Press Release
Press Release
The electric bike industry is being driven by the growing popularity of e-bikes among individuals owing to their environment friendly characteristics. This can be attributed to the growing eco-consciousness among people, fuelled by the rising issues of pollution worldwide. In addition, the rapid technological advancements in electric bike production and the increasing focus to incorporate advanced features in e-bikes are expected to support the market growth in the forecast years. For instance, the SIM module in e-bikes enable the vehicle to send and receive data to and from the cloud without a connected smartphone.
The integration of advanced technology and new product launches by the manufacturers are expected to support the growth of the global electric bike industry in the forecast period. In October 2020, Giant Manufacturing Co ltd. launched a full-composite trail bike, the new Trance X Advanced Pro 29 with enhanced rear suspension and the new flip-chip feature which allows the riders to frame geometry. Furthermore, companies such as The Shyft Group (NASDAQ:SHYF), Accell Group N.V. (OTCMKTS: ACGPF), and others are also enhancing their investments to broaden their product portfolio.
In terms of region, the Asia Pacific is likely to account for a significant share in the market, owing to the rapid development and adoption of e-bikes in countries like Japan and China. E-bikes are also gaining traction in the Indian market, owing to the growing economy and improved living standards of people. Furthermore, the government subsidies on the purchase of electric vehicles are also expected to favour the growth of the market in the coming years.
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The major players in the global electric bike market are Accell Group, Jiangsu Xinri E-Vehicle Co., Ltd, Mahindra & Mahindra Ltd, and Fuji-ta Bicycle Co.,Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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