Global Electric Bicycle Market Overview, 2022-2027

Global Electric Bicycle Market Overview, 2022-2027

The major advantage of electric bicycles other than being environmentally friendly is that it offers the same benefits like the traditional cycles, and also not requires any licenses or insurance in major parts of the world. Added with all these, an electric bike looks much classier than the regular cycles. This is expected to be one of the major reasons for the sales boost in the coming period. One of the real advantages of electric bikes is the efficiency while the rider is climbing a rough trail or fighting the wind. E-bikes are now a relief for the people who love to cycle but wryer previously restricted due to health limitations like asthma or knee pain. Apart from being a common choice for the daily commute, the use of electric bicycles in cargo is also inclining.

The report titled 'Global Electric Bicycle (E-Bikes) Market Outlook, 2027’ published by Bonafide Research identifies and discusses recent developments in electric mobility across the globe. This report not only serves with the facts, figures, and forecasts but also has a detailed study about the Covid effect on the electric bicycle industry. According to the report, the market was valued at more than USD 29 Billion, which is anticipated to reach around USD 49 Billion during the forecast period. Further, the market is projected to rise with more than 8% CAGR for 2022-2027. Many governments across the world are taking initiatives towards the reduction of carbon footprints and encouraging electric bicycles to use is one of the most prominent steps. This is expected to be the major market driver in the coming years.
The electric bike reduces the maintenance costs as it has a very low number of moving parts when compared to the fuel run bikes. The lightweight of these bicycles has aided it to gain popularity among the different age groups. The ease of use and control are also a few of the added advantages of electric bikes. In a throttle e-bike, pedalling is optional as the bike moves forward with the motor push generated at the ease of a button or a twist. However, currently, the market is led by pedal-assisted electric bikes, which held approximately 70% of the market share.

The global electric bicycle market is led by the Asia Pacific with more than 70% of the market share in terms of both- value & volume. This is mainly because of China, which has more electric bikes than cars on the road and thus held to nearly 50% of the global e-bikes in terms of volume. The major difference between the electric cycle market in China and other European or North American countries is the battery used in the cycle. In China, there is a high use of lead-acid batteries, while the counterparts use lithium-ion or nickel-metal hydride.

Covid-19 Impacts:
Due to the COVID-19 pandemic, commuters are mostly avoiding public transportation. According to industry experts and e-bike manufacturers, such as Rad Power Bike, VanMoof, and Lectric e-bike, e-bikes are increasingly considered an ideal transportation mode as cities emerge from the quarantine approaches in the US and Europe. In addition, owing to the government restrictions on public transport because of social-distancing guidelines, commuters are adopting the bike as the mode of day-to-day transportation. Thus, the electric bike industry is one of those industries that is poised for better growth post-Covid-19. However, the sale of e-bikes was dampened in the first quarter of 2020, as e-bike stores were closed due to lockdown. Apart from increasing consumer preference toward recreational and adventure activities, the adoption of e-bike applications in several sectors, like logistics and e-bike rental services, is expected to drive the market during the forecast period. As cities worldwide emerge from lockdowns, the demand for e-bikes is picking up pace due to their convenience and cost of operations. Regions such as Europe are witnessing a shift in consumer motive for buying an e-bike from leisure to daily use.

Major companies present in the market
Accell Group, Brompton Bicycle Limited, Giant Manufacturing Co. Limited, Merida Industry Co. Limited, Pedego Electric Bikes, PON Bikes, Rad Power Bikes LLC, Riese & Müller GmbH, Specialized Bicycle Components, Inc., The Electric Bike Company, Trek Bicycle, Yadea Group Holdings Ltd

Considered in this report
• Geography: Global
• Historic year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report
• Global Electric Bicycle (E-Bikes) market with its value and forecast along with its segments
• Region-wise toy market analysis
• Various divers and challenges
• Ongoing trends and developments
• Five force models
• Top profiled companies
• Strategic recommendation

Regions covered in the report
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle-East & Africa

Segment covered in the report

By Propulsion Type
•Pedal Assist
• Throttle

By Class Type
•Class 1: Pedal Assist
•Class 2: Throttle On Demand
•Class 3: Speed Pedelec

By Battery Type
•Lithium-Ion Battery
•Lead-Acid Battery
•Others

By Application
•City/Urban
•Trekking (E-mountain Bikes/e-MTB)
•Cargo
•Others (Speed e-bikes, Foldable, Fat Bicycle)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing the government- generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have verified the details obtained from secondary sources.

Intended audience
This report can be useful to Industry consultants, manufacturers, suppliers, associations & organizations related to electric bicycle products industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.