The electric bicycles market expected to be growing at a compounded annual growth rate (CAGR) of 7.2% from 2020 to 2028 and reach US$ 28.51 Bn in 2028.
COVID-19 crisis and an increasing need to maintain social distance have promoted the use of ecological means of transportation, such as the electrical bicycle.
In the last couple of decades, the popularity of e-bicycles has grown manifold and there were around 210 million such bicycles used daily in 2016. China holds a major share of the overall market and the trend is expected to continue in the years to come. One of the most prominent factors aiding the adoption of e-bicycles can be attributed to rising concern among people towards environmental preservation. The use of e-bicycles greatly reduces ecological footprints, air contamination, and carbon emissions. The fact that these bicycles are not very expensive, further aids its adoption among people.
Current Trends in the Electric Bicycle Market
With the e-bicycle market booming, people are becoming more and more demanding as per the features and looks are concerned. As per recent trends, e-bicycles are becoming lighter and better looking. Lighter weight bicycles are made up of light materials such as carbon or aluminum. Moreover, in order to give an attractive appearance, the manufacturers are integrating the battery into the frame. In the following years, additional batteries are expected to become a common trend in order to extend the range of the e-bicycle. A Germany based company, Haibike, already has a model with the same concept.
In the following years, a growing number of urban and suburban residents would seek greener modes of transportation thereby complimenting the e-bicycle market growth. This is how electrical bicycles will be used as a pillar that could support individual public transport in large cities worldwide. According to statistics, about half of the trips and procedures of a normal urban person don't cross 15 kms from his/her house, thereby helping the electric bicycle market to further flourish.
Research and Development Activities to Center around Battery Improvements in Coming Years
A rechargeable battery acts as the source of power for every electric bicycle. With technological improvements, these batteries tend to get smaller, lighter, and more powerful. Therefore, keeping the weight of a battery down and at the same time providing a substantial range remains the top focus for electric bicycle battery manufacturers. Lithium batteries and lead-acid batteries are the two most common types of batteries used in electric bicycles. Lead-acid batteries owing to its low cost are finding application in entry-level electric bicycle models.
However, in the coming years, lithium-ion batteries expected to find an increased application of cross electric bicycles. One of the most important factors supporting the aforementioned sentence can be attributed to the fact that lithium-ion batteries last longer and generate more power for their weight as compared to other batteries. However, the high price of lithium-ion batteries is an important factor offsetting its application in electric bicycles.
Asia Pacific to remain the largest market throughout the Forecast Period
The Asia Pacific represents the largest market for electric bicycles worldwide and expected to register the fastest growth throughout the forecast period. China and India expected to remain at the forefront in terms of this growth. Moreover, the demand for electric bicycles in China is further supported by the low cost of these bicycles in the country. In recent years, China has been exporting electric bicycles in large numbers to the U.S. and European countries.
Europe and North America expected to remain other important markets for electric bicycles in the coming years. The presence of a large number of bicycle manufacturers headquartered in the region has helped the market to flourish. Moreover, in terms of technology, these regions have always remained at the forefront.
Key players profiled in the report include Accell Group, NYCeWheels, Easy Motion USA, Derby Cycle, Jiangsu Xinri E-Vehicle Co., Ltd., Moustache Bikes, Karbon Kinetics Limited, myStromer AG, A2B Electric Bikes, and Pedego Electric Bikes among others.
Key questions answered in this report
What was the global Electric Bicycles market size in 2019 and forecast for 2028?
What is the impact of COVID-19 on the Electric Bicycles market?
What are the current trends in the Electric Bicycles market?
What are the various valuable opportunities for the players in the market?
Which is the largest regional market for Electric Bicycles?
Which region expected to be the fastest-growing and why?
What are the future prospects for the Electric Bicycles market?
What are the major drivers and restraints influencing the market growth?
What are the new innovations by the leading players?
What are the key strategies adopted by the leading players in the market?
Key Topics Covered:
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Market Dynamics 3.1 Market Overview 3.1.1 Global EB Market Value, 2018 - 2028 3.2 Market Drivers 3.3 Market Challenges 3.3.1 Impact Analysis of Drivers and Restraints 3.4 Key Market Trends and Future Outlook 3.5 Attractive Investment Proposition, by Geography 3.6 Competitive Analysis 3.6.1 Market Positioning of Key Vendors 3.6.2 Key Strategies Adopted by the Leading Players
Chapter 4 Global Electric Bicycles (EB) Market Analysis, by Component, 2018 - 2028 4.1 Overview 4.2 Controllers 4.3 Motors & Drivertrains 4.4 Batteries 4.4.1 Li-ion Batteries 4.4.2 SLA Batteries 4.4.3 Others (NiCad and NiMH)
Chapter 5 Global Electric Bicycles (EB) Market Analysis, by Control System, 2018 - 2028 5.1 Overview 5.2 Throttle Control 5.3 Pedal Assist
Chapter 6 Global Electric Bicycles (EB) Market Analysis, by Age Group, 2018 - 2028 6.1 Overview 6.2 Below 15 years 6.3 Above 15 years
Chapter 7 Global Electric Bicycles (EB) Market Analysis, by Sales Channel, 2018 - 2028 7.1 Overview 7.2 Online 7.3 Offline
Chapter 8 North America Electric Bicycles (EB) Market Analysis, 2018 - 2028
Chapter 9 Europe Electric Bicycles (EB) Market Analysis, 2018 - 2028
Chapter 10 Asia Pacific Electric Bicycles (EB) Market Analysis, 2018 - 2028
Chapter 11 Rest of the World (RoW) Electric Bicycles (EB) Market Analysis, 2018 - 2028
Chapter 12 Company Profiles 12.1 Accell Group 12.2 NYCeWheels 12.3 Easy Motion USA 12.4 Derby Cycle 12.5 Jiangsu Xinri E-Vehicle Co. 12.6 Moustache Bikes 12.7 Karbon Kinetics Limited 12.8 myStromer AG 12.9 A2B Electric Bikes 12.10 Pedego Electric Bikes