Electric Bicycles Market Overview:
Electric bicycles are also known as e-bike. The electric bicycle contains an integrated electric motor that can be used for propulsion. There are various types of e-bike across the globe such as pedal assist or pedelecs, power on demand, and pedal assist with power on demand. They use rechargeable batteries which can travel up to 25 to 32 km/h depending on the government regulations of the country.
Growing demand for electric bicycle:
Tourism has experienced a continuous growth and extending its diversification to become one of the fastest growing economic sector in the world. Modern tourism is closely linked to development and covers growing number of new destinations. These dynamics have turned tourism into a key driver for the growth of automotive industry. The expanding transport projects in emerging nations are expected to reveal greater logistics opportunities and increase the demand for commercial and passenger vehicles in the Asia Pacific, significantly over the forecast period.
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Europe is one of the favourite vacation destinations, among tourists. There are around millions of tourists who come to Europe for vacations every year, which raises the demand for an owned means of transport. In the mode of transportation, the demand for e-bikes have been rising increasing. According to the CONEBI, Europe Bicycle Association and German National Cyclists’ Association (ADFC), bicycle tourism in Germany has increased by 16 % in 2016 when compared to 2015.
In 2016, it was estimated that approximately, 150 million day trips were carried out by tourists, for whom the primary purpose was to cycle. According to The World Tourism Organization (UNWTO), Asia Pacific demonstrated a strong growth in 2016, receiving 9% more arrivals from international. In America there has been increase by 4%, which was led by Central America and South America. Europe showed an increase of 3% while Africa showed an increase by 5%. This increase in demand from tourism sector will result in the growth of the market during the forecast period.
Due to the rising concerns regarding environmental pollution, many governments across the world have implemented several regulations and policies to reduce vehicle emission during the last few years. Global warming has also created a major threat to the environment and human life. Moreover, the emergence of eco-friendly vehicles has also been played a major role in the increasing sales of e-bike. In Europe, people are more encouraged and have created much awareness for eco-friendly vehicles. Additionally, the rising health concerns, and growing demand for e-bike from tourists, have propelled the European market for e-bike.
Along with this, governments along with agencies such as European Environment Agency and others, have set certain regulations on vehicles to reduce the emission. As a result, a large pool of population have shifted their preferences towards electric vehicles such as e-bikes.
NYCeWheels (U.S.), Accell Group (Netherlands), Derby Cycle (Germany), Easy Motion USA (California), Moustache Bikes (France), Jiangsu Xinri E-Vehicle Co., Ltd. (China), myStromer AG (Switzerland), Karbon Kinetics Limited (KKL) (U.K.), Pedego Electric Bikes (California) and A2B Electric Bikes (U.K).
Restraints in E-Bicycle Industry
E-bikes are increasingly becoming popular among cyclists. The e-bikes are a promising alternative for a new form of urban transport in cities. The increase in the e-bikes results in higher requirement of aftermarket services. The aftermarket services for e-bicycle is not as promising due to lack of underdeveloped aftermarket.
There has been a challenge for the e-bicycle aftermarket services due to the underdeveloped aftermarket services, which can be used by end users for product support, warranties, contracts, and parts procurements. The evolution of the e-bicycle has not been so long, and there are many manufacturers of e-bicycles. The sales of E-bicycle are increasing with a fast pace. In developed nations such as US, China, Germany, UK, France, and Japan are the major users of electric bicycles, and also in developing nations the demand for electric bicycles is rising. Considering all these factors, the aftermarket services for electric bicycles and its components, are still very less when compared to OEMs, and OEM prices tend to be much higher than the aftermarket. Therefore, there might be some changes in the buying preferences of electric bicycles. Hence, it would be a challenge for the market growth.
Asia Pacific has witnessed the most significant increase in demand for E-Bicycle in the coming years. China is the largest market for electric bicycle production surpassing the U.S.China is now the most attractive country for electric bicycle. China has strengthen its industry leadership by making profits across all scopes of the supply side of electric bicycles including current and projected production of electric bicycle and their components, such as electric motors and lithium-ion battery cells. According to statistics from ‘Make in India’, India is the seventh largest producer of automobiles in the world. The increasing disposable income of the middle-class population and the propensity of buyer’s towards high end-luxury products are propelling the growth of electric bicycles in the country. Moreover, the support of government in the form of lower excise duties, automotive mission plans, and the constitution of NATRiP (National Automotive Testing and R&D Infrastructure Project) among others are also acting as key drivers for the growth of this market.
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