According to a recent report published by Allied Market Research, titled, “Electric Bicycle Market by Motor Type, Battery Type, Application, Consumer Segment and Power Output: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global electric bicycles market was valued at $24.90 billion in 2020, and is projected to reach $66.53 billion by 2030, registering a CAGR of 10.5% from 2021 to 2030.
Asia-Pacific dominates the market, in terms of revenue, followed by Europe, North America, and LAMEA. China dominated the global electric bicycle market share in 2020. However, LAMEA is expected to grow at a significant rate during the forecast period, owing to series of initiatives taken by private companies, local governments, and federal officials to promote the adoption of electric vehicle across the region.
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Accell Group N.V., CSE EV GROUP CO LTD, Derby Cycle, Fuji-ta Bicycle Co Ltd, Giant Manufacturing Co. Ltd, Merida Industry Co, Ltd, Royal dutch gazelle, Trek Bicycle Corporation, Yadea Group Holdings Ltd and Yamaha Motor Corporation, USA are some of the leading key players operating in the electric bicycle market
Factors such as positive government regulations and policies to encourage the use of electric bicycles, increase in fuel costs, and rise in interest in cycling as a fitness & recreational activity are expected to drive the market growth. However, high purchase & maintenance cost of electric bicycles and ban on use of electric bicycles in major cities of China hinder the market growth. Furthermore, improvement in bicycling infrastructure & battery technology and rise in trend of connected electric bicycles is expected to offer lucrative opportunities for the market growth.
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COVID-19 Impact Analysis:
The electric bicycle industry is one of those industries that is poised for better growth post COVID-19. However, the sale of e-bicycles was dampened in the first quarter of 2020, as bicycles stores were closed due to lockdown. However, as the lockdown has been lifted in most countries, including China, Netherland, Japan, the U.S., Italy, and France, the sale of e-bicycles has increased. In addition, the pandemic has changed the way people commute, and bicycling has become even more popular around the world. As a major bicycle manufacturer and with the largest market for e-bicycles, China has witnessed a growing demand in this field. Therefore, the e-bicycle market is estimated to observe a huge boost in sales in post COVID-19 situation.
Key Findings Of The Study
- By motor type, mid drive segment dominated the global electric bicycle market in 2020, in terms of revenue.
- On the basis of battery type, the Lithium-ion segment is anticipated to exhibit a remarkable growth during the forecast period.
- On the application, the fitness segment is the highest contributor to the electric bicycle market in terms of revenue.
- By consumer segment, the rural segment is anticipated to exhibit a remarkable growth during the forecast period.
- On the basis of power output, the above 751W segment is anticipated to exhibit a remarkable growth during the forecast period.
Similar Research Report:
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