Electric Bike (E-bike) Market to Reach USD 10.90 Billion by 2027
The global “electric bike (e-bike) market” is set to gain impetus from the rising trend of bike-sharing mode of transportation. It helps in surging the driving distance and lowering the energy required by the rider. Fortune Business Insights™ provided this information in a new study, titled, “Electric Bike (E-bike) Market Size, Share & Industry Analysis, By Battery Type (Lead Acid, Lithium ion, Nickel-Metal Hydride and Others), By Propulsion Type (Pedal Assist and Throttle) and Regional Forecasts, 2020-2027.” The study further mentions that the e-bike market size was USD 10.05 billion in 2019 and is projected to reach USD 10.90 billion by 2027, exhibiting a CAGR of 8.4% during the forecast period.
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COVID-19 Compelling Manufacturers to Change Designs of E-bikes
The COVID-19 pandemic has disrupted the supply chain of those companies who used to purchase vital components from China. Lithium and cobalt required for the production of e-bikes are available mainly in China. Hence, several companies are trying to reduce their dependence on one country. Some of them are also changing the designs of the vehicles. This pandemic is, thereby, set to decline the demand for the product. We are providing detailed research reports for helping you understand the current scenario.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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This Report Answers the Following Questions:
- What are the opportunities & challenges for new entrants?
- Who are the prominent vendors present in the global market?
- Which segment would provide the most opportunity for market growth?
- Where will the current developments take the industry in the long term?
Drivers & Restraints-
Increasing Traffic Congestion in Developing Nations to Spur Demand
The developing nations across the globe are facing traffic congestions on a regular basis. The surging number of vehicles in these nations is further causing an insufficient existing road infrastructure. Therefore, the governments are taking several initiatives to lower this congestion that is not only affecting a person’s professional life, but also personal life. They are promoting the usage of e-bikes for transportation. This can further help in reducing the number of taxis and private cars on the road. However, as e-bikes are operated by batteries, they may have numerous technical issues, such as quick discharge of batteries. This factor may hamper the electric bike market growth in the near future.
Lithium-ion Segment to Lead Fueled by Possession of Beneficial Properties
Based on battery type, the lead acid segment earned 31.3% in terms of electric bike market share in 2019. The segment is anticipated to exhibit a lower growth in the coming years stoked by the implementation of strict rules by the regulatory bodies of various countries for their usage. These batteries release harmful gases that may impact the environment. The lithium-ion segment, on the other hand, would dominate owing to their possession of multiple beneficial properties.
Asia Pacific to Retain its Dominant Position Backed by Contribution of China
Geographically, in 2019, Asia Pacific held USD 8.47 billion in terms of revenue. The region is set to dominate throughout the forthcoming years on account of the major contribution of China. The country is a prominent consumer and producer of electric bicycles. Europe is expected to remain in the second position stoked by the presence of stringent vehicular emission standards imposed by the ruling bodies.
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Key Players Focus on Launching Innovative Products to Strengthen their Positions
The companies operating in the market are constantly conducting research and development activities to create state-of-the-art e-bikes. As more countries are inclined towards saving energy, these products are in high demand. Below are two most recent industry developments:
- September 2020: Atumobile Pvt. Ltd., an electric vehicle startup headquartered in Hyderabad, India, recently launched its electric bike named Atum 1.0. Its base price is Rs 50,000. The bike is approved by International Centre for Automotive Technology (ICAT) and doesn’t require a driving license or registration.
- August 2020: Detel, a consumer electronic brand based in Delhi introduced Detel Easy, its cheapest electric two-wheeler priced at Rs 19,999. It is equipped with a 48V 12AH LiFePO4 battery that delivers 60 km at full charge.
Fortune Business Insights™ lists out the names of all the electric bike manufacturers operating in the global market. They are as follows:
- Giant Bicycles (Taichung City, Taiwan)
- Energica Motor Company (Modena, Italy)
- Accell Group (Heerenveen, Netherlands)
- Robert Bosch GmbH ( Gerlingen, Germany)
- Derby Cycle Holding Gmbh (Cloppenburg, Germany)
- Pedego Electric Bikes (California, United States)
- Panasonic Corporation (Osaka, Japan)
- Mahindra & Mahindra ltd (Mumbai, India)
- Trek Bicycle corporation (Wisconsin, United States)
- Bionx International Corporation (Ontario, Canada)
- Shimano Inc (Osaka, Japan)
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