Positive government regulations and policies to encourage the use of e-bikes, rising fuel costs, and growing interest in cycling as a fitness and leisure activity are driving the growth of the global e-bike market. electric bicycles.
PORTLAND, Oregon., January 13, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “Electric bike market by motor type (hub motor and mid-drive), battery type (lead-acid, lithium-ion (Li-ion) and others), application (sports, fitness and commuting), consumption segment (urban and rural) , and Output Power (250W and Less than 250W and Above 250W): Global Opportunity Analysis and Industry Forecast, 2020-2030. » According to the report published by Allied Market Research, the global electric bicycle market was estimated at $24.30 billion in 2020 and is expected to reach $65.83 billion by 2030, registering a CAGR of 9.5% from 2021 to 2030.
Drivers, constraints and opportunities –
Positive government regulations and policies to encourage the use of e-bikes, soaring fuel costs and growing interest in cycling as a fitness and leisure activity are fueling the growth of the global bicycle market electrical. On the other hand, the high cost of purchasing and maintaining electric bicycles and the ban on the use of electric bicycles in major cities in China limit growth to some extent. Nonetheless, improving cycling infrastructure and battery technology and the rise of connected e-bikes should pave the way for lucrative opportunities in the future.
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The outbreak of the pandemic led to a sharp drop in e-bike sales, especially in the first phase of the lockdown, as most bike shops were closed during this period.
Nevertheless, the pandemic has changed the way people travel and cycling has become even more popular around the world. As restrictions have been eased in many countries, the sale of e-bikes has also increased significantly. In this way, the pandemic has had a mixed impact on the global e-bike market.
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The mid-size vehicle segment will dominate by 2030-
By motor type, the mid-drive segment held the largest share in 2020, accounting for approximately half of the global e-bike market, and is expected to lead by the end of 2030. The same segment would also cite CAGR 11.4% fastest throughout the forecast period, due to factors such as hassle-free installation and better performance.
The lithium ion (Li-ion) segment to retain the lion’s share-
By battery type, the lithium-ion (Li-ion) segment contributed 91% of the total e-bike market revenue in 2020 and is expected to dominate by 2030. The same segment would also show the fastest CAGR of 10 .4% during the forecast. period. This is attributed to their light weight and large capacity. Moreover, the decline in prices in recent years has been beneficial for the growth of the segment.
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Asia Pacific, followed by Europe and North America, held most of it in 2020-
By region, Asia Pacific held the highest market share in 2020, capturing around two-thirds of the global e-bike market. This is due to the increase in initiatives for environmentally friendly vehicles and bicycles and the development of related infrastructure by several governments such as India. The LAMEA market, on the other hand, would show the fastest CAGR of 14.0% from 2021 to 2030, thanks to a series of initiatives taken by private companies, local governments and federal officials to promote the adoption of electric vehicles in this region.
Key Industry Players-
CSE EV GROUP CO LTD
Fuji-ta Bicycle Co Ltd
Giant Manufacturing Co.Ltd
Merida Industry Co, Ltd
Yamaha Motor Corporation, United States
Accell Group SA
dutch royal gazelle
Trek Bicycle Corporation
Yadea Group Holdings Ltd.
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SOURCE Allied Market Research