Market Research Future Insights
Electric bicycles, also known as e-bikes, are bicycles that have an electric motor that assists the rider with propulsion. They are becoming increasingly popular due to their ability to offer a convenient and eco-friendly means of transportation. The global electric bicycles market is expected to grow at a significant rate in the coming years due to several factors, such as rising concerns about environmental pollution and the increasing need for a more sustainable transportation solution.
According to MRFR analysis, the global Electric Bicycles market is expected to register a CAGR of ~ 11% from 2022 to 2030 and hold a value of over ~USD 67 Billion by 2030.
E-bicycles are becoming increasingly popular because it can travel long distances and are easy to transport. Since the outbreak of COVID-19, people have been increasingly avoiding using public transportation to protect themselves from the virus. As a result, many people have begun purchasing their automobiles and working from them instead. E-bicycles are becoming a popular alternative to cars, as they are more comfortable and cost-effective. This charging solution is simple to use and very affordable.
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Regional Analysis
The Asia Pacific region dominates the e-bicycles market due to factors such as the extensive bicycle infrastructure in developed and developing countries, including China and Japan, and the increasing stringency of emission regulations for gasoline motorcycles. North America is also expected to show good growth in the market, with several cities lowering speed limits, closing certain roads to traffic, and adding dedicated lanes for two-wheelers.
Market Segmentation
The global Electric Bicycles market has been segmented into type, and battery type.
Based on type, the market has been segmented into Pedal Assist/ Pedelecs, Power on Demand, and Pedal Assist with Power on Demand. The pedal assist feature is the most popular among bike users because it offers a longer battery life, requires less servicing, and allows users to choose from three to five different modes of pedal assist, depending on the model.
Based on battery type, the market has been segmented into Sealed Lead Acid and Li-Ion Batteries. Lithium-ion batteries are anticipated to grow at a higher rate during the forecast period, due to their superior battery chemistry, higher power-to-weight ratio, efficient charging, higher energy density, and longer battery life cycle.
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Key Players
Some of the key market players are Giant Manufacturing Co., Ltd. (Taiwan), Derby Cycle, Easy Motion (USA), Accell Group N.V. (Netherlands), and Yamaha Motor Corporation (Japan). Merida Industry Co., Ltd. (China). Moustache Bicycles Bike (US), NYCeWheels.
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