ALBANY, N.Y., Sept. 28, 2021 /PRNewswire/ --
Electric Bike Market: Broad Contours
Electric-bikes (e-bike) are emerging as a smart choice for many looking for clean and energy efficient vehicles for personal mobility, and are found to gain preference over conventional bikes. The increasing number of convenience features in e-bike, notably electric assistance system's algorithms, and development of dedicated cycling infrastructure in various countries are likely to spur sales in the electric bike market. During the COVID-19 outbreaks in 2020, consumers keen on avoiding crowded marketplaces had shown inclination toward e-bikes for micro-mobility.
The growing demand for e-bikes in advancing the eco-friendly personal micro-mobility will pave way to more investments by automotive companies in the electric bike market. The global valuation is projected to reach US$ 95.50 Bn by 2031, notes a TMR study on the electric bike market. Policy makers in some regions have introduced subsidy schemes to promote the commercialization of e-bikes over the past five years. The drive has stemmed from the focus of governments to make transport system more sustainable especially in urban areas.
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Key Findings of Electric Bike Market Study
E-bikes Attracting Massive Attention as Mode of Clean Urban Transport: The sustained impetus of various governments in electrifying the transport system is a key driver for demand for electric bikes. In the past few years, automotive players in the electric bike market have gained opportunities from the growing focus on e-bikes in promoting personal e-mobility. A key factor underpinning the trend is that e-bikes have demonstrated environmental benefits as low-maintenance light electric vehicles, both for personal transport and cargo movement. Furthermore, manufacturers of e-bikes are keenly geared toward making e-bikes as an economically sustainable by making them more affordable, thus expanding the avenue in the electric bike market.
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Advancements in Battery Technologies, Reduction of Cost to Advance Sustainability Quotient of E-bikes: In several countries, the implementation of emission regulations in the transport sector pertaining to conventional bikes and IC combustion engines has become more stringent than ever, given the significant contribution of the sector in greenhouse gas (GHG) emissions. Concurrently, industry players and governments are making concerted efforts in advancing the charging infrastructure to promote electric cycling. On the other side of the spectrum, many two-wheeler manufacturers are integrating advanced battery technologies to boost the market prospect of e-bikes.
In this regard, growing R&D on the graphene lithium nanotechnology in e-bike batteries will stridently boost the popularity of e-bikes, notes the study on the global electric bike market. Furthermore, advancements in electric assistance systems will spur prospects of e-bikes in zero-emission mobility, thereby unlocking new revenue streams in the near future, notes the study on the electric bike market. The increasing integration of e-bikes with advanced drivetrains, notably braking system, is likely to improve the durability, safety, and convenience for consumers, thereby helping manufacturers meet next-gen automotive standards.
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Electric Bike Market: Drivers
- Numerous countries are striving to boost environmental and economic sustainability in urban transport and logistics. This presents a key groundwork for players in the electric bike market to expand their footprints. Electric bikes have also been a promising mode of logistics for essential goods during natural hazards, as have been witnessed by government disaster relief agencies.
- The increasing trend of sustainable tourism has brought e-mobility to the forefront. Particularly, in recent months as the economic activity started to gather pace after easing of COVID-19 restrictions in various countries, the demand for low-carbon footprint, micro-mobility for covering essential short distances has risen. This has boosted the prospects of e-bikes. Several tourists exploring cities in developed nations have shown inclination toward e-bikes. The expanding footprint of two-wheelers' sales in developing economies is also likely to generate substantial opportunities in the electric bike market.
Electric Bike Market: Regional Growth Dynamics
- North America and Europe electric bike market have been replete with lucrative opportunities for automotive players.
- Europe electric bike market has been highly lucrative, fueled by substantial sales of e-bikes in Spain, France, and the Netherlands over the past 10 years. Various e-mobility policies and targeted subsidy schemes of respective governments have propelled the growth avenues in Europe. The regional market held a major share globally in 2020, and is projected to retain its leading position during the forecast period.
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Electric Bike Market: Competition Dynamics
Some of the key players in the electric bike market are AIMA Technology, Trek Bicycle Corporation, Panasonic Corporation, Mahindra & Mahindra Ltd., Hero Electric, Harley Davidson, Energica Motor Company, BYVIN, and BMW Group.
Global Electric Bike Market: Segmentation
- Electric Bike Market, by Mode
- Pedal Assist Mode
- Throttle Mode
- Electric Bike Market, by Class
- Electric Bike Market, by Usage
- Mountain & Trekking
- Courier & Parcel Service Provider
- Large Retail Supplier
- Personal Transportation
- Waste & Municipal Services
- Electric Bike Market, by Motor Type
- Mid Motor
- Hub Motor
- Electric Bike Market, by Battery Type
- Lithium Ion
- Lithium Ion Polymer
- Lead Acid
Electric Bike Market, by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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