Pune, India, Dec. 07, 2022 (GLOBE NEWSWIRE) -- The global electric bike market size is expected to grow from USD 40.16 billion in 2022 and projected to reach USD 92.19 billion by 2029, exhibiting a CAGR of 12.6% during the forecast period from 2022-2029. The global electric bike market size is expected to witness elevated growth owing to rapidly charging batteries, cheaper alternative for transportation, and rising technological advancements during the forecast period. This information is provided by Fortune Business Insights, in its market research report, titled, “Global Electric Bike Market, 2022-2029.”
According to our analysts, the global COVID-19 pandemic has been unprecedented and staggering, with electric bike experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The global market exhibited a growth of 9.8% in 2020 as compared to 2019.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 To 2029 CAGR | 12.6% |
| 2029 Value Projection | USD 92.19 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 40.16 Billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 165 |
| Segments covered | By Propulsion Type, By Battery Type |
| Growth Drivers | Asia Pacific to Remain Dominant; Increasing Disposable Incomes is Driving the Adoption of E-bikes |
| Increasing Awareness about Health Benefits of Electric Bikes among Consumers to Drive Market |
COVID-19 Impact:
E-Bikes Experienced Growth due to Rising Adoption as Transportation Crumbled During Pandemic
The ongoing pandemic caused a positive impact on the market as all forms of public transportation were shut to curb the spread of the virus. A good portion of the population began integrating electric bikes as their primary mode of transportation during the initial stages of the pandemic, which contributed significantly to the market growth. The e-bike market was experiencing a stable growth pre-pandemic; however, the growth was exponential as the pandemic hit.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/electric-e-bike-market-102022
Electric Bike Market Drivers and Restraints:
Rising Policy Support & Increasing Adoption of E-Bikes Regarding Municipal Bike-Sharing Systems to Augment Growth
Factors such as the rising development of cycling infrastructure in emerging economies coupled with rising support for e-bikes in the form of incentives will boost the electric bike market growth during the forecast period. Additionally, increasing adoption of e-bikes regarding municipal bike-sharing systems coupled with rising awareness about health benefits will increase the footprint of the market. The rising adoption of shared micro-mobility activities will further fuel the growth of the market toward a higher boundary.
Increasing Conventional Fuel Prices to Drive the Market
Fossil fuels are non-renewable sources and are expected to get exhausted one day. Worldwide inflation is resulting in the increasing conventional prices from time to time. The government introducing heavy taxes on the import on the fossil fuels adds up to the burden of increase in oil prices.
However, a higher purchase cost will hinder the growth of the market during the forecast period.
Electric Bike Industry Development
July 2021: Pedego announced opening a new facility in Bethesda. This facility will offer a wide range of bike sales, rentals, services, and accessories.
List of Key Players Mentioned in the Report:
- Giant Bicycles (Taiwan)
- Accell Group (Netherlands)
- Robert Bosch GmbH (Germany)
- Pedego Electric Bikes (U.S.)
- Panasonic Corporation (Japan)
- Bionx International Corporation (Canada)
- Trek Bicycle Corporation (U.S.)
- Shimano Inc. (Japan)
- VanMoof (Netherlands)
- Rad Power Bikes (U.S.)
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Electric Bike Market Segments Analysis:
Based on propulsion type, the market can be divided into pedal assist and throttle.
By battery type, the market can be divided into lead acid, lithium-ion, nickel metal hydride, and others.
In terms of geography, the market can be categorized into North America, Europe, Asia Pacific, and the Rest of the World.
Regional Electric Bike Market Insights:
Asia Pacific to Witness Dominance During Forecast due to Increasing Bicycle Infrastructure
Asia Pacific will hold the largest electric bike market share during the forecast period due to rising infrastructure for electric bikes in emerging economies such as China and Japan coupled with increasing higher vehicular and public transport congestion. Additionally, the rising stringency of emission regulations for gas-powered engines will further fuel the growth of the market.
Europe will occupy a significant market share in terms of global contribution owing to the rising number of e-bikes manufacturers in the region.
North America will witness considerable market share during the forecast period due to the rising adoption of e-bike deployment.
Competitive Landscape:
Collaborative Efforts within Dominant Players Will Help Exert a Competitive Edge
The market contains a large amount of small, large, and medium-sized players that are striving to introduce the latest generation of products for retaining their existing consumer base. Players are also focused on deploying strategic tactics such as mergers & acquisitions coupled with collaborations to consolidate a combinative market share. Other players are also focused on expanding their business practices beyond their existing presence. For example, in January 2022, Panasonic Automotive Systems announced a cooperative agreement with Totem USA. This agreement will bring Totem’s UL-certified eBikes to the U.S. market. Players are also increasing their investments in R&D departments to introduce novel products within their offerings.
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Global Electric Bike Market Segmentation:
By Propulsion Type
- Pedal Assist
- Throttle
By Battery Type
- Lead Acid
- Lithium-Ion
- Nickel Metal Hydride
- Others
Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- PEST Analysis
- Technological Developments
- Impact of COVID-19
Continued…
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