DUBLIN, Aug. 26, 2022 /PRNewswire/ — The “Electric Bikes – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Electric Bikes Market to Reach $34.7 Billion by 2026
Amid the COVID-19 crisis, the global market for Electric Bikes estimated at US$26.2 Billion in the year 2022, is projected to reach a revised size of US$34.7 Billion by 2026, growing at a CAGR of 7.1% over the analysis period.
The bike boom can be attributed to confluence of various favorable factors. While shutdown of gyms prompted people to explore other options for physical workouts, various workers started searching for alternatives to subways and buses. In addition, stay-at-home mandates drove families to look for options to keep children stay active, including leisure family-oriented bikes.
Families are investing in bikes to support kids who were unable to go to pools. Bicycles have provided families with the option to stay active and engage in physical exercise during pandemic. The scenario is driving demand for electric-assist bikes. The strong demand for commuter electric bikes has created shortage of these bikes across stores in the US and UK.
Leading manufacturers of these bicycles are finding it challenging to ramp up demand for addressing demand, leading to longer delivery times. The pandemic is anticipated to bring a long-term change in consumer preference and considerably benefit the global e-bikes market in the coming months and years.
The upsurge in the demand can be attributed to user awareness regarding air pollution, technological advancements, and rising investments by government authorities to develop electric vehicles. Advanced batteries, compact, and lightweight mid-drive motors, and chains with improved durability are trending in the e-bikes market.
Pedal Assist, one of the segments analyzed in the report, is projected to grow at a 7.3% CAGR to reach US$32.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Throttle segment is readjusted to a revised 5.4% CAGR for the next 7-year period.
This segment currently accounts for a 12.3% share of the global Electric Bikes market. E-bikes have witnessed growth in the pedal-assist segment because of the convenience of using both the motor as well as the pedals while riding. Pedal assisted electric cycle known as Pedelec offers many benefits such as saving money, improving fitness, helping carry heavy loads easily, providing ease of travelling long distances and are well suited for recreational purposes such as climbing hills.
Additionally, pedal-assist offers riders the option to choose and set the driving mode to low, medium, or high assist as and when needed to efficiently utilize electricity, further helping grow the share of the segment. The throttle-assist electronic bicycles are also gaining acceptance owing to the capacity for long-distance travel without inducing fatigue and simpler riding experience.
Manufacturers are continuously investing in research and development to create improved technologies for electronic bicycles so as to improve efficiency and increase share in the market. The increased costs related to the purchase of electronic bicycles and the restricted driving range of such vehicles are some of the concerns that are constricting the e-bike current market size.
Limited charging infrastructure and long charging sessions for e-bikes are some of the factors that further impede growth in the market. Nevertheless, market players are responding to the concerns by installing fast-charging technologies in e-bikes so that riders can charge bikes much quicker and ride longer distances.
Governments throughout the world have enacted several e-bike related regulations and policies for better safety. For example, the Federal Motor Vehicle Safety Act limits e-bikes with a 500-watt motor to a top speed limit of 32 kmph. The law helps riders shun over-acceleration and hence safeguard the riders as well as the surroundings.
What`s New for 2022?
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies – Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to the digital archives
- Complimentary updates for one year
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Weak Economic Environment Discourages Overall Market Sentiments
- Factors Driving Bicycle and E-bike Sales during Pandemic
- COVID-19 Pandemic Augurs Well for E-bikes Industry despite Challenges
- An Introduction to Electric Bikes
- Electric Bikes: An Emerging Segment
- Select Innovative and Creative Bikes
- Overview and Outlook
- Key Growth Drivers of the E-bike Market
- Pedal-assist: The Most Sought After Mode
- Analysis by Drive Mechanism
- Analysis by Battery Type: Lithium Challenges Dominance of Lead Acid
- Regional Analysis: Asia-Pacific and Europe Lead the Market
- America, Europe, Rest of World, Canada, and Japan
- Competitive Scenario
- Companies Benefit from Bike Sales During COVID-19 Pandemic
- Recent Market Activity
- Select Global Brands
2. FOCUS ON SELECT PLAYERS (Total 196 Featured)
- Accell Group N.V
- Aima Technology Group Co. Ltd.
- Ampler Bikes
- Cannondale Bicycle Corporation
- Coboc GmbH & Co. KG
- Derby Cycle AG
- M1-Sporttechnik GmbH & Co. KG
- Giant Manufacturing Co. Ltd.
- Jiangsu Xinri E-Vehicle Co., Ltd.
- Merida Industry Co., Ltd.
- Moustache Bikes
- Pedego Electric Bikes
- Riese & Muller
- Robert Bosch GmbH
- Specialized Bicycle Components, Inc.
- Trek Bicycle Corporation
- VanMoof BV
- Yadea Group Holdings Ltd.
- Yamaha Motor Company Limited
3. MARKET TRENDS & DRIVERS
- Key Trends in E-bike Market
- Demand for Electric Bicycles Gains Momentum
- Definition of E-Bicycles in Select Regions
- Demand for Sustainability to Drives Sales
- Electric Mountain Bikes Improve on Aesthetics and Functionality
- A Growing Trend of Electric Assist Bike
- E-bikes Benefiting with Increase in Urban Sprawl
- Electric Bike Sales to Skyrocket with Transformation of Cities
- Smart Cities Adopt Technologies to Improve Health of Citizens
- Biker Friendly Transformation Plans Announced by Cities to Propel Market Growth
- Bike-Sharing Model: An Opportunity Knocking on the Door
- Bringing Bikes Closer to Riders
- New Technology Trends in Bicycles to Help E-Bike Industry
- Technological Transformation in the Biking Industry
- Tech Revolutions That Shaped the Modern E-biking Industry
- Innovations in Smart Bicycling
- Select Innovations and Advancements
- Challenges Confronting the Electric Biking Industry
- Challenges in E-bike Manufacturing
- E-bike Design Challenges
- Fewer Distribution Channels
- Technology Challenges
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/teql6s
Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets