Global Electric Bike Market on the Fast Lane, Aims for USD 118 Billion by 2030 with a 10.5% CAGR: Straits Research
E-bikes are less expensive than automobiles, license-free, and compatible with current bicycle infrastructure. Rapid urbanization and less customer desire for car use due to increased traffic congestion are expected to present good potential for market expansion.
New York, United States, Nov. 09, 2023 (GLOBE NEWSWIRE) — An electric bicycle is a bike with an integrated electric motor drive mechanism and battery, which delivers power for causing or supporting the motion. Various sorts of internationally available e-bikes range from electric bikes with a modest motor to aid the pedal-power of the user to more powerful e-bikes that provide electricity to operate the bike using the throttle. According to Straits Research, “The global electric bike market size is projected to reach USD 118 billion by 2030, growing at a CAGR of 10.5% during the forecast period (2022-2030).” Implementation of government legislation to encourage the use of electric bikes, customer preference for e-bikes as an eco-friendly and efficient alternative for commuting, rising fuel prices, and rising interest in cycling as a fitness and recreational activity are anticipated to drive market expansion.
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Implementation of Government Laws to Encourage the Use of Electric Bikes Drives the Global Market
Due to heightened awareness of the dangers associated with using vehicles powered by fossil fuels, governments in various nations are promoting the use of electric bikes, electric automobiles, and bicycles to minimize carbon footprints. In addition, governments are developing bicycle-friendly roadways, encouraging citizens to choose bicycles as their primary form of transportation. Electric bicycles, scooters, and motorcycles have garnered substantial interest from many governments as reliable and efficient types of light motor vehicles (LMVs) that contribute to reducing carbon emissions.
Moreover, governments worldwide are providing tax credits and incentives for purchasing electric mobility to encourage the usage of these eco-friendly vehicles. For example, in June 2019, the Indian government announced a plan to reduce the goods and services tax (GST) on e-vehicles from 12 percent to 5 percent to expedite their adoption. Infrastructure facilities such as guarded bicycle parking facilities, the construction of more bicycle (express) routes, and the establishment of battery charging stations in many countries by the governments boost the adoption of electric bikes by users, thereby driving the market’s expansion.
Improvement in Bicycling Infrastructure and Battery Technology Creates Tremendous Opportunities
E-bikes are less expensive than automobiles, license-free, and compatible with current bicycle infrastructure. Rapid urbanization and less customer desire for car use due to increased traffic congestion are expected to present good potential for market expansion. In addition, governments in several nations are developing infrastructure for e-bikes, such as bicycle lanes and public charging stations, in response to consumers’ preference for e-bikes. For example, Sanyo (Japan) established two solar parking lots in Tokyo, where around 100 electric bicycles may be recharged using solar panels. Moreover, industry participants’ continual technical advancements in e-bikes are driving market expansion. Bike, a developer of commercial bike racks and bike parking systems, unveiled a smart bicycle rack that allows electric bicycle charging in 2017. The solution will be compatible with the most common electric bicycles. Consequently, it is anticipated that the expansion of the global market during the forecast period will be facilitated by these variables jointly.
Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 10% during the forecast period. E-bikes are becoming more popular in Asia-Pacific than traditional modes of transportation since they are lightweight, environmentally friendly, require less electricity, and are more affordable. Additionally, it is projected that an increase in government programs for eco-friendly bikes and automobiles and the construction of relevant infrastructure will accelerate the growth of the electric bike industry.
Europe is expected to grow at a CAGR of 10.9%, generating USD 25 billion during the forecast period. Electric bikes are witnessing increased popularity in Europe, as they serve as the preferred mode of commute along with leisure and sports. In response to growing environmental concerns, the European government and environmental authorities are also implementing tight emission standards and laws, increasing the demand for electric bikes on the continent.
Market participants have concentrated on growing their presence in LAMEA due to higher living standards and more disposable income, which is anticipated to drive the growth of the electric bike market. The governments of several nations are also taking new initiatives to broaden the adoption of electric vehicles, such as actions to establish accessible charging stations, which significantly aid in the expansion of the market for electric vehicles.
- The global electric bike market size was valued at USD 48 billion in 2021. It is projected to reach USD 118 billion by 2030, growing at a CAGR of 10.5% during the forecast period (2022-2030).
- Based on product type, the global electric bike market is bifurcated into pedelecs, speed pedelecs, throttle-on-demand, and scooters and motorcycles. The scooter and motorcycle segment is the highest contributor to the market and is estimated to grow at a CAGR of 9.6% during the forecast period.
- Based on the drive mechanism, the global electric bike market is bifurcated into hub motor, mid-drive, and others. The hub motor segment is the highest contributor to the market and is expected to grow at a CAGR of 10% during the forecast period.
- Based on battery type, the global electric bike market is bifurcated into lead-acid, lithium-ion (Li-ion), and others. The lithium-ion (Li-ion) segment is the highest contributor to the market and is expected to grow at a CAGR of 9.6% during the forecast period.
- Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 10% during the forecast period.
The global electric bike market’s major key players are Accell Group, Derby Cycle, Giant Manufacturing Co., Ltd., Fuji-ta Bicycle Co., Ltd., Mahindra & Mahindra Ltd. (GenZe), Prodecotech, LLC, Tianjin Golden Wheel Group Co., Jiangsu Xinri E-Vehicle Co., Ltd., Ltd. Trek Bicycle Corporation and Yamaha Motor Co., Ltd.
- In July 2022, The Offeror and Accell Group jointly announced that, in connection with the Offeror holding more than 95% of the issued and outstanding shares in Accell Group (the “Shares”) following completion of the Offer, Euronext Amsterdam N.V. has consented to the delisting of the shares from Euronext Amsterdam.
- In August 2022, A strategic alliance between Tech Mahindra and isMobile, a Swedish software firm specializing in field service solutions, was announced. Tech Mahindra is a primary provider of digital transformation, consulting, and business re-engineering services and solutions.
Global Electric Bike Market: Segmentation
- Speed Pedelecs
- Throttle on Demand
- Scooter and Motorcycle
By Drive Mechanism
- Hub Motor
By Battery Type
- Lead Acid
- Lithium-Ion (Li-ion)
- North America
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