Increase in fuel costs and advent and implementation government regulations to encourage the use of electric bikes have boosted the growth of the global electric bikes market.
Allied Market Research recently published a report, titled, “Electric Bike Market by Product (Pedelecs, Speed Pedelecs, Throttle on Demand, and Scooter & Motorcycle), Drive Mechanism (Hub Motor, Mid-Drive, and Others), and Battery Type (Lead Acid, Lithium-Ion (Li-ion), and Others): Global Opportunity Analysis and Industry Forecast, 2020–2030″. As per the report, the global electric bikes industry was pegged at $40.31 billion in 2019, and is projected to reach $118.65 billion by 2030, growing at a CAGR of 10.5% from 2020 to 2030.
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Drivers, restraints, and opportunities
Rise in fuel costs, growth in interest in cycling as fitness & recreational activity, consumer inclination toward uses of e-bikes as eco-friendly & efficient solutions for commute, and implementation of government regulations to encourage the use of electric bikes propel the growth of the global electric bikes market. However, ban on use of e-bikes in major cities of China and high cost of e-bikes hinder the market growth. On the contrary, improvement in bicycling infrastructure & battery technology is projected to open lucrative opportunities for the market players in the future.
Covid-19 scenario:
- Owing to the Covid-19 pandemic, several companies adopted the work from home culture, eliminating the need for a commute to work locations. The hampered the demand for e-bikes.
- On the other hand, people are avoiding public transportations and opting for e-bikes as they are safe, affordable, and convenient alternatives to public transportation. Moreover, the government restriction on using public transport has favored the sale of e-bikes.
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The scooter & motorcycle segment held the lion’s share
By product, the scooter & motorcycle segment held the largest share in 2019, accounting for nearly two-thirds of the global electric bikes market, due to aid in a significant reduction of carbon dioxide (CO2) emission, carbon footprints, and noise pollution. However, the throttle on-demand segment is projected to register the highest CAGR of 14.0% from 2020 to 2030, owing to increase in popularity of throttle-operated electric bicycles among the commuters.
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The mid-drive segment to manifest the highest CAGR through 2030
By drive mechanism, the mid-drive segment is anticipated to showcase the highest CAGR of 11.0% during the forecast period. However, the hub motor segment held the lion’s share in 2019, contributing to nearly three-fourths of the global electric bikes market, owing to hassle-free installation, cost-effectiveness, and better performance.
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LAMEA, followed by North America, to portray the highest CAGR by 2030
By region, the market across LAMEA, followed by North America is estimated to manifest the highest CAGR of 14.0% from 2020 to 2030, due to series of initiatives taken by private companies, local governments, and federal officials to promote the adoption of an electric vehicle. However, the global electric bikes market across Asia-Pacific held the lion’s share in 2019, accounting for around two-thirds of the market, owing to increase in initiatives for environmentally friendly vehicles & bikes and the development of related infrastructure from several governments such as India.
Major market players
- Accell Group
- Fuji-ta Bicycle Co., Ltd.
- Derby Cycle
- Jiangsu Xinri E-Vehicle Co., Ltd.
- Giant Manufacturing Co., Ltd.
- Prodecotech, LLC
- Mahindra & Mahindra Ltd. (GenZe)
- Trek Bicycle Corporation
- Tianjin Golden Wheel Group Co., Ltd.
- Yamaha Motor Co., Ltd.
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