Electric Bicycles Market worth USD 59.43 billion by 2027, registering a CAGR of 10.17% – Report by Market Research Future (MRFR)
New York, July 27, 2021 (GLOBE NEWSWIRE) — Electric bicycles Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric bicycles Market Research Report, Technology, Battery, Application, Vehicle type and Region – Forecast till 2027” the market is projected to be worth USD 59.43 billion by 2027, registering a CAGR of 10.17% during the forecast period (2021 – 2027), The market was valued at USD 25.61 billion in 2020.
The electric bicycles market is garnering substantial prominence globally. New government targets to introduce e-mobility are acting as a key driving force for the growth of the market. Besides, the wide uptake of these small, lightweight vehicles majorly attributes to the market rise.
With the increasing pressure across the globe to reduce carbon footprints, e-mobility has become an eco-friendly alternative to commute short distances. Moreover, the increase in fuel costs and maintenance of fuel-powered vehicles is escalating the market on the global platform.
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Competitive Analysis
List of the Key Companies Profiled in the Electric bicycles Market Research Report are –
- Giant Manufacturing Co. Ltd. (Taiwan)
- Derby Cycle Easy Motion (USA)
- Accell Group NV (Netherlands)
- Yamaha Motor Corporation (Japan)
- Merida Industry Co. Ltd. (China)
- Moustache Bikes Bike (US)
- NYCeWheels
Highly competitive, the e-bicycles market appears to be well-established due to the presence of several notable players. Players incorporate strategic initiatives such as acquisition, partnership, product launch, and expansion to gain a competitive advantage in this market.
For instance, recently, on July 22, 2021, Maxcom (Bulgaria), a leading bicycle manufacturer, announced its partnership with Pierer Group (Austria), a motorcycle producer, to build a plant for electronic bicycles in Plovdiv jointly. An investment of €30.7mn is estimated to build the e-bikes plant located in Trakia Economic Zone (TMZ).
In another instance, on July 16, 2021, Nahak Motors (India), a leading electric bicycle manufacturer, confirmed receiving more than 1,500 bookings for its electric bicycles Garuda and Zippy. These two e-cycles come with a removable battery, LCD display, and pedal sensor technology. The company also confirmed that around 9% of total bookings for electric bicycles are from foreign countries.
Browse In-depth Market Research Report (132 pages) on Electric Bicycles
https://www.marketresearchfuture.com/reports/electric-bicycles-market-4186
Although in their nascent stage, e-bicycles are gaining quite an attention
The market witnesses huge demand for new electric bicycles solutions. Electric bicycles are garnering huge popularity worldwide. Urbanites around the world prefer to hop-on-rented electric bicycles for short-distance commutes. Minimal infrastructure and storage requirements make e-bicycles an easily scalable clean mobility option.
Operating costs in electric bicycles are relatively lesser, and it offers excellent performance compared to conventional ICE vehicles. These vehicles, due to their simplistic design, have low maintenance costs. They save costs related to fuel, spark plug change, and oil filter replacements characteristics. Switching from cars to e-bicycles helps tackle the largest source of air pollution, reducing congestion by at least 40 %. Therefore, governments in countries across the globe have realized the potential that electric vehicles hold.
Additional factors bolstering the growth of the market include developments in battery technologies and declining battery costs. Increasing focus on product development with technological advancements is expected to have a positive impact on industry growth.
COVID 19 Impacts on the Market
The onset of Coronavirus impacted the electric bicycles industry in two ways. On one side, due to disrupted supply chains, manufacturers faced problems ranging from obtaining raw materials & components and attracting workers from quarantines to delivering end products to the markets. Also, due to the Covid-19 situation and lockdown, many brands consciously decided to delay the manufacturing of the electric cycles considering the circumstances.
On the other hand, many people turned to bike riding for recreational and exercise purposes during the pandemic. E-bike sales have at least doubled since the start of the Covid-19 pandemic, as many people took up cycling as a hobby and stuck with it after. Resultantly, the electric bicycles market rapidly returned to normalcy and is further anticipated to pick up during the years to come.
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Segmentation
The market is segmented into types, battery types, motor types, and regions. The type segment is sub-segmented into pedal assist/ pedelecs, power on demand, pedal-assist with power on demand, and others. The battery type segment is bifurcated into lithium-ion, lithium-ion polymer, lead-acid, and others. The motor type segment is sub-segmented into hub motor, mid-drive electric, and others.
Regional Analysis
The Asia Pacific region dominates the global electric bicycles market. The presence of various key manufacturers offering sustainable, lightweight mobility solutions and the large production units of e-bicycles drive the market growth. Besides, the rapid adoption and growing demand for these mobility options in the region substantiate the market size.
Continuously rising demand for convenience over short distances traveling and steadily dropping prices of EV batteries used in these bicycles are fostering the market’s growth, drawing consumer’s attraction towards electric mobility. China and India influence the market demand with their urban and highly populated areas. Made-in-India electric bikes have a vast market in European countries, giving tough competition to Chinese manufacturers.
Segmentation of Market covered in the research:
Information by Type (Pedal Assist/ Pedelecs, Power on Demand, Pedal Assist with Power on Demand), Battery Type (Sealed Lead Acid, Li-Ion Battery), Motor Type (Hub Motor, Mid Drive Electric) and Region (North America, South America, Europe, Asia- Pacific, and Middle East & Africa)
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