Growing fuel prices and environmental concerns are leading to notable lifestyle transformations. One such drastic change is a profound customer propensity to adopt electric mobility options. Electric cars and two-wheelers are already showcasing outstanding growth patterns. As the need to curtail carbon emissions and save fuel costs grows recurringly, the global e-bikes market is set to exhibit skyrocketed growth. While these e-bikes are slightly heavier and costlier than their traditional alternatives, they offer significant advantages in terms of rider assist, speed, and overall mobility. Making them a reliable and cost-effective alternative. Several major economies are displaying promising trends in the adoption of e-bikes. Moreover, paced developments in battery technology are set to open new avenues of growth. Many favourable government norms have been passed to promote the adoption, manufacturing, and R&D of electric bicycles.
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Soaring Fossil Fuel Prices to Sustain Robust E-bikes Adoption
Electric bicycles or e-bikes are usually costlier than traditional cycles but cost less than traditional two-wheelers such as internal combustion engine (ICE) powered mopeds and motorcycles. In the recent past, the explosive rise in gasoline or petrol prices across the globe has created a disincentive for ICE two-wheelers. Against this backdrop, the global e-bikes market is projected to exhibit tremendous growth. Moreover, e-bikes also provide better speed and comfort in comparison to traditional bicycles due to the ability to assist the rider via an electric drivetrain. Many end-users in the logistics, delivery, food, and tourism sectors are adopting e-bikes, this is set to further the market expansion.
Considerable Advancements in Battery Technologies to Create Opportunities
Recent advancements in battery technology are creating notable market possibilities for the global e-bikes market. Lead-acid and lithium-ion batteries are some of the most employed types of batteries. While lithium-ion is a more robust, reliable, long-range, energy efficient, and scalable type of battery, lead acid battery power e-bikes are gaining tremendous traction. This is primarily due to the ease of lead-acid battery manufacturing and available expertise across several market regions. In the long term, the demand for lithium-ion battery-powered e-bikes is projected to grow by leaps and bounds. Both battery types are poised to create substantial business opportunities in the forecast period.
Asia Pacific to Set Pace in E-Bikes Market on Account of Growing Support for EV Manufacturing and Adoption
The considerable concentration of key market players, high fuel prices, and the presence of several supportive government regulations are sustaining the e-bikes market in Asia Pacific. Major regional economies such as China and India are key contributors to such a business environment. High demand for two-wheelers in several regional economies is also sustaining the growth of the regional market. Meanwhile, Europe is also exhibiting promising market trends in the e-bikes market. Keen focus on limiting carbon emissions, battery tech R&D, and supporting e-bikes consumer base are some of the factors that are strengthening the regional market in Europe.
Major Market Entities
Some of the players in the global e-bikes market include Yamaha Motor Corporation (Japan), Accell Group N.V. (Netherlands), Giant Manufacturing Co. Ltd. (Taiwan), Merida Industry Co. Ltd. (Taiwan), and Pon.Bike (US).
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