Portland, OR, June 24, 2019 (GLOBE NEWSWIRE) -- According to the report, the global electric bikes market was pegged at $16.34 billion in 2017 and is estimated to reach $23.83 billion by 2025, registering a CAGR of 4.9% from 2018 to 2025.
Government support and strict rules in favor of electric bikes, rise in costs of fuel, and growing consumer inclination toward the use of e-bikes as they are eco-friendly items have boosted the growth of the global electric bikes market. Moreover, the growing interest in cycling as a fitness and recreational activity supplemented the market. However, high cost and ban on the use of e-bikes hamper market growth. On the contrary, improving bicycling infrastructure and battery technology are expected to create lucrative opportunities in the near future.
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The global electric bikes market is segmented on the basis of type, driving mechanism, battery type, and geography. Based on type, the market is divided into pedelecs, throttle on demand, and scooter & motorcycle. The pedelecs segment dominated the market in 2017, contributing around two-thirds of the market. However, the throttle on demand segment is estimated to register the fastest CAGR of 5.3% during the forecast period.
On the basis of the driving mechanism, the e-bikes market is bifurcated into hub motor, mid-drive, and others. The others segment is projected to manifest the fastest CAGR of 5.8% through 2025. However, the hub motor segment held the largest share in 2018, accounting for nearly three-fourths of the market.
Based on battery type, the market is categorized into lead-acid, lithium ion (Li-ion), nickel metal hydride (NiMH), and others. The lead-acid segment held the lion’s share in 2018, contributing more than half of the market. However, the lithium-ion (Li-ion) segment is projected to register the fastest CAGR of 6.1% during the forecast period.
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The electric bikes market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the North America region is estimated to register the fastest CAGR of 8.7% during the study period. However, the market across Asia-Pacific held the largest share in 2018, accounting for more than two-thirds of the market share.
The electric bikes market report offers an analysis of the major market players such as Accell Group, Trek Bicycle Corporation, Derby Cycle, Fuji-ta Bicycle Co., Ltd, Jiangsu Xinri E-Vehicle Co., Ltd., Giant Manufacturing Co., Ltd., Bionx International Corporation, Mahindra & Mahindra Ltd. (GenZe), Tianjin Golden Wheel Group Co., Ltd., and Prodecotech, LLC.
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