During the projection period, the electric bike market are anticipated to grow at a CAGR of 10%. The electric bike market is expected to grow from US$ 52.05 Billion in 2022 to US$ 122.1 Billion by 2032.
Electric bikes, also known as e-bikes, are bicycles with electric motors that assist with pedaling. They are becoming increasingly popular due to their many benefits, including:
Increased speed and efficiency: The electric motor allows riders to travel faster and with less effort, making e-bikes a more efficient mode of transportation.
Reduced environmental impact: E-bikes produce fewer emissions than cars, making them a more eco-friendly transportation option.
Cost savings: E-bikes are generally less expensive to purchase and maintain than cars, making them a cost-effective transportation option.
The e-bike market is expected to increase as a result of a number of factors, including the implementation of government legislation to encourage the adoption of electric bikes and customer preference for utilising e-bikes as an eco-friendly and efficient commute alternative.
Customers are more likely to use low- or no-carbon-dioxide alternatives to public transit. It is predicted that the growing demand for electric bikes in the transportation sector in both developed and developing countries would present a plethora of potential prospects for the market participants. Furthermore, e-bikes can aid in easing traffic congestion because of their smaller size, increased range on a single charge, and advantageous impacts on health. These factors are expected to cause the sales of electric bikes to increase over the course of the forecast period.
Profitable revenue streams are being generated for key players as the use of lighter, longer-lasting e-bikes increases. To fulfil the different needs of riders on their daily urban commute, electric bike manufacturers are likewise expanding their variety of cars with varying mileage and features. Additionally, a rise in fuel prices and a surge in interest in cycling as a sport and leisure activity are expected to enhance sales of electric bikes.
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Key Takeaways from Electric bike Market
With a CAGR of 3.2% over the forecast period, pedestals are predicted to be the most popular product category in the electric bike market.
The lead-based battery type sector holds a commanding share of more than 85% in the electric bike industry.
Battery-powered bikes are anticipated to experience a significant sales surge during the projected period, dominating the demand for electric bikes.
Due to the high prevalence of two-wheelers, APEJ is the largest market for electric bikes. During the projected period, the electric bike market is expected to rise at a robust CAGR of 3.2% and create a US$ 6.1 Bn growth opportunity.
Electric bike sales in the EU are projected to reach 13.1 million units by 2032, with 60% of those bikes being produced in Europe.
The electric bike market in North America is expected to grow rapidly.
“Due to the rising consumer trend toward environmentally friendly modes of transportation, the global e-bike market is extremely opportunistic and competitive. Additionally, e-bikes are seen by manufacturers as an affordable alternative to electric automobiles. E-bike sharing services and government organization support to encourage e-bike application and acceptance will blossom industry expansion in the ensuing years. – FMI Analyst
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Competition Landscape in the Electric bike Market
The leading competitors in the global electric bike market strive intensely with one another as a result of significant investments made to enhance the performance of the electric bikes and make them more comfortable to use. Positioning e-bikes as the clientele's preferred substitute for private cars and other vehicles is the main goal of these expenditures. Some of the players have made considerable investments to enhance the performance of the e-bike drive unit.
Additionally, it is anticipated that the manufacturers in the electric bike market are likely to grow through strategic initiatives like new launches, expansion, partnerships, and acquisitions.
The top competitors in the electric bike market are Piaggio & C. SpA, Terra Motors Corp., Bayerische Motoren Werke AG, Jiangsu Xinri E-Vehicle Co. Ltd., Giant Manufacturing Co Ltd., Emotion Bikes USA, Pedego Electric Bikes, Volt, Energica Motor Company S.p.A., Zero Motorcycles, Inc., Mahindra Genze, Derby Cycle and Accell Group ECCITY Motocycles, Hero Electric Vehicles Private Limited, Gogoro Inc., GOVECS GmbH, Vmoto Limited, Honda Motor Co. Ltd.
Recent Developments in the Electric bike Market:
In October 2021, Pon.Bike made the acquisition of the Dorel Sports division of Dorel Industries as part of a strategy to build a portfolio of high-end e-bikes that would span all e-bike segment categories.
In July 2021, Pedego opened a brand-new location in Bethesda, Maryland, offering a wide range of e-bike sales, rentals, services, and accessories.
In April 2022, Trek Bicycle Corporation purchased David's World Cycle. Trek Bicycle Corporation purchased 21 retail chains to assist its expansion strategy and grow its dealer network.