Aug 20, 2019, 02:20 ET
LONDON, Aug. 20, 2019 /PRNewswire/ -- The global electric bikes and scooters market, valued at about $18 billion in 2018, will grow to $24.26 billion at an annual growth rate of more than 7.5% through 2022. Increasing awareness about pollution is a key driver of the electric bikes and scooters market. This is because more people are now understanding the importance of reducing pollution, and this awareness has led them to look for more environment friendly modes of transportation which minimize and control pollution. For example, according to a survey published by Forbes in 2019, due to an increase in awareness about pollution, the sales of electrical bikes (e-bikes) have exceeded that of non-electric bikes in the Netherlands. Similarly, due to the improving awareness of environmental hazards caused by pollution, people in India started preferring e-bikes. According to Business Today, the sales of e-bikes in the country increased from around 20,000 in 2016 to 23,000 in 2017. The growth in adoption of electric bikes and scooters is expected to continue in the coming years as the carbon dioxide emitted by the burning of fossil fuels remains a major threat to the environment, causing global warming and climate change.
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Scarcity Of Battery Charging Stations Will Restrain The Market
The lack of infrastructure for battery charging is a major restraint on the electric bikes and scooters market. This is mainly because a lack of sufficient bike or scooter charging stations leads to a scarcity of battery charging, and discourages people from purchasing electric bikes or scooters. According to the electric vehicle consumer survey conducted by McKinsey in 2016, consumers ranked the lack of infrastructure for battery charging as the third-most important barrier restricting the purchase of electrical vehicles. In this regard, the Edison Electric Institute (EEI) and the Institute for Electric Innovation (IEI) have estimated that around 9.6 million charge ports will be required to support 18.7 million electric vehicles projected to be sold in the US by 2030.
Improving the battery technology is an emerging trend in the electric bikes and scooters market. One such technological improvement of batteries includes the growing use of graphene batteries in electric bikes and scooters. The graphene batteries use electrolytes based on a super-thin material called graphene, which enables faster charging time, higher capacity, and lighter weight of the vehicles. In this regard, Earthdas, a startup based in Barcelona, Spain, is working towards further enhancing the efficiency of graphene batteries, in order to charge electric bikes and scooters in around five minutes.
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Regulations In The Electric Bikes And Scooters Market
The electric bikes and scooters market is regulated by the U.S. Congress enacted Public Law sections 107-319. This law pertains to the amendments required for the consumer product safety act and defines stern regulations to be followed retrospect to the speed of electric bikes. According to this law, the electric motor of the vehicle must be less than 750 watts and the maximum speed of the bike driven by a person weighing 170 pounds should not exceed 20 mph. To comply with this law, the U.S. Consumer Product Safety Commission (CPSC) considers, approves and certifies bikes that meet this definition for manufacture and sale at the federal level.
Competitors In The Market
Major players in the global electric bikes and scooters market are Yadea, Jiangsu Xinri E-Vehicle Co. Ltd., Mahindra & Mahindra Ltd., BMW and Hero Electric. Players in the market are actively engaging in merger and acquisition deals. In March 2019, German automotive and industrial supplier Schaeffler acquired Elmotec Statomat GmbH for an undisclosed amount. Through this acquisition, Schaeffler aims to develop and advance more quickly and efficiently in the electric motors construction business, and at the same time, boost its e-mobility strategy. Elmotec Statomat GmbH is involved in the field of electric motors construction and winding technology. It was founded in 1998 and is headquartered in Karben, Germany.
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