E-Bike Market worth USD 72.73 billion by 2027, registering a CAGR of 7.89% CAGR – Report by Market Research Future (MRFR)
New York, July 27, 2021 (GLOBE NEWSWIRE) — E-Bike Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “E-Bike Market Research Report, Type, Battery, Frame Material, Consumer Group, Design and Region – Forecast till 2027” the market is projected to be worth USD 72.73 billion by 2027, registering a CAGR of 7.89% CAGR during the forecast period (2021 – 2027), The market was valued at USD 38.15 billion in 2020.
The e-bike market is growing continuously over the past couple of years. Market growth primarily attributes to the wide uptake of small, lightweight e-bike across the globe. Besides, the introduction of incentives for e-bike commuters by governments in various countries impacts the market shares positively. With the rising electric vehicle infrastructure developments as a part of smart city projects, the market is poised to garner significantly rising revenues in the recent future.
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Competitive Analysis
List of the Key Companies Profiled in the E-Bike Market Research Report are-
- Accell Group N.V. (the Netherlands)
- Pon Bike (US)
- Merida Industry Co.
- Ltd. (China)
- Giant Manufacturing Co.
- Ltd. (Taiwan)
- Yamaha Motor Corporation (Japan)
Highly competitive, the e-bike 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 23, 2021, GoZero Mobility (India), a leading e-bike maker, launched a new cost-friendly model, Skellig Lite, in India. The Skellig series is available for sale online at GoZero website and several of its offline stores. The launch of the Skellig Lite is GoZero’s first step into its Switch Campaign to drive many Indian city-dwellers to switch from their current mode of transport to e-bikes.
The introductory pricing of the Skellig Lite makes it easy for beginners to take up this new mode that integrates with their lifestyle. All three variants of the Skellig, including Skellig, Skellig Lite, and Skellig Pro, are well received by the Indian market, with sales picking up on a month-on-month basis.
In another instance, on July 03, 2021, MV Agusta Motor S.p.A, a leading manufacturer of superbikes and electric bicycles, announced its foray into the e-bicycle market with a new range of e-bicycles. The company would launch its e-bicycles first and then expand into kick scooters – AMO, the RR, and the RC. The new line of e-bicycles takes after MV’s passion for everything on two wheels.
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E-Bikes Promise Significant Market Value
The e-bike market is garnering substantial prominence globally, mainly due to government targets to introduce e-mobility solutions. Surge in COVID 19 cases is making people apprehensive about returning to public transport. E-bikes can fill a huge gap in commuting strategies, becoming a major contributor to computing options.
Moreover, the increasing pressure across the globe to reduce carbon footprints makes e-bikes an eco-friendly commute alternative. Increasing fuel prices and maintenance costs of fuel-powered vehicles accelerate the market on the global platform.
High Prices of E-Bikes Restrict the Market Growth
Despite the vast growth prospects, the e-bike market faces major setbacks, such as high investments required to develop these solutions and the lack of public awareness.
Nevertheless, increasing R&D investments in the global EV market for developing innovative electric mobility solutions would support the market landscape throughout the review period.
COVID 19 Impacts on the Market
The COVID 19 pandemic had a dual impact on the e-bike industry. On one side, the pandemic disrupted supply chains, leading to bringing up many problems for manufacturers ranging from obtaining raw materials & components and attracting workers from quarantines to delivering end products to the markets.
On the other hand, the pandemic augmented the demand for individual bicycle and e-bike mobility, as people are reluctant to use public transport modes and shared mobility. The sales of e-bikes worldwide have constantly been surging since the last year. With the practice of social distancing, e-bikes strike the right cord in offering an economic means of private urban transport, providing daily fitness and safety from coronavirus-related risks. The e-bike market is anticipated to pick up further during the years to come.
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Segmentation
The market is segmented into types, battery types, frame materials, consumer groups, designs, and regions. The type segment is sub-segmented into pedal assist, throttle control, and others. The battery type segment is bifurcated into lithium-ion, lithium-ion polymer, lead-acid, and others.
The frame material segment is sub-segmented into carbon fiber, carbon steel, aluminum, aluminum alloy, and others. The consumer group segment is sub-segmented into men, women, and children. The design segment is sub-segmented into foldable and non-foldable.
Regional Analysis
The Asia Pacific region dominates the global e-bike market. Raw material advantage and cost-competitive workforces in the region are major driving forces behind the market growth. Urban and highly populated countries, such as India and China, account for larger shares in the regional market, witnessing a significant rise.
The market is also driven by rapid advancements in EV technologies and electric mobility. Additionally, the massive increase in production and sales of e-bikes allows the region to stay at the forefront of global competition. Substantial investments in research & development and a large user base in the region boost the market size.
Segmentation of Market covered in the research:
Information by type (pedal assist, throttle control and others), by battery (lithium ion, sealed lead-acid and other), by frame material (carbon fiber, carbon steel, aluminum, aluminum alloy and others), by consumer group (men, women and children), by design (foldable and non-foldable) and by Region (North America, South America, Europe, Asia- Pacific, and Middle East & Africa)
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