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Electric Bicycle Market Research Report - Segmentation by Propulsion (Pedelecs and Throttle); By Battery (Lead-acid, Lithium-ion, Nickel-metal hydride, and Other) - Demand Analysis & Opportunity Outlook 2028.

Published: March, 2023
ID: 12307
Pages: 150
Formats: report pdf report excel report power bi report ppt

Electric Bicycle Market Size (2023 - 2028):

The Global Electric Bicycle Market was worth US$ 27.72 billion in 2022 and is anticipated to reach a valuation of US$ 46.85 billion by 2028 and is predicted to register a CAGR of 9.30% during 2023-2028.

A bicycle with an integrated electric motor drive mechanism and a battery that produces power for causing or assisting propulsion is known as an electric bike. Electric bikes with tiny motors are available globally to help riders pedal force more powerful e-bikes that create enough power to operate the motorcycle using the throttle.

E-bikes are less expensive than cars, do not require a driver's license, and can be utilized on existing bike paths. Rapid urbanization and decreased customer desire for driving due to increased traffic congestion are expected to provide lucrative market expansion prospects.

According to the National Health Service (NHS), exercise-based rehabilitation programs can lower death risks by 25%. The use of these bikes reduces cardiac exertion for patients with current coronary problems. In addition, patients who cannot exercise due to obesity can utilize these bicycles, which allow them to take short rests from pedaling.

Market Drivers:

Global carbon emissions from fuel burning have been a significant source of worry for governments and environmentalists in recent decades. As a result, demand for electric vehicles increases around the world, supporting the market's expansion. Furthermore, the popularity of electric bikes has grown across every continent due to rising fuel costs on a global scale, increased pollution, and traffic congestion, particularly in urban areas. Furthermore, increasing fuel vehicle operating and maintenance prices lead to a shift in daily commute preference for electric bikes, which propels the E-bike market forward.

As people become more aware of the dangers of driving cars that operate on fossil fuels, governments worldwide are taking steps to minimize carbon emissions by encouraging the use of electric bikes, electric automobiles, and bicycles. Furthermore, governments are developing bicycle-friendly roadways, encouraging people to use bicycles as a primary form of transportation. Electric bicycles, scooters, and motorbikes have gotten a lot of attention from governments as reliable and efficient light motor vehicles (LMVs) help reduce carbon emissions. Furthermore, governments worldwide are encouraging the purchase of electric mobility through tax credits and incentives to stimulate the usage of these environmentally beneficial vehicles.

Market Restraints:

The motor and battery are the two most essential components of an e-bike. The engine provides the force, and the energy is stored and supplied by the battery. One of the issues for bike makers is controlling the motor's speed and torque throughout a wide variety of speed and load circumstances. With a finite amount of stored energy in a battery, the battery's capacity must be utilized as efficiently as feasible. The battery's capacity would increase as the battery size was raised, but the weight of the e-bike would increase as well. As a result, battery makers must determine the appropriate battery capacity in terms of operation and range. In addition, smartphones and tablets have made consumers more technologically savvy. As a result, e-bike makers confront the issue of offering functionality and intelligence in e-bikes that are compatible with smartphones and tablets while using the least amount of power, either through a dedicated onboard device or by connecting the smartphone or tablet to the e-bike.

The high cost of e-bikes is one of the primary factors limiting the market's growth. E-bikes are more expensive than regular bicycles, scooters, or motorbikes due to the battery and technology costs. As a result, people consider traditional scooters or motorbikes superior in performance for the same or less money. Furthermore, the usage of lithium-ion batteries or motor driving mechanisms incurs the highest cost, limiting market expansion.

ELECTRIC BICYCLE MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 – 2028

Base Year

2022

Forecast Period

2023 - 2028

CAGR

9.30%

Segments Covered

By Propulsion, Battery, and Region.

 

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

Market Leaders Profiled

Derby Cycle, Fuji-ta Bicycle Co., Ltd., Giant Manufacturing Co., Ltd., Jiangsu Xinri E-Vehicle Co., Ltd., Mahindra & Mahindra Ltd. (GenZe), Prodecotech, LLC, Tianjin Golden Wheel Group Co., Ltd., Trek Bicycle Corporation, Yamaha Motor Co. Ltd., Energica Motor Company, and Others.

 

Market Segmentation:

Electric Bicycle Market - By Propulsion:

  • Pedelecs
  • Throttle

The global market is divided into two categories: pedelecs and throttle. Because of its longer battery life, cheaper maintenance requirements, and flexibility to choose from three to five pedal modes, the pedelec sector captured the most significant market proportion. However, during the forecast period, the throttle segment is expected to grow at a faster rate.

Electric Bicycle Market - By Battery: 

  • Lead-acid
  • Lithium-ion
  • Nickel-metal hydride
  • Others

Lead-acid, lithium-ion, nickel-metal hydride, and other types of batteries make up the market. The lead-acid sector commanded the most market share. The dominance of this market is attributable to factors such as low cost and ease of recycling. During the projected period, the lithium-ion battery segment is expected to grow at a faster rate. This is owing to the superior battery chemistry, excellent power-to-weight ratio, efficient charging, and longer battery life cycle of lithium-ion batteries.

Market Regional Analysis: 

The Global Electric Bicycle Market Report includes the segmentation of regions:

  • North America
  • Europe
  • Asia-pacific
  • Middle-east and Africa
  • Latin America

With a market value of $8.72 billion in 2020, Asia Pacific dominated the market. The dominance of the market in this region is attributable to factors such as significant cycling infrastructure in developed and developing countries, high traffic and public transit congestion, and the rising stringency of pollution regulators for gasoline motorcycles.

The market in Europe is likely to increase significantly. E-bike producers and parts makers may be found in 23 of the EU's 27 member countries. Around 900 SMEs employ approximately 120,000 people directly and indirectly and invest more than one billion euros in R&D. 60 percent of e-bikes sold in the EU are made in the country, and sales are predicted to reach 13.5 million units by the end of the forecast period.

The market in North America is also predicted to rise rapidly. E-bike sales in the region are expected to grow from 28% in 2019 to 44% in 2020. In addition, several communities in the United States have lowered speed restrictions and built bike lanes to encourage the usage of electric bicycles.

Leading Company:

The Accell Group is currently the e-bike juggernaut in the world, with a workforce of approx. Three thousand one hundred employees across 15 countries and sales stretching over 80 countries.

Impact of COVID-19 on the Electric Bicycle Market:

Despite the COVID-19 pandemic, the e-bike sector is one of the few that is growing. During the shutdown period, the influence of COVID-19 on the e-bike market increased global e-bike sales. However, even after the lockdowns were lifted, some were still wary and preferred to avoid using public transportation or mobility sharing for commuting. During the epidemic, an e-bike is thought to be a simple, inexpensive, and safer mode of transportation.

Market Key Players:

  1. Derby Cycle
  2. Fuji-ta Bicycle Co., Ltd.
  3. Giant Manufacturing Co., Ltd.
  4. Jiangsu Xinri E-Vehicle Co., Ltd.
  5. Mahindra & Mahindra Ltd. (GenZe)
  6. Prodecotech, LLC
  7. Tianjin Golden Wheel Group Co., Ltd. 
  8. Trek Bicycle Corporation
  9. Yamaha Motor Co. Ltd.
  10. Energica Motor Company

Market Key Developments:

  • Corrit Electric, an electric mobility startup, is preparing to unveil its first electric bike in November 2021 and India's first indigenous fat tire e-bike at the end of this month. The electric bike, known as the Hover scooter, will debut in Delhi first, followed by Mumbai, Bengaluru, and Pune in the first phase.
  • In September 2021, Italian design firm ARES presented the ARES Super Leggera electric bicycle, which it says is the world's lightest electric bicycle. The 9 kg (19.8 lb) electric road bike was developed between ARES, a design business, and HPS, an advanced engineering firm developing mobility technology. The Super Leggera e-bike is powered by a 200-watt motor that provides users with a small amount of electrical assistance.
  • Raliegh, a British e-bike business, has renewed its distribution license for its DACH model in Germany with Accell Group, a Dutch e-bike juggernaut.

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