Published On: October 2022
Global warming is a severe environmental threat that has prompted nations, governments, and environmentally aware individuals to search for a sustainable replacement for fossil fuels. Market expansion is predicted to be fueled by the rise in the number of people choosing to bicycle as a leisure activity. It is anticipated that the preference for bicycles as a convenient exercise method to promote a healthy life free from obesity and other problems will further fuel market expansion. Dockless bicycle-sharing programs are becoming more and more well-liked lately. This technique allows users to find nearby bicycles and remotely unlock them. Systems for dockless bicycle rental, which were first introduced in Europe, are becoming more and more common, especially in Asian countries like China and India.
The size of the world bicycle market was USD 59.33 billion in 2021 and is anticipated to register a CAGR of 8.2% from 2022 to 2030. To achieve a sustainable future, mobility, technology, and the environment must all work together. Attention has been placed on electricity-powered forms of transportation due to the urgent need to reduce the excessive use of fossil fuels for transportation, which is thought to be responsible for a fifth of world carbon emissions.
Global warming is a severe environmental threat that has prompted nations, governments, and environmentally aware individuals to search for a sustainable replacement for fossil fuels. Since technology has advanced significantly over the past ten years, e-bikes have demonstrated tremendous promise as an efficient and sustainable mode of transportation. Additionally, the cost of petroleum is rising globally, pollution is increasing, and traffic is getting too congested, especially in cities. This has led to an increase in interest in electric bikes worldwide.
It was concerning that the market for components had been badly impacted by various countries' anti-dumping policies, including those of Europe. The region is increasing the volume of imports it makes to fight this. Both e-bikes and the parts that go with them will be completely functional. The most significant expense is using lithium-ion packs or a motor's drive system, which further restricts the market's growth potential. Although the global e-bicycle market is proliferating, this constraint's impact might diminish soon.
Although the global e-bicycle industry is expanding quickly, the impact of this constraint may be lessened soon due to the expansion of the electric bicycle market. This is the rationale behind an open letter published by a global coalition of over 60 cycling organizations in November 2021, during the COP26 session in Glasgow, urging countries "to commit to expanding the number of people who ride to reach global climate targets." The letter continued with a warning that unless more resolute and immediate steps are made to reduce transportation carbon emissions, we will be accountable for leaving our present and future generations with a world that will be more hostile and less habitable.
One of the most dominant firms in the electric bicycle industry, Bosch is a well-known player in the market. Recently, it unveiled Smartphone Hub, a tool that makes it easier to connect cell phones and e-bikes. The cyclists benefit greatly both during and after their journey because of this.
Some well-known market participants in the electric bicycle industry include Giant Manufacturing, Derby Cycle, Easy Motion, Accell Group N. VYamaha Motor Corporation, Merida Industry CoMoustache Bikes Bike, NYCeWheels, etc.
The e-bicycle market is evolving to become the game-changer in creating a modern and environmentally friendly planet. Thus, it won't be long until we see advanced e-bicycles with solar-powered backup motors and onboard computers that show various riding information, including speed, position, and calorie consumption, that are sturdy and stable enough to be utilized on varied terrain.
One of the greatest inventions of the twenty-first century is the electric bicycle, which was created to combat climate change and its effects. It is causing significant societal changes, such as enhancing public health and urban air quality, particularly in densely populated cities, and reducing automobile congestion.