E-bike market revenue will reach $40 billion by 2030:
Selbyville, Delaware, Sept. 15, 2022 (GLOBE NEWSWIRE) —
The global e-bike market is expected to register a valuation of USD 40 billion by 2030, according to the latest research study by Global Market Insights Inc.
The government’s emphasis on reducing the carbon footprint and ensuring a cleaner environment will drive industry trends. The growing popularity of e-bike sharing due to its availability and convenience, along with the emergence of sophisticated batteries, will increase the demand for e-bikes. For example, in May 2022, OPIUM, a Swiss e-bike startup, announced that it was set to launch two new long-range e-bikes named 6.0 and 4.0. Both of these bikes have a range of 340 kilometers, with enough battery life to cover an entire day. The company is actively investing in advanced battery technologies to introduce an alternative to cars with exponential carbon emission rates.
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High internal component costs may become the major restraining factor for the growth of the e-bike market. Various e-bikes have different motors with different capacities, making them expensive depending on the capacity they provide. Moreover, the advent of technologically advanced products encourages players to improve the performance and range of e-bikes, which can attract buyers and overcome this limitation.
Growing Trend of Home Delivery to Propel Demand for Cargo Electric Bikes
The cargo bike segment accounted for $2 billion in revenue in 2021, boosted by the emerging trend of fast delivery services and raising concerns about reducing carbon emissions, fueling the adoption of electric cargo bikes. Additionally, the growing popularization of door-to-door delivery platforms across the globe has increased the demand for e-bikes among delivery partners for timely deliveries, thereby driving segmental growth.
NiMH Battery Segment Shows Significant Growth
E-bikes with NiMH batteries held 5% market share in 2021 due to their compatibility with all battery sizes, such as AAA, AA, C, D, and 9V. NiMH batteries have a high tolerance against overcharging and provide even temperature performance.
Advantage of gear ratio to accelerate demand for e-bikes with mid-range motors
The mid-motor segment in the e-bike market is poised to witness significant growth through 2030 owing to its various advantages over hub motors. One of the main advantages of mid-drive motors is an excellent gear ratio, allowing riders to power the rear wheel through the same chain and pedal set – essentially one can climb steep hills even with a gear low. Mid motors are also lighter and smaller compared to a similar horsepower hub motor, making them a preferable choice for many customers.
Power-assisted e-bikes to get positive traction
The electric bike market of the throttle-assist segment is expected to grow at over 5% CAGR through 2030. Throttle-assist e-bikes are easy and safe to ride. They also keep passengers safe as they can run without pedaling, encouraging riders with health issues to opt for e-bikes with throttled systems.
Increased customer inclination to push offline channel segment growth
The offline sales channel is expected to witness a robust growth rate over the forecast period. Despite the recent change in sales operations, e-bike manufacturers continue to supply physical stores in order to reach new potential customers. The easy availability of the product allowing the customers to opt for a trial before the actual purchase will continue to help the offline segment to emerge as a substantial revenue contributor from the expansion of the industry.
The Middle East and Africa will become a pivotal region
The market size of electric bicycles in the Middle East and Africa is expected to reach USD 100 million by 2030. Growing focus of manufacturers on expanding their business in the region will drive the growth of the regional industry. Notably, producers are introducing new products and services to enhance their offerings, thereby boosting the prospects of the industry.
The European e-bike market is estimated to hold a major revenue share till 2030 owing to the significant technological development of e-bikes in the region. Moreover, major players in the industry are converging on new product strategies to expand their customer base and revenue in the market. According to the report, the European e-bike sector will also be boosted by increasing automotive demand and government initiatives to control pollution levels.
Strategic partnerships and product launches to remain a major growth strategy
The major companies operating in the electric bicycle market are AIMA Technology Co., Accell Group, Giant Bicycles, Rad Power Bikes, Pedego Electric Bikes, Specialized Bicycle Components, Electric Bike Technologies, Inc., Trek Bicycles, Sunra, and Yadea. These leaders are implementing various growth strategies such as partnerships, collaborations and setting up new production facilities to enhance their stature in the global market.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Electric Bicycle Market Overview
3.2 Impact of the COVID-19 outbreak
3.3 Impact of the Russia–Ukraine War
3.4 Patent Analysis
3.5 Key News and Initiatives
3.6 Industry Ecosystem Analysis
3.7 Technology and innovation landscape
3.8 Regulatory landscape
3.9 Industry impact forces
3.9.1 Drivers of growth
22.214.171.124 Growing support from government authorities for the promotion of electric mobility
126.96.36.199 Emergence of Electric Bike Sharing Service Providers in North America and Europe
188.8.131.52 Shifting Commuters to Personal Mobility Solutions in North America
184.108.40.206 Asia-Pacific Electric Bicycle Manufacturing and Export Growth
220.127.116.11 Increase awareness of electric mobility in LATAM and MEA
3.9.2 Industry Pitfalls and Challenges
18.104.22.168 High initial cost of e-bikes
3.10 Investment portfolio
3.11 Growth potential
3.12 Porter’s analysis
3.13 PESTEL Analysis
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and advisory services, offering syndicated and custom research reports as well as consulting services. growth. Our business intelligence and industry research reports provide clients with in-depth insights and actionable market data specially designed and presented to aid in strategic decision-making. These comprehensive reports are designed using proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.