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Global Electric Bike Market to Grow at a CAGR of 9.80% During 2022-2027, Aided by the Rising Environmental Consciousness

According to a new report by EMR titled, ‘Global Electric Bike Market Report and Forecast 2022-2027’, the market attained a value of around USD 43719 million in 2020. The market for e-bikes is further expected to grow at a CAGR of 9.80% between 2022 and 2027.

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.

Market Breakup by Product Type, Drive Mechanism, Battery Type, and Region:

  • The market is segmented, based on product type, into pedelecs, speed pedelecs, throttle on demand, and scooter and motorcycle.
  • On the basis of drive mechanism, the market is segmented into hub motor, and mid-drive, among others. 
  • Based on battery type, the market can be divided into lead acid, and lithium-ion, among others.
  • Region-wise, the global market for electric bike can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for electric bike is being driven by the growing popularity of e-bikes owing to the rising environmental consciousness among individuals. 
  • The growing investments by the leading market players in the development of advanced features such as anti-theft system and remote diagnosis are likely to propel the market growth.  
  • The market is expected to be further aided by the growing population and rapid urbanisation in emerging economies of the world. 
  • The decreasing prices of lithium-ion batteries, which find increased usage in e-bikes, are expected to favour the market growth in the forecast years.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for electric bike for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the    product types, drive mechanisms, battery types, and regions of electric bike.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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