Electric bicycle refers to a vehicle with electromechanical integration of motors, controllers, batteries, handlebars, and other control components and displays instrument systems based on ordinary bicycles, using batteries as auxiliary energy. Technological advancement in the field is a crucial factor for the growth of this industry. Initially, electric bikes were considered as foreign concepts, but now as the consumers become more familiar with these technologies, they are spreading fast across the world’s most crowded cities. An increase in the awareness of consumers concerning travel modes that alleviate pollution and transportation woes has been a significant parameter for the growth of electric bikes.
Global E-bikes Market growth is going to grow at a significant CAGR during the projected period, 2020-2027. E-bikes market expected to witness the fastest growth rate owing to a considerable step towards cleaner mobility as battery and electric motor helps in controlling pollution and carbon emission for controlling pollution. E-bike’s adoption is increasing every year to reduce the impact of pollution worldwide. According to World Bank, the cost associated with health damage from automotive across the globe is $5.7 trillion, equivalent to 4.8% of global GDP, which leads to 9 million premature death (16% of all deaths worldwide).
Therefore, changing lifestyles toward green and clean mobility is the reason behind the increasing demand for e-bikes as the significant population is gradually shifting towards fitness and focusing more on their mental and physical health. Moreover, e-bikes provide ease in traveling as well as promote fitness for the consumers, and is also suitable for recreational activities, such as mountain trekking, for sports purposes. Additionally, the e-bikes market is majorly captured by youth as fun and travel activities such as adventure sports and cycling up hills helps in refreshing mind and promotes fitness.
Further, the adoption of e-bikes expected to resolve problems such as; short- and medium-distance travel difficulties, oversized bicycles, chaotic city appearances, traffic congestion, potential safety hazards of substandard electric vehicles, and urban environmental exhaust pollution problems in the forecast year.
E-bikes are the new technology that needs to adapt to the product, which is low in carbon emission and saves the environment from polluting. Thus, adopting battery-based bikes will help in reducing the pollution level and maintain sustainability.
E-bikes help in making fitness regime more enjoyable and encourage better fitness experience in the form of aerobic and cardiovascular exercise for the people who love to do mountain trekking and cycling. There are various features in-built in the bicycle that track heartbeat, calories, distance, and others, which make it’s smart and safe for the rider and provide a better experience.
In the Asia Pacific region, the government of countries has shown interest in the adoption of e-bikes because of the technology edge and potential growth in this sector. Additionally, the government of India had shown interest in providing financial support and a scheme called Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME). Thus, it helps in promoting and capture a large share of e-bikes in the market.
Based on Product Type, the global e-bikes Market categorized into Pedal Assist e-bike, on Demand e-bike, Speed Pedelec e-bike, and Motorcycle e-bike. The pedal assists the segment anticipated to lead the market on account of the rising demand for the rapidly growing technology and environmental concern in the Asia Pacific region and many other countries. Additionally, the cost-effectiveness for the e-bikes battery market and hub motor in e-bikes will influence the global e-bikes market.
Based on the motor type, the global e-bikes market classified into Hub Motor, Mid Motor, Friction Drive Motor, and Others. The Hub-motor segment projected to lead the growth in the forecast years from 2020-2027. It is owing to the effortless and pleasant ride that improves the efficiency and performance of e-bikes, as it generates more power when associated with torque.
Based on the battery type, the global e-bikes market classified into Lithium-ion, Lithium-ion polymer, and Lead Acid. The lead-acid market segment has captured the largest market share and expected to lead in the future market. Due to its easy recycling process and low cost will increase the demand in the market.
Based on controllers, the global e-bikes market bifurcated into the brushed motor and brushless motor. Brushless motor captured the largest market share in 2019. As brushless motor controllers majorly used in e-bikes as it provides high initial torque, which improves the ride and offers a pleasant experience for the rider. Therefore, this feature will give the edge and will capture the future market as well.
Based on the Application, the global e-bikes market classified into Urban City, Trekking/Mountain bike, Sportbike, and others. Trekking/ mountain bike has captured the most significant market and expected to boost in the forecast period. As trekking/ mountain rides are recreational activities that relax the mind and improves fitness. The e-bikes market is majorly captured by youth as it is adventurous and sportive for them.
Based on geography, the global E-bikes market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific, especially China, to gain maximum share in the market owing to the technology demand and government initiative to attract major OEMs to manufacture electric two-wheelers in their domestic markets, and with supporting this initiative, the government will also provide financial subsidies to the consumers.
Companies such as Yamaha Motor Corporation, Giant Manufacturing Co., Ltd, Accell Group N.V, Aima Technology Group Co., Ltd, Yadea Group Holdings Ltd, Pedego Electric Bikes, Merida Industry Co. Ltd, X- Treme, IZIP e-bikes, Specialized Bicycle Components, Rad power bikes, and Riese & Muller are the key players in the Global e-bikes market.
By Product Type
By Battery Type
By Motor type