million in 2022 and is forecast to a readjusted size of USD 12170 Million by 2028 with a CAGR of 7.5% during the review period.
– The global Ride Sharing market size is projected to reach USD 153000 Million by 2027, from USD 43200 Million in 2020, at a CAGR of 19.8% during 2021-2027.
– The global lithium-ion battery market was valued at USD 36.7 Billion in 2019 and is projected to hit USD 129.3 Billion by 2027 at a CAGR of 18.0% from 2020 to 2027.
– In 2020, the global Mobility Scooter market size was USD 640.6 Million and it is expected to reach USD 1180.5 Million by the end of 2027, with a CAGR of 9.1% during 2021-2027.
– The global bicycle market size was valued at USD 20,280.0 Million in 2019. According to the bicycle market analysis the market is estimated to reach USD 28,667.3 Million by 2027. The bicycle market forecasted a growing CAGR of 4.8% from 2021 to 2027.
– Global Li-ion E-Bike Market Insights and Forecast to 2028
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