Luton, Bedfordshire, United Kingdom, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the E Bike Market.
The global e-bike market is expected to grow at 11.2% CAGR from 2022 to 2029. It is expected to reach above USD 109.88 billion by 2029 from USD 42.26 billion in 2021.
A bicycle with an integrated electric motor drive mechanism and a battery that provides power for driving or assisting propulsion is known as an E-Bike. E-Bikes range in power from those with a little motor to help the user pedal to more powerful versions that may be controlled totally by a throttle.
Bicycles with an integrated electric motor drive system and battery that generate power for propulsion or propulsion aid are known as E-Bikes. E-Bikes exist in a variety of styles, ranging from those with a little motor to assist the rider's pedaling to more powerful models that may be throttled to control the bike as a whole.
E-Bikes are a versatile, adaptable, environmentally friendly, and fashionable mode of transportation. Consumers believe they are the ideal replacement for scooters, smart cars, and public transportation. E-bikes can help alleviate traffic congestion because of their smaller size, ability to travel farther on a single charge, and positive health impacts. These factors all contribute to the growing global popularity of electric motorcycles.
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The market is expected to grow as a result of factors such as the implementation of government regulations encouraging the use of E-Bikes, consumer preference for using e-bikes as an eco-friendly and efficient commute solution, an increase in fuel costs, and an increase in interest in cycling as a fitness and recreational activity. The market's expansion is limited by the high cost of e-bikes and the prohibition on their use in major Chinese cities. Furthermore, advancements in battery technology and bicycle infrastructure are expected to present appealing opportunities for the growth of the E-Bike market.
For example, during the outbreak, New York City's subway train attendance dropped by 90%, forcing the introduction of fleets of electric mopeds as public transportation declined. These bikes are becoming increasingly popular, and in many places, they have supplanted non-motorized cycles. According to Samantha Herr, Executive Director of the North American Bikeshare Association, the pandemic highlighted micro-mobility as an important transportation service, stepping in where transit service had ended or gaps existed and supporting key workers in going to work.
The high cost of the automobiles is one of the key reasons restricting the market's progress. Because of the battery and technological expenditures, e-bikes are more expensive than ordinary bicycles, scooters, or motorbikes. As a result, purchasers assume that traditional motorcycles or scooters perform better for the same or less money. Furthermore, the expensive expense of using lithium-ion batteries or a motor's drive mechanism limits market growth. As a result, the rise in e-bike use outside of China is hampered by high costs. However, the global market for e-bikes is rapidly developing, which may minimize the impact of this limitation in the near future.
Key Players
Major Key Players are Accell Group (Netherlands), Merida Industry Co., Ltd. (Taiwan), Giant Bicycles (Taiwan), Yamaha Motor Corporation (Japan), Derby Cycle (Germany), JIANGSU XINRI E-VEHICLE CO.,LTD. (China), AIMA TECHNOLOGY CO.,LTD (China), Karbon Kinetics Ltd (UK), Solex Cycle North America Inc. (Canada), ITALJET SPA (Italy), GenZe (US), A2B (London), Amego Electric Vehicles Inc. (Canada), Pedego E-Bikes (US), Riese & Müller GmbH (Germany), Sporttechnik GmbH & Co. KG (Germany), F.I.V. E. Bianchi S.p.A. (Italy), Kawasaki Motors Corp. (USA), Trek Bicycle Corporation (US), myStromer AG (Switzerland), Specialized Bicycle Components, Inc. (US)
Industry News
- November 21, 2022, Magura has announced the release of its redesigned Vyron MDS-V3 electric dropper post. The brand says it has focused on durability and ergonomics.
- November 17, New Yeti SB140 trail bike boasts 140mm of frame travel and updated Switch Infinity link. The SB140 and its more aggressive sibling feature revised geometry, frame refinements and increased travel.
- August 8, 2022, Modmo Technologies unveiled its flagship, next-generation electric bicycle, the 'NX12.' This e-bike boasts noteworthy improvements in several areas, such as sustainability, longevity, and versatility. Firstly, the NX12 is manufactured out of thermoplastic composite with carbon fiber composite pellets, meaning its frame is far more sustainable than the traditional aluminum or carbon fiber frames on the market.
- July 14, 2022, RiskExec®, a subsidiary of Asurity Technologies LLC ("Asurity"), announced it has been selected by Yamaha Motor Finance Corporation, U.S.A. ("Yamaha Motor Finance") to provide its software to assist in the Fair Lending Analysis of Yamaha Motor Finance's retail portfolios. Yamaha Motor Finance is a wholly owned subsidiary of Yamaha Motor Corporation, USA, offering captive financing solutions to support Yamaha Dealers and Yamaha Customers nationwide. Yamaha Motor Finance has offices in Cypress, CA and Marietta, GA.
- May 27, 2022, the "E-bikes Market Size, Share & Trends Analysis Report by Propulsion Type (Pedal-assisted, Throttle-assisted), by Battery Type, by Power, by Application, by Region, and Segment Forecasts, 2022-2030".
- May 27, 2022, the "E-bikes Market Size, Share & Trends Analysis Report by Propulsion Type (Pedal-assisted, Throttle-assisted), by Battery Type, by Power, by Application, by Region, and Segment Forecasts, 2022-2030".
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Market Drivers
- Growing popularity of e-MTB
- Growing preference for bicycles as an eco-friendly vehicle
- Increasing Popularity of Mid-drive Motors
Trends
- The Smart Bike Lock Opens via App
- The Multifunctional Smartwatch for Bike and Co.
- Pocket Innovation and Smart Load Transport
- The Green SUVs: Gravel Bikes and SUV E-bikes
- The Coolest Apps for Outdoor and Indoor Cyclists
- A bike with Bluetooth
- High-tech biking
- Radar for safety
Segmentation
Based on Product
- Pedalers
- Speed Pedalers
- Throttle on Demand
- Scooter or motorcycle
Based on Drive Mechanism
- Hub motor - Hub motor led the worldwide e-bike market in 2020, with a revenue share of almost 77%, and this trend is likely to continue over the forecast time frame.
- Mid-drive
- Others
Based on Battery Type
- Lead acid
- Lithium ion (Li-ion)
- Others
- By Speed
- Up to 25 km/h
- 25-45 km/h
By Application
- Mountain/trekking
- City/urban
- Cargo
- Others
By Component
- Battery
- Electric Motor
- Frame with Fork
- Wheels
- Crank Gear
- Brake System
- Motor Controller
By Ownership
- Shared
- Personal
- Based on Class
- Class-I
- II
- III
Restraints
E-bikes are expensive, slow, have a limited range, are unreliable, contribute to global warming, and have a confusing appearance.
Some of the major trends and growth factors that govern the market growth of e-bike are discussed below:
Mountain biking's growing popularity: With the increase in global demand for cycling over the last two years, one area that has seen a big surge in popularity is mountain biking. According to an analysis, the mountain bike and hiking market is predicted to develop at a 10% annual pace between 2022 and 2029. Incredible growth in adventure sports and tourism is expected to drive e-MTB market growth.
Bicycles are becoming more popular as an environmentally friendly mode of transportation: Bicycles are becoming increasingly popular as an environmentally friendly mode of transportation in many regions of the world. Cycling provides various benefits, including lower CO2 emissions, lower air pollution, lower noise pollution from other modes of transportation, lower fuel costs, improved public health, less road congestion, and lower building and maintenance costs for road infrastructure.
Mid-drive motors are becoming increasingly popular: Hub motors are the most typically encountered motor in e-bikes since they are lighter in weight, simple in construction, and economical to make. However, a number of advantages provided by mid-drive motors over hub motors are projected to fuel their demand in the coming years. Mid-drive motors have higher torque and performance than traditional hub motors because they drive the crank despite the wheel, multiplying its power and allowing it to benefit more from the gear system. In terms of maintenance, mid-drive motors are easier to service and maintain than hub motors.
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Regional Analysis
- North America includes the United States, Canada and Mexico
- Europe includes Germany, France, UK, Italy and Spain
- South America includes Colombia, Argentina, Nigeria and Chile
- Asia-Pacific includes Japan, China, Korea, India, Saudi Arabia and Southeast Asia
The Baby-Boomer generation is the primary e-bike purchaser in the United States. Our most popular age categories are 45-54, 55-64, and 65+. In terms of interest, while the EU tends to be more male dominant at around 90%, our ratios show a 70% male, 30% female buyer ratio in the United States. The e-bike market in the Netherlands is expected to reach €9.5 billion by 2021, with electric city bikes accounting for approximately 75% of the market, according to LEVA.
The Asia Pacific region has surpassed the United States as the world leader in e-bike production and demand. More than 90% of the world's e-bike production is concentrated in China, which is also the market leader, accounting for approximately 81% of total sales. According to data released by China Motor World, the country produced more than 30 million e-bikes in total in 2018. This is expected to fuel the region's e-bike market growth.
The Middle East and Africa e-bike market is currently in its early phases of development and will grow the fastest in the future years. The region's quick infrastructure development for micro mobility is the primary reason for the area's rapid expansion. Furthermore, in recent years, the area has attempted to generate major demand for bike sharing services. For instance, in order to offer e-bike sharing in the United Arab Emirates, Careem, the leading ride-hailing company in the Middle East, established a cooperation with PBSC Urban Systems, a Canadian company that develops smart bike-share solutions. 350 smart stations and 3,500 e-bikes would be made available to the country under the terms of the contract. Thus, it is anticipated that the region's actions will increase the market for e-bikes.
Expectations towards E-Bikes
- The futuristic cargo bikes
- Freight hubs and four-wheeled cargo bikes with covers
- Hydrogen as a source of power
- Increasing number of cargo bikes on the road
- Resistance to bicycle lane direct transport
- Bicycle routes with multiple lanes
- Bicycle parking places with fast chargers built into the sidewalk
- Bikes with statistics about the transportation chain that is interconnected
FAQ
- Why are E-Bikes becoming popular?
- Who is the target market for E Bikes?
- Which country uses E-Bikes the most?
- What are the growth opportunities related to the adoption of the e-bike market across major regions in the future?
- Which are the key factors driving the e-bike market?
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