Electric Bike Market to Hit USD 92.19 Billion by 2029; Factors such as Increasing Acceptance as Mode of Transport and Rising Technological Advancements to Aid Growth: Fortune Business Insights
/EIN News/ — Pune, India, May 24, 2022 (GLOBE NEWSWIRE) — The global electric bike market size stood at USD 35.69 billion in 2021. The market is estimated to rise from USD 40.16 billion in 2022 to USD 92.19 billion by 2029 at 12.6% CAGR during the forecast period. Fortune Business Insights has delved into these insights in its latest research report, titled, “Electric bike Market, 2022-2029.”
According to the analysis, global electric bike market is expected to witness elevated growth owing to rapidly charging batteries, cheaper alternative for transportation, and rising technological advancements during the forecast period.
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List of Key Companies Profiled in the Market Report:
- Giant Bicycles (Taiwan)
- Accell Group (Netherlands)
- Robert Bosch GmbH (Germany)
- Pedego Electric Bikes (U.S.)
- Panasonic Corporation (Japan)
- Bionx International Corporation (Canada)
- Trek Bicycle Corporation (U.S.)
- Shimano Inc. (Japan)
- VanMoof (Netherlands)
- Rad Power Bikes (U.S.)
Report Scope & Segmentation:
|Forecast Period 2021 to 2028 CAGR||12.6%|
|2029 Value Projection||USD 92.19 billion|
|Market Size in 2022||USD 40.16 billion|
|Historical Data for||2018-2020|
|No. of Pages||165|
|Segments covered||Lead Acid, Lithium-Ion, Nickel Metal Hydride, Others|
|Growth Drivers||Rising Policy Support & Increasing Adoption of E-Bikes Regarding Municipal Bike-Sharing Systems to Augment Growth|
|Asia Pacific to Witness Dominance During Forecast due to Increasing Bicycle Infrastructure|
E-Bikes Experienced Growth due to Rising Adoption as Transportation Crumbled During Pandemic
The ongoing pandemic caused a positive impact on the market as all forms of public transportation were shut to curb the spread of the virus. A good portion of the population began integrating electric bikes as their primary mode of transportation during the initial stages of the pandemic, which contributed significantly to the market growth. The e-bike market was experiencing a stable growth pre-pandemic; however, the growth was exponential as the pandemic hit.
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The report has been prepared meticulously through quantitative and qualitative assessments to offer a comprehensive market view. Notably, many primary interviews have been conducted with major stakeholders and suppliers. Primary data has been collected through questionnaires, telephonic conversations and emails. Moreover, the report also includes secondary sources, such as government websites, SEC filings and press releases. The report also gives an in-depth view of market size, share, revenue, volume and delves into SWOT analysis.
Drivers & Restraints
Rising Policy Support & Increasing Adoption of E-Bikes Regarding Municipal Bike-Sharing Systems to Augment Growth
Factors such as the rising development of cycling infrastructure in emerging economies coupled with rising support for e-bikes in the form of incentives will boost the electric bike market growth during the forecast period. Additionally, increasing adoption of e-bikes regarding municipal bike-sharing systems coupled with rising awareness about health benefits will increase the footprint of the market. The rising adoption of shared micro-mobility activities will further fuel the growth of the market toward a higher boundary.
Based on propulsion type, the market can be divided into pedal assist and throttle.
By battery type, the market can be divided into lead acid, lithium-ion, nickel metal hydride, and others.
In terms of geography, the market can be categorized into North America, Europe, Asia Pacific, and the Rest of the World.
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Asia Pacific to Witness Dominance During Forecast due to Increasing Bicycle Infrastructure
Asia Pacific will hold the largest electric bike market share during the forecast period due to rising infrastructure for electric bikes in emerging economies such as China and Japan coupled with increasing higher vehicular and public transport congestion. Additionally, the rising stringency of emission regulations for gas-powered engines will further fuel the growth of the market.
Europe will occupy a significant market share in terms of global contribution owing to the rising number of e-bikes manufacturers in the region.
North America will witness considerable market share during the forecast period due to the rising adoption of e-bike deployment.
Collaborative Efforts within Dominant Players Will Help Exert a Competitive Edge
The market contains a large amount of small, large, and medium-sized players that are striving to introduce the latest generation of products for retaining their existing consumer base. Players are also focused on deploying strategic tactics such as mergers & acquisitions coupled with collaborations to consolidate a combinative market share. Other players are also focused on expanding their business practices beyond their existing presence. For example, in January 2022, Panasonic Automotive Systems announced a cooperative agreement with Totem USA. This agreement will bring Totem’s UL-certified eBikes to the U.S. market. Players are also increasing their investments in R&D departments to introduce novel products within their offerings.
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July 2021: Pedego announced opening a new facility in Bethesda. This facility will offer a wide range of bike sales, rentals, services, and accessories.
List of Key Players Present in the Market
Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Value Chain Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Electric Bike Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Electric Bike Market Analysis (MW, USD Billion), Insights and Forecast, 2018-2029
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This news story originally appeared at Books - Reality Syndicate Viewers on 26 May 2022