E-Bike Market Overview:
The e-bike market has seen significant growth in recent years as more people seek alternative modes of transportation that are environmentally friendly and cost-effective. E-bikes are becoming increasingly popular due to their combination of traditional cycling with electric assistance, making them a practical option for commuting, running errands, and leisure activities.
In terms of geography, Europe and Asia are leading the e-bike market, with countries such as Germany, the Netherlands, and China being major markets. However, e-bikes are also gaining popularity in North America and other regions as infrastructure improves and more people become aware of the benefits of e-bikes.
Market Research Future Insights
According to MRFR analysis, the global E-Bike Market is expected to register a CAGR of ~ 8.2% from 2021 to 2030 and hold a value of over ~USD 85.73 billion by 2030.
The global e-bike market is an extremely opportunistic and competitive market due to the ever-changing consumer trend toward an eco-friendly mode of vehicles. In addition, manufacturers find e-bikes as an economical substitute for electric vehicles. E-bike sharing services along with support from a government organization to encourage the application and adoption of e-bikes flourish the market growth over the imminent years. The global e-bike market was harshly affected by the COVID-19 epidemic during the 2020 lockdowns and stoppage of manufacturing facilities and supply chain disruptions. However, the sector has been recuperating well since the limits were lifted. An upsurge in house sales, new project launches, and growing demand for e-bikes have been leading the market recapture over the last two years.
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Regional Analysis
The Asia-Pacific region has the utmost e-bike market share. The Chinese have empathy for e-bikes, so China dominates the region’s market share. Currently, 75% of all e-bikes in the world are traded in China.
The second nominee is the European Union. What’s largely driving growth in this region is the strict standards for vehicle emissions that governments throughout Europe have forced on drivers and bike riders. This is part of the reason why sales have augmented dramatically throughout the European Union. Another factor is that people are progressively practicing social distancing in light of COVID-19. North America occupies the third position in the E-Bike market.
Market Segmentation
The global E-Bike Market has been segmented into class, and motor type
Based on Class, the global E-Bike Market has been segmented into Class 1, Class 2, and Class 3. Class 1 e-bikes capture the largest revenue share of nearly 45% in 2020 and predictable to maintain their dominance during the imminent years as well. The increasing demand for peddles because of their health assistance along with power assistance within the variety of 25 kph that does not have any regulation on its pouring likely to drive the growth for Class 1 e-bikes.
Based on Motor Type, the global E-Bike Market has been segmented into Hub and Mid-drive. Hub motor dominated the global e-bike market with the highest revenue share market of nearly 77% in the year 2020 and is anticipated to maintain the same trend over the estimated time frame as well. The main factor pouring their demand is minimum maintenance required as they do not use pressure on the drivetrain and operate independently.
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Key Players
Some of the key market players are Accell Group, Derby Cycle, Fuji-ta Bicycle Co. Ltd., Giant Manufacturing Co. Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., Mahindra Mahindra Ltd. (GenZe), Prodecotech LLC, Tianjin Golden Wheel Group Co., Ltd., Trek Bicycle Corporation, and Motor Co. Ltd.
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