E-Bike Market worth $80.6 billion by 2027 | MarketsandMarkets
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Electric Bike Market
E-Bike Market by Class, Speed, Battery Type (Lithium-ion, Lithium-ion Polymer, Lead Acid), Mode (Pedal Assist, Throttle), Component, Ownership and Region
NORTHBROOK, ILLINOIS, UNITED STATES, June 30, 2022 /EINPresswire.com/ -- According to the new market research report, the E-Bike Market size is projected to reach USD 80.6 billion by 2027 from an estimated USD 49.7 billion in 2022, at a CAGR of 10.2% from 2022 to 2027.
The Electric Bike Market is expected to witness growth due to an increase in demand for sustainable mobility solutions, rising traffic congestion, increasing fuel prices and growing interest in cycling as a fitness and recreational activity.
Browse in-depth TOC on “E-Bike Market”
415 - Tables
65 - Figures
371 - Pages
The E-Bike Market is dominated by major players such as Accell Group N. V (Netherlands), Pon. Bike (US), Merida Industry Co., Ltd (China), Giant Manufacturing Co., Ltd (Taiwan), Yamaha Motor Company (Japan), Yadea Group Holdings Ltd (China), Pedego Electric Bikes (US), AIMA Technology Group Co., Ltd (China), Trek Bicycle Corporation (US) and Specilaized Bicycle Components, Inc (US).
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Lithium-ion polymer battery type segment is expected to be the highest growing segment during the forecast period.
Lithium-ion polymer batteries are the future of battery technology. Lithium-ion polymer batteries offer a better range and lesser weight than lithium-ion batteries. Another benefit is these batteries do not have free liquid, so the lithium-ion polymer batteries do not require to be protected by a heavy case which adds directly to the weight of the e-Bike. These batteries can be moulded in different shapes and sizes, thus, there is a strong market growth potential for lithium-ion polymer batteries that exists during the forecast period.
City/Urban e-Bike segment is expected to be the largest segment from 2022 to 2027.
The city/urban e-Bikes are designed for frequent, short, moderate pace rides through relatively flat urban areas. The city/urban e-Bike segment is estimated to have a market share of ~60% in 2022 and is predicted to grow by 2027. Rapid urbanization and traffic congestions are among the key factors contributing to the growth of the city/urban E-Bike Market. Most countries are also focusing on boosting the usage of city/urban e-Bikes through subsidies and regulations to reduce the stress on public transportation systems. China, Japan, India, and South Korea in Asia Oceania face traffic congestion due to high population and vehicle density. Thus, the city/urban e-Bike segment is estimated to have the largest market share in Asia Oceania by 2027.
North America is estimated to be the fastest-growing E-Bike Market from 2022 to 2027.
North America is estimated to be the fastest-growing market for e-Bikes from 2022 to 2027 due to the increase in the adoption of e-Bikes for daily commute usage by consumers. US and Canada are the majorly contributing to the sale of e-Bikes in North America. North America has witnessed a boost in e-Bike sales in 2020-2021 after the situation started to regularize due to the increased vaccination rate post-Covid-19. With the increased attraction for recreational activities, the mountain e-bikes segment is estimated to grow the fastest in North America by 2027. The quest to maintain the ecosystem and reduce the release of toxic elements into the atmosphere and carbon footprint is significant for the rapid response to North American e-Bike adoption. To reduce emissions, governments in North America are offering incentives to purchase cargo e-Bikes. These factors would increase the demand for e-Bikes in North America by 2027.
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Recent Developments:
1. In April 2022, Trek Bicycle Corporation acquired David’s World Cycle. Trek Bicycle Corporation acquired 21 retail chain stores as part of the expansion strategy and to increase its dealer network.
2. In February 2022, Merida Industries Co., Ltd entered a strategic partnership with Team Bahrain Victorious as the official bicycle supplier & technical partner. Since its launch in 2017, Merida Industry Co., Ltd has been closely involved with the team and will continue to supply race-winning bikes and technical advice.
3. In January 2022, AIMA Technology Group Co Ltd entered into a strategic cooperation partnership with Juiced Bikes. As a part of the partnership, AIMA Technology Group Co Ltd would provide high-quality products and technical advice to Juiced Bikes in the US.
4. In October 2021, Yamaha Motor Company entered into a joint venture with Hero Motors to develop an e-cycle drive unit. The joint venture expects to start production of the first model at the upcoming manufacturing facility in Hero E-Cycle Valley by November 2022. Also, the joint venture would use the OEM networks of Hero Motors and Yamaha Motor Company for the sale of drive units in global markets
5. In October 2021, Pon. Bike acquired the Dorel Sports division of Dorel Industries as a part of the strategy to build a portfolio of premium e-Bikes in order to cover all the e-Bike segment categories.
Mr. Aashish Mehra
MarketsandMarkets™ INC
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