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Global Electric Bicycle (E-Bikes) Market to reach a market size of USD 53 Billion: Actual Market Research
Oct, 01
2021

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Global Electric Bicycle (E-Bikes) Market to reach a market size of USD 53 Billion: Actual Market Research

 

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Electric bicycles or e-bikes are considered to be safe, convenient, and affordable alternatives to public transport. When compared to the counterpart, e-bikes are cheaper and easier to use and don’t require any extra investment in terms of added infrastructure. The sales of the e-bikes are expected to boost post the Covid pandemic, which is to result in the market growth of 8.85% in volume terms. The recent publication of Actual Market Research titled 'Global Electric Bicycle (E-Bikes) Market Overview,2020-2026' identifies and discusses the developments in electric mobility across the region, with not only facts and figures but also has a detailed study about the forecasts on the electric bicycle industry.

The rapid urbanization in developing countries has resulted in high traffic congestion which is also one of the main market drivers for the electric bicycle industry. Most of the countries are working towards boosting sales through improvising the infrastructure and providing subsidies for the purchase of electric bicycles. The e-bikes are cheaper when compared to the other transport modes, and thus are experiencing an incline in the demand. The popularity of electric bicycles has given rise to various technological advancements in the basic model. One of them is the introduction of IoT wherein the module enables the connectivity for sending & receiving data, automatic emergency calls, navigation, media connection, and theft alter. In the global market, Bosch is one of the major players offering such a connected e-bike solution.

The global electric bicycle market is led by the pedal-assisted segment, which held approximately 70% of the market share. This segment has a high preference given its low price and comparatively a high physical movement involved. Thus these bikes attract young health enthusiasts a lot. The manufacturers are now developing higher versions of these models by incorporating features like GPS tracking, battery monitor, etc.

Globally, the use of the lithium-ion battery is inclining drastically and thus becoming the market-dominating segment by the end of the forecasted period. These batteries are eco-friendly and have a better life span. Apart from this, there has been a considerable decline in the price of these batteries in recent times. The lithium-ion battery segment is to dominate the market, reaching 34 Million Units by the end of the year 2026. Unlike the global trend, electric bicycles in China are equipped with lead-acid batteries. However, in 2019, the government announced to be shifting to lithium-ion batteries.

Post the Covid pandemic, there has been a visible hike in the demand for electric bikes. It is no surprise that the market for second-hand e-bikes has also boomed during the same period. Many local shops started to cater to the untapped segment of used electric bicycles, offering value-added services. Brands also started up-cycling the old bikes into a newer version in order to enhance their green credentials. The major reason for the market holding such high potential is the huge target segment. The target for the electric bicycle market includes nearly anyone who can ride a bicycle. The manufactures have been expanding their product lines for the market classified on age, affordability, purpose, etc.