electric-bicycles-market

Electric Bicycles Market By Component (Controllers, Motors & Drivertrains, Batteries, Li-ion Batteries, SLA Batteries, Others), By Control System (Throttle Control, Pedal Assist), By Age Group (Below 15 Years, Above 15 Years), By Sales Channel (Online, Offline) - Growth, Future Prospects & Competitive Analysis, 2024 – 2032

22 Sep 2020 Format PDF icon PPT icon XLS icon Request Sample

"Demand for Electric Bicycles to be Positively Influenced by Rising Concern among People towards Environment Preservation"

The electric bicycles market is expected to be growing at a compounded annual growth rate (CAGR) of 10% from 2023 to 2030 and reach US$ 34.21 Bn in 2030. What distinguishes an electric bicycle from a traditional bicycle is the presence of an integrated electric motor. The functionality of the motor lies in its ability to assist the rider's pedal-power. These bicycles use rechargeable batteries and can travel at a speed of above 25km/hr. In the last couple of decades, the popularity of e-bicycles has grown manifold and there were around 210 million such bicycles used daily in 2016. China holds a major share of the overall market and the trend is expected to continue in the years to come. One of the most prominent factors aiding the adoption of e-bicycles can be attributed to rising concern among people towards environmental preservation. The use of e-bicycles greatly reduces ecological footprints, air contamination, and carbon emissions. The fact that these bicycles are not very expensive, further aids its adoption among people. A recent COVID-19 crisis and an increasing need to maintain social distance have promoted the use of ecological means of transportation, such as the electrical bicycle.

"Current Trends in the Electric Bicycle Market"

With the e-bicycle market booming, people are becoming more and more demanding as per the features and looks are concerned. As per recent trends, e-bicycles are becoming lighter and better looking. Lighter-weight bicycles are made up of light materials such as carbon or aluminum. Moreover, in order to give an attractive appearance, the manufacturers are integrating the battery into the frame. In the following years, additional batteries are expected to become a common trend in order to extend the range of the e-bicycle. A Germany based company, Haibike, already has a model with the same concept.

In the following years, a growing number of urban and suburban residents would seek greener modes of transportation thereby complimenting the e-bicycle market growth. This is how electrical bicycles will be used as a pillar that could support individual public transport in large cities worldwide. According to statistics, about half of the trips and procedures of a normal urban person don’t cross 15 kms from his/her house, thereby helping the electric bicycle market to further flourish.

"Research and Development Activities to Center around Battery Improvements in Coming Years"

A rechargeable battery acts as the source of power for every electric bicycle. With technological improvements, these batteries tend to get smaller, lighter, and more powerful. Therefore, keeping the weight of a battery down and at the same time providing a substantial range remains the top focus for electric bicycle battery manufacturers. Lithium batteries and lead-acid batteries are the two most common types of batteries used in electric bicycles. Lead-acid batteries owing to its low cost are finding application in entry-level electric bicycle models. However, in the coming years, lithium-ion batteries expected to find an increased application of cross electric bicycles. One of the most important factors supporting the aforementioned sentence can be attributed to the fact that lithium-ion batteries last longer and generate more power for their weight as compared to other batteries. However, the high price of lithium-ion batteries is an important factor offsetting its application in electric bicycles.

"Asia Pacific to remain the largest market throughout the Forecast Period"

The Asia Pacific represents the largest market for electric bicycles worldwide and expected to register the fastest growth throughout the forecast period. China and India expected to remain at the forefront in terms of this growth. Moreover, the demand for electric bicycles in China is further supported by the low cost of these bicycles in the country. In recent years, China has been exporting electric bicycles in large numbers to the U.S. and European countries.

Europe and North America expected to remain other important markets for electric bicycles in the coming years. The presence of a large number of bicycle manufacturers headquartered in the region has helped the market to flourish. Moreover, in terms of technology, these regions have always remained at the forefront.

Key players profiled in the report include Accell Group, NYCeWheels, Easy Motion USA, Derby Cycle, Jiangsu Xinri E-Vehicle Co., Ltd., Moustache Bikes, Karbon Kinetics Limited, myStromer AG, A2B Electric Bikes, and Pedego Electric Bikes among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Electric Bicycles market are as follows:

  • Research and development budgets of manufacturers and government spending
  • Revenues of key companies in the market segment
  • Number of end users and consumption volume, price and value.
  • Geographical revenues generate by countries considered in the report
  • Micro and macro environment factors that are currently influencing the Electric Bicycles market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

ATTRIBUTE DETAILS
Research Period  2022-2032
Base Year 2023
Forecast Period  2024-2032
Historical Year  2022
Unit  USD Million
Segmentation
Component
  • Controllers
  • Motors & Drivertrains
  • Batteries
    •     Li-ion Batteries
    •     SLA Batteries
    •     Others (NiCad and NiMH)

Control System
  • Throttle Control
  • Pedal Assist

Application
  • Below 15 years
  • Above 15 years

Sales Channel
  • Online
  • Offline

 Region Segment (2022-2032; US$ Million)

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • UK and European Union
    • UK
    • Germany
    • Spain
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC
    • Africa
    • Rest of Middle East and Africa

Key questions answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of Electric Bicycles market?
  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
  • Estimated forecast and market projections up to 2032.
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which market segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Electric Bicycles market?
  • Which is the largest regional market for Electric Bicycles market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Which are the key trends driving Electric Bicycles market growth?
  • Who are the key competitors and what are their key strategies to enhance their market presence in the Electric Bicycles market worldwide?
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