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:
- 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.
- 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.
- 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.
- 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.
- Government agencies and private companies are also working together to set up rental services for E-Bike and to place them in various stations.
- 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.
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.