Report Code: A04398 | Pages: 283 | Feb 2021 | 103319 Views | ||
Author(s) : Akshay J , Sonia M | Tables: 116 | Charts: 60 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Electric Bike Market
Request Now !The global electric bike market was valued at $40,312 million in 2019, and is projected to reach $118,657 million by 2030, registering a CAGR of 10.5% from 2020 to 2030.
Due to the COVID-19 pandemic, commuters are mostly avoiding public transportation. E-bikes are considered a safe, convenient, and affordable alternative to public transportation. According to industry experts and e-bike manufacturers, such as Rad Power Bike, VanMoof, and Lectric e-bike, e-bikes are increasingly considered an ideal transportation mode as cities emerge from the quarantine approaches in the US and Europe. In addition, owing to the government restrictions on public transport because of social-distancing guidelines, commuters are adopting the bike as the mode of day-to-day transportation. For instance, according to the New York Times, U.S. bike sales increased by 85% in March 2020. Thus, the electric bike industry is one of those industries that is poised for better growth post-Covid-19. However, the sale of e-bikes was dampened in the first quarter of 2020, as e-bike stores were closed due to lockdown.
Electric bike is a bicycle with an integrated electric motor drive mechanism and battery, which produces power for causing or assisting propulsion. Various kinds of globally available e-bikes range from electric bikes with a small motor to assist the pedal-power of the rider to more powerful e-bikes that produce power to completely drive the bike using throttle.
Electric bikes are a flexible, versatile, eco-friendly, and trendy mode of transport. Consumers look up to them as an ideal substitute for scooters, smart cars, and public transport. These bikes help tackle traffic congestion, owing to the smaller size of e-bikes, attain higher speed with lesser effort, and health benefits attained with peddling. These factors lead to rise in popularity of electric bikes across the globe.
Factors such as implementation of government regulations to encourage the use of electric bikes, consumer inclination toward use of e-bikes as an eco-friendly & efficient solution for commute, increase in fuel costs, and rise in interest in cycling as a fitness & recreational activity are expected to drive the market growth. However, high cost of e-bikes and ban on use of e-bikes in major cities of China hinder the market growth. Furthermore, improvement in bicycling infrastructure & battery technology is expected to offer lucrative opportunities for the electric bike market growth.
The global electric bike market is segmented into product type, drive mechanism, battery type, and region. Depending on product type, the market is bifurcated into pedelecs, speed pedelecs, throttle on demand, and scooter & motorcycle. By drive mechanism, it is fragmented into hub motor, mid drive, and others. On the basis of battery type, it is classified into lead-acid, lithium-ion (Li-ion), and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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, and Yamaha Motor Co., Ltd. are some of the leading key players operating in the electric bike market.
Governments of various countries are taking initiatives to reduce the carbon footprints by encouraging the use of electric bikes, electric vehicles, and bicycles, owing to increase in awareness toward the hazardous effects of using vehicles running on fossil fuels. Moreover, governments are constructing bicycle-friendly streets, which are encouraging individuals to opt for bicycle as a key mode of commute. Electric bicycles, scooters, and motorcycles have gained significant attention from various governments as reliable and efficient types of light motor vehicles (LMVs), which help in reducing the carbon footprint. Furthermore, to encourage the use of these environment-friendly vehicles, governments around the world are supporting for the purchase of electric mobility, in terms of tax credits and incentives. For instance, in June 2019, the Indian Government announced a plan to lower the goods & service tax (GST) on e-vehicles from 12% to 5% for faster adoption of electric vehicles. Furthermore, infrastructure facilities such as guarded bicycle parking facilities, construction of more bicycle (express) routes, and establishment of battery charging stations in many countries by the governments significantly boost the adoption of electric bikes by users, thereby propelling the growth of the E-bikes market.
Increase in global carbon emission by fuel combustion has been one of the major concerns for governments and environmentalists from the past few decades. This, in turn, boosts the demand for electric vehicles across the globe, thereby supplementing the growth of the market. In addition, due to rise in cost of fuel at international level, increase in pollution, and traffic congestion especially in urban areas have increased the popularity of electric bikes across every continent. Moreover, higher running and maintenance cost of fuel vehicle leads to shift in preference for electric bike in daily commute, which, in turn, propels the E-bikes market growth.
High cost of e-bikes is a major factor that restrains the growth of the E-bikes market. The cost of the battery and technology makes e-bikes costlier as compared to traditional bicycles, conventional scooters, or motorcycles. Hence, consumers find conventional scooters or motorcycles superior in performance with same or less price. Moreover, the use of lithium–ion batteries or drive mechanism of motor incurs maximum cost, thereby restraining the growth of the market. Hence, upsurge in adoption of e-bikes in countries other than China is limited by high costs. However, the E-bikes market is growing at a rapid rate globally, which may reduce the impact of this restraint in the near future.
E-bikes are less expensive than cars, do not require license, and can be used on existing bicycling infrastructure. Rapid urbanization and less preference of consumers to use cars due to increased traffic congestion are anticipated to offer lucrative opportunities for market expansion. In addition, governments of various countries focus on the development of infrastructure for e-bikes, including bicycle tracks and public charging stations with the inclination of consumers toward e-bikes. For instance, Sanyo (Japan) opened two solar parking lots in Tokyo where around 100 electric bicycles can be recharged from solar panels. Moreover, consistent technological innovations in e-bike by market players is propelling the market growth. For instance, in 2017, commercial bike racks & bike parking systems manufacturer, Bikeep introduced the solution of smart bicycle rack that provides electric bicycle charging. The solution will be available for the most popular e-bikes. Thus, all these factors collectively are expected to offer remunerative opportunities for the expansion of the global E-bikes market during the forecast period.
Covid-19 Scenario Analysis
Key Benefits For Stakeholders
Electric Bike Market Report Highlights
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An e-bike is a bicycle with an integrated electric motor, a battery, and a controller that assists with increased propulsion. It makes use of chargeable batteries, which have different capacities depending upon their size. Peddle assist, throttle on demand, speed pedelec, and electric moped or motorcycle are the different categories of electric bikes. Increase in government support for electric bikes and implementation of stringent laws toward CO2 emission drive the growth of the global electric bikes market. Moreover, consumer inclination toward the use of e-bikes as an eco-friendly and efficient solution for commute and increase in fuel costs supplement the market growth. In addition, rise in interest in cycling as a fitness and recreational activity and improvement in cycling infrastructure & battery technology fuel the market growth.
At present, electric bikes are widely being used in various applications, including daily commuting, food & medicine deliveries, logistics, and others. Numerous companies such as Accell Group, Derby Cycle, Giant Manufacturing Co., Ltd., Trek Bicycle Corporation, and Yamaha Motor Co., Ltd. have been operating effectively in the electric bike market to offer advanced products, which further propels the growth of the global market.
However, high cost of e-bikes and ban on use of e-bikes in major cities of China hinder the market growth. On the contrary, improvements in bicycling infrastructure & battery technology are anticipated to offer potential opportunities for the market growth.
Among the analyzed regions, Asia-Pacific is the highest revenue contributor, followed by Europe, North America, and LAMEA. On the basis of forecast analysis, LAMEA is expected to lead during the forecast period, due to increase in concerns related to emission of hazardous pollutants in the developing countries such as Brazil, Argentina, South Africa, and Saudi Arabia.
A. The global electric bike market was valued at $40,312.00 million in 2019, and is projected to reach $118,657.00 million by 2030, registering a CAGR of 10.5% from 2020 to 2030.
A. Due to the COVID-19 pandemic, commuters are mostly avoiding public transportation. E-bikes are considered a safe, convenient, and affordable alternative to public transportation. Thus, coronavirus pandemic has changed the way people commute, and bicycling has become even more popular around the world. As a major bicycle manufacturer and with the largest market for e-bikes, China has witnessed a growing demand in this field. Therefore, the electric bike industry is one of those industries that is poised for better growth post-Covid-19.
A. The sample for global e-bikes market report can be obtained on demand from the AMR website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
A. There are certain upcoming trands in electric bike such as improvement in bicycling infrastructure, battery technology and ongoing R&D in the field of electric motors.
A. The key growth strategies adopted by the electric industry players includes collaboration, product launch, agreement and partnership. These strategies opted by various industry players is leading to the growth of the electric bike market as well as the players.
A. The company profiles of the top market players of electric bike industry can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the electric bike market.
A. Asia-PAcific region is leading the market presently in terms of revenue. However, LAMEA and North America region is expected to provide more business opportunities for the key players operating in the global electric bike market.
A. By product, throttle on demand is expacted to gain traction over the forecast period as well as domainate the market share in the global electric bike market
A. Mexico, Vietnam and Africa has wirnessed as a key matured markets growing in the global electric bike market
A. The adjacencies such as high cost of electric bikes and ban on the use of electric bikes in major cities of China has impacting the electric bike market.
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