Newark, June 19, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 65 billion in 2022 global electric bikes market will reach USD 153.87 billion by 2032. Due to growing fuel prices, most governments are searching for alternate energy sources to lower import costs and fiscal deficits. Governments are attempting to uphold their global commitments to reduce emissions to preserve the planet for future generations. The automotive sector is a significant source of emissions and a key factor in pollution, affecting the general public's health. In light of the current circumstances, promoting electric bike usage by making it inexpensive, available, and efficient to create and purchase appears to be a good strategy to assist them with their financial condition and environmental aims. However, the need for seamless mobility for longer commutes in search of better opportunities, high maintenance costs for fuel-driven vehicles, traffic congestion, and the resulting pollution have increased demand for electric vehicles even though rising fuel prices have decreased the population's disposable income.
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Key Insight of the global electric bikes market
Asia Pacific is expected to rise the fastest during the forecast period.
China and India, the two most populous nations, are key causes of the rise in global temperatures and must work to enact long-lasting changes to decrease the negative effects. One of these strategies is offering subsidies and production incentive-linked plans to encourage the use of electric bikes and reduce the use of conventional cars that emit carbon dioxide. E-bikes are a good alternative to customers' current mode of transportation since they are goal-oriented and aware of how their choices influence the environment. These factors appear to be favourably affecting e-bike sales, which are anticipated to keep growing in the upcoming years.
In 2022, the throttle-assisted segment dominated the market with the largest market share of 44% and market revenue of 28.60 billion.
The propulsion type segment is divided into pedal-assisted, speed pedelec, and throttle assisted. In 2022, the throttle-assisted segment dominated the market with the largest market share of 44% and market revenue of 28.60 billion.
In 2022, the lithium-ion segment dominated the market with the largest market share of 65% and market revenue of 42.25 billion.
The battery type segment is divided into lead-acid, lithium-ion and others. In 2022, the lithium-ion segment dominated the market with the largest market share of 65% and market revenue of 42.25 billion.
In 2022, the more than 250W segment dominated the market with the largest market share of 59% and market revenue of 38.35 billion.
The power segment is divided into less than or equal to 250W and more than 250W. In 2022, the more than 250W segment dominated the market with the largest market share of 59% and market revenue of 38.35 billion.
In 2022, the cities segment dominated the market with the largest market share of 52% and market revenue of 33.80 billion.
The application segment is divided into cities, mountains and cargo. In 2022, the cities segment dominated the market with the largest market share of 52% and market revenue of 33.80 billion.
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Advancement in market
June 2023: Porsche, a high-end automaker, showcased two new electric bicycles. The Porsche eBike Cross Performance and eBike Cross Performance EXC are the two latest electric motorcycles from Porsche. Porsche's most recent electric bikes are just another collection of e-mobility goods made by an automaker. Greyp Bikes, a manufacturer of high-performance electric mountain bikes, was recently acquired by Porsche. This will further increase its ability to produce e-bikes internally, something it has been doing for a while. The two e-bikes were developed in conjunction with e-bike designer Rotwild. The two variants are advertised as able to send hearts racing both on the tarmac and off-road.
Market Dynamics
Driver: the rising cost of energy.
Considering the alarming rate of price increases for fossil fuels due to depleting reserves and geopolitical unrest, the market for electric bikes is expected to grow exponentially. Additionally, as people become more aware of climate change and its effects, they buy more environmentally friendly goods like e-bikes. Positive government actions, policies, and initiatives in the form of subsidies and incentives for the development and consumption of electric bikes are responding to this push. Additionally, electric bikes are stylish, portable, and trustworthy. E-bikes are the item driving the market's expansion due to the choice of modern customers for leisure and fitness activities. These factors appear to be favourably affecting e-bike sales, which are rapidly rising and are expected to keep up the pace.
Restraints: the high raw material costs.
Raw materials must be mined, transported, and processed before the finished product can be installed in E-bikes To create batteries. The pricey raw materials drive up the sale price of electric bikes. Conventional bikes continue to be more affordable than e-bikes. Additionally, the market for electric bikes as a whole and the technology are still in their infancy, preventing economies of scale from being realised. All of which resulted in price increases. As a result, the market will be hampered by the high cost of raw materials.
Opportunities: The beneficial government initiatives.
The growing climate change dilemma, exacerbated by carbon emissions, a significant amount of which are produced by moving automobiles, has brought attention to the growing demand for ecologically friendly electric bikes. Due to the diminishing fossil fuel resources and volatile market dynamics, the rising energy cost puts a financial strain on individuals and governments. Furthermore, the reliance on fossil fuels risks the national security interests of countries that depend on fuel imports. Governments must now prioritise developing alternative fuels to reduce carbon footprints, safeguard national security, and minimise inflationary pressures brought on by rising energy prices. Government support in the form of will serve as the primary driver of the electric bike market.
Challenges: Inadequate infrastructure.
E-bikes require electric charging stations, but the infrastructure is currently underdeveloped, making long commutes uncomfortable. Another barrier to the market is the length of time required to charge E-bikes compared to conventional fueling.
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Some of the major players operating in the global electric bikes market are:
• Jiangsu Xinri E-Vehicle Co., Ltd.
• Giant Manufacturing Co., Ltd.
• Fuji-ta Bicycle Co., Ltd.
• Derby Cycle
• Accell Group
• Mahindra & Mahindra Ltd.
• Prodecotech, LLC
• Tianjin Golden Wheel Group Co., Ltd.
• Trek Bicycle Corporation
• Yamaha Motor Co. Ltd.
Key Segments cover in the market:
By Propulsion Type
• Pedal Assisted
• Speed Pedelec
• Throttle Assisted
By Battery Type
• Lead Acid
• Lithium-Ion
• Others
By Power
• Less Than or Equal to 250W
• More Than 250W
By Application
• Cities
• Mountains
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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