Electric Bicycles Market Overview
The pandemic has made people decline the use of public vehicles are opting for their vehicles to safeguard themselves from the virus infection. Electric bicycles are emerging as convenient, safe and affordable means of transport. Due to the shutdown, the market experienced decreases in revenue. Still, with the government orders to release the shutdown, the Electric Bicycles Market Size will attain normal CAGR and growth value. Health benefits for acquiring bicycles in place of cars, such as improved blood sugar levels increased cardiovascular endurance, are the prominent factors for the market growth. The vehicle with low operation costs rising environmental costs fosters the Electric Bicycles Market Size. The high purchase and ownership cost of electric bicycles could hinder the market growth in the forecast period.
The Electric Bicycles Market Size is expected to register a CAGR of 10.17% and USD 59.43 billion by 2027 and during the forecast period. Electric bicycles are also called e-bikes, improvised bicycles with an electric motor installed in them that offers pedal assistance to the rider. The features of this bike are similar to the regular bike with electric features. By 2025 the electric vehicle will be the largest selling vehicle. The wide availability, reduction in weight, low cost and minimal environmental impacts are some of the growth factors provided by the electric bicycle. The use of small motors and the availability of electric bikes are propelling the market growth. The bicycles provide ease and convenience to the consumers.
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Electric Bicycles Market segmentation
The Electric Bicycles Market is divided by battery type and motor type. The market is further classified into hub motor and mid-drive electric based on the motor type segment. By type, the Electric Bicycles is classified into pedal assist, pedelecs, power on demand, pedal-assist ith power on demand. The pedal assist is expected to dominate the market due to its better battery life, low service needs and several other features. Other segments are also expected to register high growth in the forecast period. Sealed Lead Acid and Li-Ion Battery are the sub-segments of the battery segment. The lead-acid segment is expected to dominate the market due to the factors like low cost and easy recycling attributes to the market growth. The li-Ion battery will exhibit high growth during the forecast period due to the features such as better power-to-weight ratio, better battery life, efficient charging and superior battery chemistry.
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Electric Bicycles Market Regional analysis
The Electric Bicycles Market is studied in North America, Asia Pacific, Europe, and the rest of the world. The Asia Pacific will hold a huge market share due to economically growing countries like India China. In addition to it, high vehicular, public transit congestion stringent government rules are helping the market for further growth. The presence of small and medium manufacturers of Electric Bicycles in Europe boost the market's revenue. Cities with low-speed limits closed certain roads for traffic, and new lanes for two-wheelers in the North American region are improving the market.
Electric Bicycles Market Key Players
- Giant Manufacturing Co. Ltd. (Taiwan)
- Derby Cycle
- Easy Motion (USA)
- Accell Group N.V. (Netherlands)
- Yamaha Motor Corporation (Japan)
- Merida Industry Co. Ltd. (China).
- Moustache Bikes Bike (US)
Electric Bicycles Industry news
Yamaha has upgraded its electric bicycle range with the unveiling of its refreshed Wabash RT and CrossCore RC.
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