ID: MRFR/AM/2842-CR | April 2018 | Region: Global | 100 pages
The electric bicycles and bikes are packed with a mechanism that is integrated and electrically driven. The mechanism makes use of a battery that can produce power that assists in propulsion. Globally, the use and availability of e-bikes are gaining a lot of momentum owing to their range and use of the small motor. This helps in assisting the pedal-power of the person who is cycling. Also, this helps the relatively powerful bikes to produce power in such a way that they can completely drive the vehicle by making use of the throttle.
These bicycles provide convenience and ease it is providing to their customers. Hence, the governments of various economies are supporting and initiating researches that tend to increase the sale of electric vehicles, especially e-bikes. This is likely to drive the global electric bicycle market size and grow at a 7.9% CAGR by the end of the global forecast period in 2023. The market is likely to reach a market valuation of USD 20,650 million by the end of 2023.
COVID 19 Analysis
The outbreak of the COVID19 pandemic has pushed people to drop the use of public vehicles. People are opting to buy their vehicles and use them for commuting to safeguard themselves from the pandemic. E-bikes are trending and are emerging as a safer, more convenient, as well as and affordable means of transportation. Relatively, this is a cheap and easy to charge system. There is no requirement of huge capital to lend support to this kind of infrastructure. This is one of the main reasons that kept the sales of the e-bikes going on even during the pandemic year of 2020, as well as, the imposition of temporary and permanent lockdowns. Post the financial year of 2021, the electric bicycle market is expected to attain normalcy in terms of the CAGR growth and market valuation. The market is expected to attain a huge boost in terms of growth post the COVID19 era.
The global economy is undergoing rapid urbanization, as well as, traffic congestion. This is one of the main reasons why the market is shifting towards the demand for e-bikes. Also, post the pandemic, shared transport mobility is witnessing a demand in its decline. The e-bikes are relatively safe and an affordable alternative to public transport and avoid the disease. The countries are opting towards subsidies, as well as, regulatory changes that are reducing the level of stress for the transportation ways.
The anti-dumping policy of many countries like Europe had a concerning impact on the demand for components. To overcome the same, the region is increasing the quantum of imports. This is being done with a view of fulfilling the e-bikes, as well as, the relative components. The trade war is emerging within countries like China, and, the USA, which are likely to impact sales. The same was witnessed in the historic period of 2018-2019.
There is a global rise in the popularity and adoption of e-bikes that are further kicking the technological advancements in the field. The connected e-bikes are one step towards advancements in which the SIM modules enable the e-bikes for sending and receiving the required data. The vital features possessed by these bikes are emergency calling and remote diagnostics, social media connectivity, a system for anti-thefts and much more is likely to enhance the supply chain management, benefitting the market end-users.
The electric bicycles market revenue is majorly dependent on the performance of the key market players in 4 major geographical locations. These regions are the APAC region, the North American region consisting of the USA and Canadian market, the European nations, along the rest of the world. The electric bicycles market outlook predicts that the Asian Pacific region is expected to emerge as a dominant force in the market performance by the end of the global forecast period in 2023. Regions like India and Taiwan, along with the Chinese and Japanese market are growing as potential grounds for stimulating an increase in the quantum of sales in electric bikes.
Further, North American, along with the European market has electric bike manufacturers that are making a shift to the mid-motors market sub-segment. The main reason behind this is the advantages like the lightweight small size. Also, there is less noise pollution created by these motors. Hence, this market segment in these regions is expected to register a decent CAGR growth.
To analyze the electric bicycles market revenue, it is mandatory to register the performance of the key market players in different geographical regions. This will also help to view the market with a competitive outlook and predict the major dominant forces by the end of the forecast period. The key players are as follows:
Accell Group N.V. is one such key player that is undergoing different kinds of agreements and collaborations that are a step towards product development strategies. This will help its entry to the new market and strike for elaboration in its product offerings. The result of this is a satisfied and a widened customer base.
The electric bicycle market industry is expected to grow at a decent CAGR and attain a good market valuation by the end of the future forecast in 2023. The global electric bicycle market report suggests the market dynamics and the impact of the spread of the pandemic over the market operations. The report also discusses the potential restraints that can cause hurdles for the market to attain the set targets. Also, the report deeply discusses the performance of the market segments and the expected growth of each in the different regions, where the market operates. Also, the market analyses the performance of the key market players and draws a competitive scale to predict the achievable targets for the market by the end of the global forecast period in 2023.
Frequently Asked Questions (FAQ) :
The electric bicycle market can thrive at 5.91% CAGR by 2023.
The electric bicycle market can value at USD 21,347 Mn by 2023.
A rechargeable e-bike can cover up to 25 to 32 kilometer per hour.
Pedego Electric Bikes (California), Karbon Kinetics Limited (KKL) (U.K.), and A2B Electric Bikes (U.K) are some reputed companies in the electric bicycle market.
Growing environmental concern can boost sales of e-bikes, which can support the electric bicycles market expansion.
The growing desirability of e-bikes among developing economies of APAC can prompt the APAC electric bicycle market growth.