Electric Bike Market Size, 2020 Industry Share and Global Demand | 2027 Forecast by Fortune Business Insights
ElectricBike Market will exhibit a CAGR of 8.4% during the forecastperiod, and is projected to reach USD 10.90 billion by 2027, and theMarket value as per 2019 was USD 10.05 billion.
FortuneBusiness Insights™ in a new report, titled, “Electric Bike(E-Bike) Market Size, Share & Industry Analysis, By Propulsion Type (Pedal Assist,Throttle), By Battery Type (Lead Acid, Lithium-Ion, Nickle Metal Hydride, andOthers) and Regional Forecasts, 2019-2026.”
Electric Bike Market Drivers and Restraint:
Stringent Emission Norms Imposed by Government to Drive Growth
Therising greenhouse gas emissions is one of the major environmental issues. Thegovernments of various countries have imposed stringent norms on manufacturersto develop vehicles with zero emissions. Key OEMs have heavily invested inR&D to develop environmentally-friendly vehicles. The governments in thedeveloping countries have proposed various subsidies, such as tax-freepurchases of electric bicycles. Several tax-free concessions granted by thegovernment have attracted more consumers to buy electric bicycles, which, in turn,are expected to boost the electric bicycle market growth during the forecastperiod. For example, in October 2018, the European Union removed Value AddedTax (VAT) on e-bikes.
Rising Concern Regarding Traffic Congestion to Boost Growth
Manydeveloping countries are facing traffic congestion, especially in crowdedcities. The number of vehicles is increasing every day, resulting in aninsufficient existing road infrastructure. Heavy traffic jams affect people'spersonal and professional lives. As a result, the government and ruling bodiesacross the globe are taking measures to reduce this traffic congestion. Now,many ruling bodies in the developing cities are encouraging the use of electricbicycles for transportation. Electric bicycles take up the same space asordinary or traditional bicycles. The use of electric bicycles can reduce thenumber of private cars and taxis on the road, and because they take up theleast road space, they can reduce traffic congestion.
RESTRAINING FACTORS
High Maintenance Cost of Battery May Restrain Growth
Inrecent years, there have been numerous research and development activities inelectric bikes and their batteries. Charging and maintenance of the battery isone of the major concerns. Various technical challenges such as quick dischargeof the battery after a short trip, as well as slowdown of the bike’s battery infreezing temperature may hinder the growth of the market.
List of Key Players Covered in the Electric Bike MarketReport:
- Giant Bicycles (Taichung City, Taiwan)
- Energica Motor Company (Modena, Italy)
- Accell Group (Heerenveen, Netherlands)
- Robert Bosch GmbH (Gerlingen, Germany)
- Derby Cycle Holding Gmbh (Cloppenburg, Germany)
- Pedego Electric Bikes (California, United States)
- Panasonic Corporation (Osaka, Japan)
- Mahindra & Mahindra ltd (Mumbai, India)
- Trek Bicycle corporation (Wisconsin, United States)
- Bionx International Corporation (Ontario, Canada)
- Shimano Inc (Osaka, Japan)
To gain more insights into the market with a detailed tableof content and figures, Click Here: https://www.fortunebusinessinsights.com/electric-e-bike-market-102022
Some of the key industry developments in the ElectricBike Market Include:
- June 2020 – Bosch e-bikes system inaugurated new APAC headquarters in Taiwan. Bosch opened new APAC headquarters in Taiwan in order to strengthen its global market position. This move by the company is to tap the fastest growing e-bike industry in the APAC region. The headquarters is also expected to have a support and training center as a large number of vehicles and components are manufactured by the company in this region.
- March 2019 – Pedego Electric Bikes Launches Advanced Patroller Electric Bike in California Pedego launched its advanced bike called Patroller Electric Bike in California. These bikes are specially designed to benefit security, police, and fire personnel to enhance their response time. Patroller bikes would provide an intelligent torque sensor technology along with an automatic pedal assist system.
- August 2019 – Giant Launched its new bike called as E+ Pro Giant launched its new product E+Pro with enhanced suspension. This bike is specifically designed for aggressive trail and long distance races. This bike consists of Giant’s technologically advanced SyncDrive Pro motor technology that enhances the power of the bike in steep climbing and less effort input by the rider.
