E-Bike Market is anticipated to grow at a CAGR of 8.6% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “E-Bike Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global ethanol market accounted for over US$ 19.71 billion in 2019. It is anticipated to grow at a CAGR of 8.6% from 2020 to 2030.
The electric bike market has been growing with a significant CAGR in the last five years and is expected to follow a similar trend for the next few years. The growth for this market can be attributed to increasing environmental concerns, rapid urbanization, and high traffic congestion in urban areas. For instance, approximately 1.5 billion trips are carried out for public transportation in highly populated places, such as New York, Paris, and London, and nobody wants to travel in crowded subways. Thus, people have been adopting e-bikes to avoid traffic congestion and crowded subways.
Moreover, e-bikes are considered for recreational purposes. Hence, several established key players have developed e-bikes for trekking and other recreational activities. For instance, Trek Bicycle Corporation has an extensive range of electric-assist mountain bikes. Furthermore, the growing adoption of e-bikes for fitness is expected to boost the demand for pedal-assist-based electric vehicles.
However, underdeveloped charging infrastructure in some geographical regions and high costs associated with batteries are the major growth-limiting factors in the market. The low awareness-levels regarding its benefits and unstructured aftermarket services for the e-bike market are hampering the market growth. Moreover, the lack of standardizations and different power requirements across the globe for e-bikes is a major factor restraining the market growth.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, E-Bike Market By Propulsion (Pedal Assist and Throttle On-Demand), By Motor Type (Hub Motor and Mid Motor), By Battery (Lithium-Ion and Lead-Acid), By Power (Low (< 250 W), Mid (250 - 500 W), and High (> 500 W), By Sales Channel (Aftermarket and OEMs), By Application (On-Road and Off-Road) – Global Analysis & Forecast 2020-2030. in detail along with the table of contents:https://www.marketindustryreports.com/e-bike-market/401
The rising trend of micro-mobility as a service is expected to create numerous opportunities in the coming years. For instance, according to the National Association of City Transportation Officials (NACTO), e-bikes accounted for approximately 6.5 million trips, which is more than twice as many trips taken in the previous year. Moreover, the incorporation of the IoT technology into e-bikes is adding new features and benefits to the vehicle. For instance, Robert Bosch GmbH has developed an e-bike that can communicate with a smartphone.
Asia Pacific accounted for the largest market share and is expected to grow at the highest CAGR during the forecast period. China is a dominating country present in the operating market with a total market share of over 35 percent. The market growth in this country can be attributed to the high penetration of e-bikes in the major cities, including Shanghai, Beijing, Shenzhen, and Guangzhou, owing to the presence of developed charging infrastructure and low costs of electric bikes & their batteries. Moreover, the increasing adoption of e-bikes by Japan, India, and South Korea for recreational purposes is expected to boost the market growth in the coming years.
Some of the prominent players in the E-bike market include Accell Group, AIMA TECHNOLOGY CO., LTD, Giant Bicycles, MERIDA BIKES, Pedego Electric Bikes, Riese & Müller GmbH, Shenzhen Counterbalance Technology Co., Ltd (F-wheel), Trek Bicycle Corporation, VADEA TECHNOLOGY CO., LTD., and Yamaha Motor Co., Ltd.
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