Selbyville, Delaware, April 06, 2021 (GLOBE NEWSWIRE) -- According to expert analysts, worldwide e-bike market size, valued USD 25.03 billion in 2020, is projected to expand at a CAGR of 9.95% over 2021-2028, and reach a valuation of USD 48.46 billion by the end of the forecast period.
Proceeding, a detailed country-wise evaluation of the key regions, namely Asia Pacific, Europe, North America, Latin America, and Middle East & Africa, is presented in the research document. Further, product type, drive-mechanism, and application are the other key segments included in the report to provide a granular analysis of the overall industry structure. Proceeding further, the research literature renders a 360-degree outlook of the competitive landscape, with respect to the product portfolio, product & service portfolio, and strategic undertakings of the leading companies in this domain.
Global e-bike market growth is largely driven by shifting customer preferences towards e-bikes, and favorable government initiatives such as incentives. Moreover, growing adoption of e-bikes for delivery purposes, and rising fuel prices are positively swaying the industry dynamics.
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On the contrary, challenges concerning distribution and high cost of e-bikes will negatively impact the business landscape over the forecast duration. Europe is anticipated to become the fastest-growing market for e-bike during the years 2021-2028. In the region, citizens are opting for e-bikes as a mode of commute, and also as part of leisure activities. Moreover, these bikes are helping in solving region’s logistics problems as they are space-saving and eco-friendly. This further augment the adoption of e-bikes across the region.
Regional outlook
Key regional contributors to global e-bike industry growth are North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Europe market is touted to garner strong returns, exhibiting a CAGR of 12.44% during the analysis period. Growing popularity of e-cargo and mountain bikes, inflating traffic congestion, and e-bike subsidy policy in France, special legal stipulations in Belgium to accelerate product adoption, along with presence of a strong biking culture and infrastructure in Netherlands are spurring the regional market growth. Moreover, increasing health conscious population is adding to the industry expansion.
North America
North America e-bike market, fueled by demand from Canada and United States, is set to grow at an annual rate of 11.01% throughout 2021-2028. Escalating demand from retired customers, together with growing inclination towards recreational activities is augmenting the industry growth in Canada. Apart from this, presence of favorable regulatory framework and ongoing development of infrastructure that promotes efficient use of e-bikes is rendering a positive outlook on the regional industry outlook. Elaborating on the United States market, increasing efforts of industry players in the nation towards targeting youth in big cities is expanding the business landscape. Moreover, these companies are channeling their focus on active and older customers barred from using bicycles due to health complications. United States, market players are targeting youth living in big cities as they prefer to commute using bikes than cars to avoid difficulties and responsibilities that come with vehicle ownership, including insurance and gas.
Asia-Pacific
Asia Pacific e-bike industry is slated to expand at 8.85% CAGR through 2028. Implementation of favorable laws is expected to expand the industry size in the region over the projected timeline. For instance, South Korea passed new laws which allow cyclists to use electric bikes without a driving license, and classify pedal-assist e-bike as regular bicycles. Besides, growing consumer bases, availability of electric sports bike, and intensifying competition among vendors in Japan are improving the remuneration prospects of APAV e-bike market.
China has significantly contributed to the growth of the e-bike market due to the high adoption of electric bikes to tackle issues, such as heavy traffic and the rising number of vehicles. Moreover, the adoption of e-bikes is expected to increase due to the reducing cost of e-bikes across the country. Furthermore, over the years, the country’s gasoline prices increased, and electricity costs reduced in rural areas, which further made e-bikes more economically competitive than other alternatives such as gasoline-powered scooters. Thus, the rise in the adoption of e-bikes is likely to propel the e-bike market’s progress in China.
Global E-Bike Market Product Sub-Segments (Revenue, USD Million, 2021-2028)
- Throttle on Demand
- Pedelecs
- Scooter or Motorcycle
Global E-Bike Market Drive-Mechanism Sub-Segments (Revenue, USD Million, 2021-2028)
- Mid-Drive
- Hub Motor
- Others
Global E-Bike Market Application Sub-Segments (Revenue, USD Million, 2021-2028)
- Trekking
- City/Urban
- Cargo
Global E-Bike Market Geographical Segmentation (Revenue, USD Million, 2021-2028)
North America
- United States
- Canada
Europe
- Italy
- Germany
- France
- Belgium
- Russia
- The Netherlands
- Rest of Europe
Asia Pacific
- Japan
- China
- India
- Australia & New Zealand
- Vietnam
- Thailand
- South Korea
- Indonesia
- Rest of APAC
Latin America
Middle East & Africa
Global E-Bike Market Product Competitive Dashboard (2021-2028)
- Riese & Müller GmbH
- Stromer AG
- VanMoof
- QWIC
- Trek Bicycle Corp.
- Golden Wheel Group
- Shimano, Inc.
- Robert Bosch GmbH
- Panasonic Corp.
- LG Chem Ltd.
- Jiangsu Xinri E-Vehicle Co., Ltd.
- Giant Manufacturing Co., Ltd.
- Tianjin Fuji-Ta Bicycle Co., Ltd.
- Derby Cycle AG
- Brose Fahrzeugteile GmbH & Co. KG
- Batterien-Montage-Zentrum GmbH
- Accell Group N.V.
TABLE OF CONTENTS
1. GLOBAL E-BIKE MARKET - SUMMARY
2. INDUSTRY OUTLOOK
2.1. MARKET DEFINITION
2.2. KEY INSIGHTS
2.2.1. PROPER BICYCLING INFRASTRUCTURE & BETTER BATTERY TECHNOLOGY KEY FOR E-BIKE MARKET
2.2.2. INCREASE AFFORDABILITY DUE TO E-BIKE SHARING SYSTEM
2.2.3. TRENDS OF USING CYCLING FOR FITNESS ACTIVITY ON RISE
2.3. PORTER?S FIVE FORCES ANALYSIS
2.3.1. THREAT OF NEW ENTRANTS
2.3.2. THREAT OF SUBSTITUTE
2.3.3. BARGAINING POWER OF SUPPLIERS
2.3.4. BARGAINING POWER OF BUYERS
2.3.5. THREAT OF COMPETITIVE RIVALRY
2.4. MARKET ATTRACTIVENESS INDEX
2.5. VENDOR SCORECARD
2.6. MARKET DRIVERS
2.6.1. GOVERNMENT INCENTIVES FAVORING MARKET GROWTH
2.6.2. INCREASED PREFERNCE FOR E-BIKE MARKET
2.7. MARKET RESTRAINTS
2.7.1. HIGH COST OF E-BIKES AND PRODUCT RECALLS
2.7.2. PROBLEMS RELATED TO DISTRIBUTION
2.8. MARKET OPPORTUNITIES
2.8.1. INCREASED USAGE OF E-BIKES FOR DELIVERY SERVICES
2.8.2. E-BIKES AS A SOLUTION TO RISING FUEL PRICES
2.9. IMPACT OF COVID-19 ON E-BIKE MARKET
3. GLOBAL E-BIKE MARKET OUTLOOK - BY PRODUCTS
3.1. PEDELECS
3.2. THROTTLE ON DEMAND
3.3. SCOOTER OR MOTORCYCLE
4. GLOBAL E-BIKE MARKET OUTLOOK - BY DRIVE MECHANISM
4.1. HUB MOTOR
4.2. MID-DRIVE
4.3. OTHERS
5. GLOBAL E-BIKE MARKET OUTLOOK - BY APPLICATION
5.1. CITY/URBAN
5.2. TREKKING
5.3. CARGO
6. GLOBAL E-BIKE MARKET - REGIONAL OUTLOOK
Related Report:
Global E-Bike Market Size study and Regional Forecasts 2020-2026
Global E-Bike Market to reach USD 42 billion by 2026. Global E-Bike Market is valued approximately at USD 23 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 9% over the forecast period 2020-2026. An electric bike is a bicycle, scooter, or motorcycle with an integrated electric motor for propulsion. It is either partly assisted by peddling or completely propelled through electric power. It is considered as a viable transportation option due to its power capacity, long distance range, and moderate speed and comes in various classes, such as pedelec/pedal assist (torque sensor, cadence drive), throttle on demand (twist grip, thumb & push button), and scooter/motorcycle. Rapid Urbanization, rising concerns regarding traffic congestion, rising bicycle tourism industry and increase in government initiatives to reduce emission level are the few factors responsible for growth of the market over the forecast period.
For instance: according to arXivA(R), the annual traffic congestion cost in UK will reach 33.4 billion US$ by 2030, rising by over 50% from the 2014 levels of 20.5 billion US$. Additionally, as per Ministry of Tourism, the number of tourists in India was 500 million in the year 2001 and has raised to 2700 million of tourism across the country in 2018. However, unplanned infrastructure in developing countries is the major factor restraining the growth of global E-Bike market during the forecast period.
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