Pedelec Market Size USD 33380 Million by 2026 at CAGR 16.1% | Valuates Reports
BANGALORE, India, Nov. 27, 2020 /PRNewswire/ -- The Pedelec Market is Segmented by product (Urban Pedelec, Touring Pedelec, Mountain Pedelec, Others), by End users (Leisure, Commuting). This report is published on Valuates Reports in the Electric Bicycle Category. It also covers Global & Regional Opportunity Analysis and Industry Forecast to 2026.
In 2019, the global Pedelec market size was USD 11610 Million and it is expected to reach USD 33380 Million by the end of 2026, with a CAGR of 16.1% during 2021-2026.
Major factors driving the growth of pedelec market size are, increasing concerns about traffic congestion, increasing health concerns among the consumers and growing environmental awareness.
Pedelecs include an electronic controller which cuts power to the motor when the rider is not pedaling or when a certain speed – usually 25 km/h (16 mph) – is reached.
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TRENDS INFLUENCING THE PEDELEC MARKET SIZE
The key factor in the growth of the Pedelec market size is the increase in awareness among young generations about fitness and health. Many individuals, especially among the younger age group, are becoming more health-conscious and shifting to a healthy lifestyle. Pedelec allows the rider to both pedal and ride using an electric motor. Pedelecs include an electronic controller which cuts power to the motor when the rider is pedaling or when a certain speed – usually 25 km/h (16 mph) is reached.
Increasing concerns about traffic congestion are expected to fuel the growth of the pedelec market size. Several nations, especially in crowded cities, are facing the issue of traffic congestion. Day by day, the number of vehicles is growing, making the current road infrastructure inadequate. As a result, to reduce traffic congestion, governments and local bodies encourage the use of electric bicycles for transport in cities. The use of e-bikes will minimize the number of cars on the road and result in fewer traffic jams as they occupy the minimum space on the road.
The Pedelec market players' goal is to introduce advanced technological solutions, such as intelligent control systems, which can allow the automatic or semi-automatic transmission to be implemented to maximize the use of pedelec energy. In the coming years, technological advances such as these will become prevailing trends in the pedelec industry.
Electric bicycles reduce the rider's effort, which promotes greater travel distances and encourages use over hilly terrain. Although a rider's main concern is the high price of e-bikes, sharing electric bicycles can solve price barriers by spreading the cost between multiple users. Pedelec companies have adopted dockless e-bike sharing, which benefits both the commuter and the service provider. In public bike-sharing systems, several countries such as the US, China, and Germany are implementing electric bicycles. The bike sharing model's introduction is expected further to propel the growth of electric bicycle market size.
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PEDELEC MARKET SHARE ANALYSIS
Based on region, Europe held the largest pedelec market share of 84.15% in 2018. Europe's dominance is attributed to increased urbanization and consumer desire to move away from cars to alternative mobility such as e-bikes.
Asia Pacific region is expected to witness a high growth rate due to a large manufacturer and exporter in the region. Furthermore, raising awareness among consumers about cost-effective and eco-friendly commuting drives the adoption of the electric bike in the Asia Pacific region.
By Region
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Indonesia
- Singapore
- Malaysia
- Philippines
- Thailand
- Vietnam
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Russia
- Central & South America
- Brazil
- Rest of Central & South America
- Middle East & Africa
- GCC Countries
- Turkey
- Egypt
- South Africa
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PEDELEC MARKET SEGMENTATION
Market size by Product
- Urban Pedelec
- Touring Pedelec
- Mountain Pedelec
- Others.
Market size by End User
- Leisure
- Commuting .
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Who are the Major Companies in the Global Pedelec Market?
- BBF Bike
- Accell
- Derby Cycle
- Giant Bicycle
- Merida
- Trek Bicycle
- BMC Group
- Specialized
- Riese & Müller
- Stevens.
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