LONDON, 20 October 2021 / PRNewswire / – Electric bicycle market The size reached a value of $ 46.28 billion in 2020. The size of the electric bicycle market is expected to increase to reach $ 95.48 billion in valuation by 2027, with robust CAGR growth of 10.9% over the period 2020-2027.
Some major investments in e-bikes during this pandemic include $ 150 million investment in Rad Power Bikes. The company received a $ 150 million financing from major investors such as Morgan Stanley Group. Similar positive developments include Harley davidson entered e-bikes with a promising bicycle launch in 2020. Some major e-bike companies around the world include Derby Cycle, Accell Group, Giant Manufacturing Co., Ltd., Fuji-ta Bicycle Co., Ltd., and Jiangsu Xinri E- Vehicle Co., Ltd.
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Electric bicycle market: key information
According to a study published on New York Times, e-bikes offer “average exercise” contrary to the popular perception that it offers no exercise. In addition, the study followed the bikers for a 3 mile trip. This time is considered the average commute to work for most Americans. The study found that most riders enjoyed their commute to work, while getting to work faster and with much more ease. Plus, the electric bike trip helped the bikers burn 344 to 422 calories. Growing demand for fitness, environmental sustainability, and the increased feasibility of using an electric bicycle in real-world scenarios remain the main drivers for the growth of the electric bicycle market. The original study was published in the Translational Journal of the American College of Sports Medicine.
Trends and developments in electric bicycles
According to leading experts at Brandessence Market Research, âThe increased demand from people to meet mobility needs, while maintaining social distancing during the covid-19 pandemic, remains a major driver of growth. In addition, this trend is expected to continue as a phenomenon like the integration of electric bicycles. the engine and battery holder essential to accommodate bikers of all backgrounds and all ages. This trend supports the need for micro-mobility, a key factor for many to see the bicycle as a real alternative to conventional transport like vehicles “.
While challenges such as limited support for e-bike infrastructure remain a major constraint in the global e-bike market. In addition, concerns about potential accidents and safety also remain concerns among bikers. However, despite concerns, bicycle adoptions are expected to see a dramatic increase. On the one hand, various rental and financing programs make it easier to buy electric bicycles for both business and individual purposes. Additionally, electric bikes (less than 20 miles) do not require registration, driver’s license, and insurance. These are also much cheaper than buying a new vehicle. Therefore, the growing demand for alternative mobility, the new joy of cycling for all cyclists and the growing demand for environmental sustainability are expected to remain key factors in the periods 2020-2027.
Electric bicycle market
According to the World Economic Forum, e-bike sales grew 145% in the United States during the period 2019 and 2020. The article further predicted e-bike sales to grow double compared to growth of electric cars. The growing demand for e-bikes for fitness, the promotion of environmental concerns, and commercial applications such as food delivery remain the main drivers for the growth of the e-bikes market.
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Electric Bicycle Market: Competitive Analysis
Growing innovation in e-bikes is geared towards digitization, increased road mileage, increased support for conventional paddling and safety. Some companies have already achieved incredible feats, including bikes with a range of 420 km or 261 miles on a single charge. Likewise, companies like Harley davidson bring the vintage look of e-bikes with glossy black paint and honey-colored leather accents. The increased attractiveness of electric bikes, the increased demand for features and the entry of major players such as Harley davidson remain a promising development in the global electric bicycle market. Technological advances like 3d printing also lead to major improvements in new bikes. For example, 3D printing has enabled graphene-based manufacturing, improving stability, rugged construction, reducing manufacturing times, while simultaneously providing a much lighter bike. These improvements have resulted in increased costs as e-bikes turn to iconic figures. In addition, electric vehicles in global cities are growing over 10% year-on-year, even surpassing population growth rates. The growing collaboration between leading innovators and the growing number of regional players globally will provide more business opportunities in the periods 2020-2027. Most of the key players in the global e-bike market are gearing up for major R&D investments as the global competition for the best e-bike manufacturer intensifies.
Electric two-wheeler sales indicator Major growth in Asia Pacific
According to the International Energy Agency, more than 90% of countries in the world have implemented incentives for electric vehicles. In addition, among these, key markets like China, India, United States has expressed its support for the charging infrastructure. In addition, around 25% of all electric vehicles on the road are electric. While most of the demand (95%) comes from China, India, and other Asian countries are expected to catch up quickly. Large populations, cheap demand for advanced mobility and a growing desire for a sustainable future will likely push most Asian countries to push for the adoption of electric vehicles. Although this trend has taken off in major countries like China, a growing policy of supporting electricity infrastructure will also lead to similar growth in other Asian countries.
Electric bicycle market: key segments
The electric bicycle market is divided into lead acid, Lithium-ion (Li-ion) and others. Of these, lithium-ion batteries are expected to hold the largest share of total revenue globally. This segment accounted for over 60% market share in 2020. Increased innovation in lithium-ion batteries, long-proven use and relatively inexpensive application remain the main drivers of its growth.
The report on the Electric Bikes market is also segmented on the basis of Class into Class 1, Class 2, and Class 3. Among these, Class 3 bicycles require special registration as their speeds can reach over 30 miles. , limiting their application to commercial uses. However, the growing demand for mountain bikes and the increase in electrical infrastructure remain the main drivers for the growth of Class 3 bikes in the global electric bicycle market. Class 1 and Class 2 electric bikes are likely to dominate the total market share in North America, and Europe. Asia Pacific is expected to see a much higher demand for Class 3 electric bikes.
By product type:
- On-demand accelerator
- Speed ââbikes
- Scooter or motorbike
By battery type:
- Nickel metal hydride
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