2029 Electric Bicycle Market Future Innovation Strategies
Electric Bicycle Market: Introduction
E-bike stands for electric bikes. It is a scooter, bicycle or motorcycle (two-wheeler) having an integrated electric motor for propulsion. These electric bikes run on electricity and do not require refueling as they run on a battery that needs to be charged. The charging time depends on the type of batteries installed such as lead acid batteries, lithium ion batteries, etc. These days, electric bikes are preferred because they are environmentally friendly and affordable in the long run.
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The e-bike market is seeing excellent growth opportunities around the world. According to the forecast, the global electric bicycle market will experience substantial growth with a stable CAGR until 2030. Consumer inclination towards environmentally friendly and cost-effective products will continue to create opportunities for electric bicycle manufacturers.
Key growth factors
The growing awareness of environmental protection across the world is attracting the attention of companies and it is helping to fuel the growth of the electric bicycle market. Electric bikes are safe for the environment because they do not release harmful gases and help avoid pollution and other environmental degradation.
Rising gasoline and diesel prices are prompting consumers to invest in e-bikes. Although many gasoline-powered bicycles are cheaper than e-bikes, the investment usually pays off, as in the long run the cost of charging is significantly lower.
The speed factor poses a challenge to the growth of the electric bicycle market. Electric bikes have a low speed compared to non-electric bikes. Electric bikes cannot cover distances greater than 120 km without recharging. In addition, the charging capacity of electric bikes is low because it takes a long time to recharge. Fast charging is still in development and these factors continue to deter consumers.
Along with concerns about speed and load, another challenge is that most e-bikes are designed for one-time use and have a maximum weight limit. In many developing countries, two-wheelers are used by families for getting around and also for shopping. Many consumers delay purchasing an electric bicycle due to the weight limitation.
Impact of COVID-19 on the electric bicycle market:
The outbreak of the COVID-19 pandemic has had a negative impact on the electric bicycle market. The sale of e-bikes in the early stages was curtailed as stores were closed due to the government-imposed lockdown. Most people affected by the COVID 19 pandemic prefer not to use public transportation. In such a situation, electric bikes can be a good substitute because they are affordable. Electric bikes are easier to charge, cheaper and less polluting. Current sales of e-bikes are increasing worldwide as the lockdown has been lifted in almost every country. It is estimated that the market demand for electric bicycles will continue to increase at a sustained rate until 2030.
Electric Bicycle Market: Regional Forecast
North America is expected to experience strong growth in this market due to the increasing adoption of energy efficient, fuel efficient and environmentally friendly electric two-wheelers in America, Canada and many other regions. Analysts believe that in the coming years, North America will experience the fastest growth relative to other regions. The United States and Canada will dominate the global e-bike market.
In addition to North America, France and Italy have a major market share after the United States in the e-bike market. During the evaluation period, France, Italy, Germany and other European countries are expected to experience reasonable growth due to increasing consumer preference for innovative electrical products.
In addition, China is taking initiatives for green marketing and transportation and is implementing strict rules and regulations against harmful gas emissions that are boosting the e-bike market in Asia-Pacific.
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Market segmentation :
By product type:
Scooter and motorbike
By drive mechanism:
Pedal assist mode
By battery type:
Middle East and Africa
The e-bike market is very fragmented. E-bike manufacturers are expanding their capabilities to improve their global presence. The emphasis on product innovation, new product development, research and development programs, etc. are some initiatives taken by the main players to occupy the market.
Some of the major players in this market include Giant Manufacturing Corporation, Merida Limited, Trek Bicycle Corporation, Riese and Muller Corporation, Fritzmeier system GmbH and Corporation, Accell group NV, Aima Technology Group Corporation, Pedego Electric Bikes Limited, Yamaha Bicycles, Yadea Group Holdings Limited, Cannondale Bicycle Corporation, etc. Among these manufacturers, Giant Bicycles is expanding its product portfolio and focusing on innovations and modifications to dominate the e-bike market. All these strategies have led the company to dominate the market and occupy the largest market share.
Key questions and answers
What is the size of the electric bicycle market?
The e-bike market is worth nearly $ 30 billion and is expected to exceed $ 100 billion by the end of 2030
What is the growth rate of the electric bicycle market?
The e-bike market is expected to grow over 15% CAGR through 2030, as environmental conservation concerns become more personalized
What is the biggest market for the electric bicycle?
China is the biggest market for e-bikes, but most of the demand is met by local and local issues.
What is the fastest growing market for e-bikes?
In addition to China, India, Japan, Taiwan, and the United States are some of the most lucrative markets for e-bikes.
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