E-Bike Market

E-Bike Market is Estimated to Grow at a CAGR of 9.8% from 2022 to 2028

As stated in our extensive report; the Global E-Bike Market accounted for USD 49.1 Billion in the year 2021.

The market is anticipated to grow due to aspects including adopting government regulations to promote E-Bike and consumer preference for utilizing E-Bike as an eco-friendly & efficient commute solution. Other growth factors include an increase in fuel costs and a growing attraction to cycling as a fitness and recreational activity. As they continue to gain popularity in Europe as a more environmentally friendly mode of transportation, e-bikes have enormous growth potential. Furthermore, as related regulations develop, it is anticipated that sales will increase in the United States. Therefore, a more stable environment for the e-bike market is expected to be provided in the years to come by strong European and American markets and an anticipated comeback in sales in China.

Factors Influencing Global E-Bike Market Growth

The growth of the Global E-Bike Market can be attributable to the following:

1. Consumers are inclined toward using public transportation because it has minimal or almost zero carbon footprints. The market for E-Bike has increased owing to the widespread commercialization of electric vehicles in the transportation sector in both developed and emerging nations.
2. The market for (E-Bike) will experience rapid growth due to the increase in the adoption rate of shared micro-mobility. The ecology of public transportation includes shared micro-mobility. Shared electric micro-mobility, a flexible mode of transportation with minimal operating costs and overhead, can supplement higher-volume fixed-route transit systems by providing mobility services for numerous trips at a lower per-traveler price.
3. Due to growing government attempts to reduce carbon emissions, public and private groups are promoting the usage of E-Bike, raising public awareness of the product.
4. Across the globe, municipal bike-sharing programs have quickly adapted to E-Bike. Travelers and Residents are using E-Bike more frequently on account of the need for more accessible and secure public transportation options as well as social distance requirements.
5. Government agencies and private companies are also working together to set up rental services for E-Bike and to place them in various stations.
6. Other factors influencing the rise in e-bike demand include the industry’s continual technological advancements. For instance, connected E-Bike are equipped with a SIM module that permits data transmission and reception over the cloud even when they are not connected to a smartphone.

On the other hand, due to the high costs involved, E-bike adoption is still only moderately widespread.

Asia Pacific Region to Take Over the Market

In terms of region, Asia Pacific holds the largest market share in the E-Bike Market and is expected to continue this trend in the coming years. Due to the significant growth in the region’s e-bike production and demand, the Asia Pacific region has become the world leader in the e-bike market. Around 81 percent of market income is concentrated in the area, with China leading the charge, with more than 90 percent of the world’s e-bike production centered in the nation. According to figures released by China Motor World, more than 30 million E-Bike were produced in China in 2018. This, in turn, is anticipated to boost the region’s e-bike market growth even more.

Conclusion

The entire E-Bike Market has benefited from the steadily rising demand for e-bike production and the rise in the acceptance rate of shared micro-mobility.

The well-known players of the Global E-Bike Market include Accell Group (Netherlands), Derby Cycle (Germany), Fuji-ta Bicycle Co. Ltd. (China), Giant Manufacturing Co. Ltd. (Taiwan), Jiangsu Xinri E-Vehicle Co. Ltd. (China), Mahindra & Mahindra Ltd. (India), Prodecotech LLC (US), Tianjin Golden Wheel Group Co. Ltd. (China), Trek Bicycle Corporation (US), Yamaha Motor Co. Ltd. (Japan) and others.