Electric Bikes Market size is set to surpass USD 50 billion by 2027, according to a new research report by Global Market Insights Inc.
E-bikes are experiencing a remarkable demand due to a shift in consumer focus toward recreational activities and rising usage in city logistics. Market players are investing in R&D for new e-bikes innovations.
Governments are adopting different business strategies to accelerate the sale of electric vehicles in countries to minimize the carbon footprints caused by the automotive sector. For instance, in February 2020, the South Korean Government announced to minimize the prices of electric vehicles, such as e-bikes & electric cars, by 50% in the next four years to boost the country’s transition toward electric vehicles.
The increasing popularity of electric vehicles is encouraging OEMs to adopt various marketing strategies to target potential business clients. The companies are expanding their dealership to various brands to provide multiple choices of electric bikes, creating a favorable environment for the e-bikes market.
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Analyst view: “The emergence of e-bikes with advanced battery management systems is fueling the market revenue. Integrated infotainment systems and advanced telematics systems are playing a key role in enhancing the users overall driving experience and reducing the maintenance costs of e-bikes.”
High repair cost and low riding range are the key factors challenging the electric bikes sales. Additionally, the electronic systems integrated into the bikes can cause short-circuit by failure in battery current & temperature control system, hampering the market demand. To minimize these issues, OEMs have developed sealed battery packs with temperature monitoring sensors to provide key battery insights to the user for maintenance scheduling.
The COVID-19 pandemic has positively influenced the overall electric bikes market. Companies faced a rapid growth in e-bike sales through 2021, backed by consumer inclination toward personal mobility solutions for everyday commute. The high demand for e-bikes along with the steady and upward trend was observed in all key markets including North America, Europe, and Asia Pacific.
Strong frame structure and easy handling over any terrain
In 2020, over 25% of the market share held by trekking electric bikes in Europe. The companies, such as Tronx Motors, Pivot, and Trek, are unveiling their new mountain/trekking bikes to enhance their industry statistics. For instance, in March 2021, Trek launched 11 new models of trekking electric bikes in the E-Caliber Line with prices ranging from USD 6,649 to USD 13,549.
Browse key industry insights spread across 250 pages with 519 market data tables & 15 figures & charts from the report, “E-Bikes Market Size By Product (Cargo Bike, Trekking Bike, City/Urban Bike), By Battery (SLA, Lithium-Ion, NiMH), By Motor (Hub Motor, Mid Motor), By Propulsion Type (Peddle-assist, Throttle-assist), By Sales Channel (Online, Offline), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 - 2027”, in detail along with the table of contents:
High energy densities of NiMH batteries
North America NiMH battery segment is expected to grow at over 10% CAGR through 2027. NiMH’s higher energy densities and low periodic exercise cycles than Ni-Cd are propelling their adoption. Electric mobility solution providers are setting up a new service center for electric vehicles battery replacement & repairs to acquire a significant market share.
Growing investments by OEMs for offline stores
Offline sales channels were worst affected by lockdown measures imposed by several governments owing to the outbreak of the novel COVID-19 virus in 2020. As the pandemic curve flattened at 2020 end, the government allowed some relaxation in the lockdown to support the economy. These relaxations provided a positive outlook for the offline sales channel in the e-bikes market. Industry participants, such as Yamaha Motors Co., Ltd, BLive, and Detel EV, are launching new electric vehicle stores to enhance their brand identity.
Shifting consumer focus toward electric bikes for adventurous activities in Europe
The European electric bikes market is predicted to reach around USD 15 billion by 2027, with the unit sales of about 9 million new e-bikes. Supportive government regulations to contribute toward a sustainable environment and high adoption of e-bikes in the logistics sector are creating significant demand. Manufacturers are expanding their business operations in Europe to gain a higher profit.
Manufacturers are inventing new electric bikes
Industry leaders are investing significantly in R&D for new product innovation and to improve their statistics. The companies, such as Electric Bikes Technologies, Inc. and Dott, are introducing their new e-bikes to expand their consumer base. For instance, in November 2021, Dott launched new electric bikes with a speed of 25 km/h in Cologne, Germany.
The major electric bikes market players include Aventon, Alta Cycling Group, Giant Manufacturing Co., Ltd., Electric Bike Technologies, Inc., Nakto EBikes, Lectric eBikes, Schwin (Pacific Cycles, Inc.), Pedego, Inc., Van Moof, and Trek Bicycles.