Global Electric Bike Market Share Poised to Reflect 14.9% CAGR by 2028 to Hit USD 69.24 Billion, Eco-Friendly Mobility is Boosting e-Bikes Demand: Says Facts & Factors – GlobeNewswire
January 19, 2022 11:58 ET | Source: Facts & Factors Facts & Factors
London, United Kingdom, Jan. 19, 2022 (GLOBE NEWSWIRE) — “Electric Bike Market by Product (Pedelecs, Speed Pedelecs, Throttle on Demand), by Drive Mechanism (Hub Motor, Mid-drive and Others), by Battery Type (Lead acid, Li ion And Others), By Region: Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2028 ” is the title of the most recent analysis report that Facts and Factors has recently added to their research database.
“The latest research shows that the demand for global Electric Bike Market size & share was estimated around USD 41.35 Billion in 2020 and is expected to cross USD 69.24 Billion by the end of 2028, with a compound annual growth rate (CAGR) of nearly 14.9% between 2021 and 2028.”
Electric Bike market analysis report is professional and in-depth research that focuses on leading segments, market share, e-bike market trends, primary and secondary drivers, electric bike industry growth, production, and regional analysis of the market in discussion (such as North America, South America, Europe, Asia-Pacific, and Middle East & Africa.)
What is Electric Bike? How big is the electric bike market?
E-bikes, e-bicycles, pedelecs, and power-assisted (bi)cycles are ordinary bicycles with an electric motor, a battery, and a transmission. These bikes can either be pedaled or powered by rechargeable batteries. There are three types of rechargeable batteries: lead-acid, lithium-ion (Li-ion), and nickel-metal hydride (NiMH). The most common type of battery is lead-acid, which can travel large distances on a single charge. These bikes are easy to ride, suitable for people of all ages, and a cost-effective alternative to motorized cars as an environmentally responsible mode of transportation. Electric bicycles are a versatile, eco-friendly, and fashionable form of transportation. Consumers regard them as a viable alternative to scooters, smart cars, and public transportation.
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Major Market Players
Electric Bike Market: COVID-19 Impact
The recent COVID-19 outbreak and economic slump have altered the entire market statistics of many sectors around the world. The electric bike market is no exemption to this rule.
Commuters are avoiding public transit due to the COVID-19 pandemic. E-bikes are regarded as a safe, convenient, and cost-effective mode of mobility. According to industry analysts and e-bike manufacturers such as Rad Power Bike, VanMoof, and Lectric e-bike, e-bikes are becoming a more popular method of transportation as cities in the United States and Europe emerge from quarantine. Furthermore, due to government limits on public transit as a result of social-discrimination guidelines, commuters are turning to the bicycle as a form of daily mobility. However, in the first quarter of 2020, e-bike sales were hampered by the closure of e-bike retailers owing to lockdown.
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Global Electric Bike Market: Growth Factors
Over the projection period, factors such as rapid urbanization and traffic congestion in cities are likely to fuel demand for e-bikes. Government rules encouraging the use of electric bikes, consumer preference for e-bikes as an environmentally responsible and efficient mode of transportation, and rising gasoline prices are all factors positively impacting the market’s growth.
Because of the COVID-19 epidemic, shared mobility is unlikely to be favored for transportation. E-bikes are regarded as a safe, convenient, and cost-effective mode of mobility. To relieve the strain on public transportation systems, most countries are promoting e-bikes through subsidies and legal adjustments.
Global Electric Bike Market: Report Scope
Electric Bike Market: Segmentation Analysis
The global Electric Bike market is segregated into the product, drive mechanism, battery type.
During the forecast period, the lithium-ion battery category is likely to dominate the market. These batteries are smaller, lighter, and have a longer range than lead-acid batteries. They can also start in harsh weather. They also necessitate less upkeep. These are some of the factors that are expected to keep this segment’s dominance over the projection period. Various governments have established strict regulations for the usage of lead-acid batteries because their chemicals emit hazardous fumes that might cause major environmental problems. The emission of lead into groundwater has the potential to be harmful to human health.
There’s a reason for this: producing these types of e-bikes is more profitable for them. These bikes are lighter, smaller, and can travel greater distances while using very little battery power. As a result, the mid-motor sector is expected to grow at a faster rate over the forecast period.
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The North American e-bike industry is expected to grow at a high rate between 2021 and 2028, propelled by demand from Canada and the United States. The industry’s expansion in Canada is being aided by rising demand from retired clients, as well as a growing preference for leisure activities.
The European market accounts for roughly 39% of the total e-bike market. Germany was the most powerful country in Europe, followed by France and Italy. E-bikes are a popular means of transportation in Germany. In this country, e-bikes are also employed for sports and pleasure. In the country, they serve as a clean, quiet, and space-saving option for city logistics.
During the projected period, Asia Pacific is predicted to be the largest market for e-bikes. Due to rising e-bike sales in these nations, China, Japan, India, and Taiwan are prospective markets in this region. In China, the use of electric bikes has exploded in the last decade, and the industry is expected to be one of the fastest-growing marketplaces in the world, with prospects in a variety of sectors and categories.
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The global electric bike market is segmented as follows:
Global E-Bike Market: By Product Segment Analysis
Global E-Bike Market: By Drive Mechanism Segment Analysis
Global E-Bike Market: By Battery Type Segment Analysis
Key Insights from Primary Research
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