Global E-Bike Market – Major Revenue Pockets & Future Forecasts

July 15 02:59 2022
E-Bike Market by Class (Class-I, Class-II, Class-III), Speed (Up to 25km/h, 25-45 km/h), Battery Type (Lithium-ion, Lithium-ion Polymer, Lead Acid), Motor Type, Mode (Pedal Assist, Throttle), Component, Usage, Ownership and Region

According to the new market research report E-Bike Market size is projected to reach USD 80.6 billion by 2027 from an estimated USD 49.7 billion in 2022, at a CAGR of 10.2% from 2022 to 2027.

The Electric Bike Market is expected to witness growth due to an increase in demand for sustainable mobility solutions, rising traffic congestion, increasing fuel prices and growing interest in cycling as a fitness and recreational activity.

The E-Bike market is dominated by major players such as Accell Group N. V (Netherlands), Pon. Bike (US), Merida Industry Co., Ltd (China), Giant Manufacturing Co., Ltd (Taiwan), Yamaha Motor Company (Japan), Yadea Group Holdings Ltd (China), Pedego Electric Bikes (US), AIMA Technology Group Co., Ltd (China), Trek Bicycle Corporation (US) and Specilaized Bicycle Components, Inc (US).

COVID-19 Impact on the E-Bike Market:

After the impact of Covid-19, the preference of the commuters is shifting from the usage of public transportation to private and individual means. E-bikes are gaining popularity and are considered one of the safe, convenient, and affordable alternatives to public transportation. When compared to other transportation systems, e-Bikes provide a cheaper, easy to charge, and less costly commute solution. Shared mobility for transportation is unlikely to be preferred due to the COVID-19 pandemic. These factors are proving as a catalyst to promote e-Bikes, resulting in an increase in sales of e-Bikes in 2020 and 2021. The government restrictions and lockdowns during the first quarter of 2020 dampened the sale of e-Bikes as the stores were closed, and the commute was allowed for only essential services. However, after removing all impositions due to increased vaccination drives, things have started to normalize, with the opening of offices and all other regular activity stores globally, which has again increased the regular travel scenario of commuters. The electric bike market is estimated to observe a huge boost in sales post-COVID-19 in 2022. However, post-2022, the demand for e-bikes would be moderate, considering the return of safer public and private transportation systems such as metros, buses, and cab/ride-sharing platforms.

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Lithium-ion polymer battery type segment is expected to be the highest growing segment during the forecast period.

Lithium-ion polymer batteries are the future of battery technology. Lithium-ion polymer batteries offer a better range and lesser weight than lithium-ion batteries. Another benefit is these batteries do not have free liquid, so the lithium-ion polymer batteries do not require to be protected by a heavy case which adds directly to the weight of the e-Bike. These batteries can be moulded in different shapes and sizes, thus, there is a strong market growth potential for lithium-ion polymer batteries that exists during the forecast period.

City/Urban e-Bike segment is expected to be the largest segment from 2022 to 2027.

The city/urban e-Bikes are designed for frequent, short, moderate pace rides through relatively flat urban areas. The city/urban e-Bike segment is estimated to have a market share of ~60% in 2022 and is predicted to grow by 2027. Rapid urbanization and traffic congestions are among the key factors contributing to the growth of the city/urban E-Bike Market. Most countries are also focusing on boosting the usage of city/urban e-Bikes through subsidies and regulations to reduce the stress on public transportation systems. China, Japan, India, and South Korea in Asia Oceania face traffic congestion due to high population and vehicle density. Thus, the city/urban e-Bike segment is estimated to have the largest market share in Asia Oceania by 2027.

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North America is estimated to be the fastest growing E-Bike Market from 2022 to 2027.

North America is estimated to be the fastest growing market for e-Bikes from 2022 to 2027 due to the increase in the adoption of e-Bikes for daily commute usage by consumers. US and Canada are majorly contributing to the sale of e-Bikes in North America. North America has witnessed a boost in e-Bike sales in 2020-2021 after the situation started to regularize due to the increased vaccination rate post-Covid-19. With the increased attraction for recreational activities, the mountain e-bikes segment is estimated to grow the fastest in North America by 2027. The quest to maintain the ecosystem and reduce the release of toxic elements into the atmosphere and carbon footprint is significant for the rapid response to North American e-Bike adoption. To reduce emissions, governments in North America are offering incentives to purchase cargo e-Bikes. These factors would increase the demand for e-Bikes in North America by 2027.

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