As per the research by Market Research Future Reports (MRFR), the worldwide electric bicycle market is estimated to value USD 21,347 million, thriving at a CAGR of 5.19% during the assessment period. The emergence of eco-friendly vehicles is one of the significant elements affecting the global electric bicycle market in 2020.
The established players of the worldwide electric bicycle market are:
Easy Motion USA (California), Accell Group (Netherlands), Trek Bicycle Corporation (U.S.), Derby Cycle (Germany), Jiangsu Xinri E-Vehicle Co., Ltd. (China), Karbon Kinetics Limited (KKL), myStromer A.G. (Switzerland), Moustache Bikes (France), (U.K.), A2B Electric Bikes (U.K), and Pedego Electric Bikes (California).
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The strict regulations imposed by the government to protect the environment is another major element of market expansion. The rising fuel prices have also played an important role in popularizing electric bicycles. Besides, the increasing passion for adventure has further expanded the market. Tourism plays an important part in augmenting the market. The increasing transport projects in developing nations is further estimated to expand the market. The government has taken initiatives to build two-way bike lanes on one-way streets to assure quick movement of bicycles. This step will lead to the growing usage of bikes. The schemes are funded with a massive budget and also aims at developing biking infrastructure.
The research performed by MRFR tracks the aftermath of the COVID-19 pandemic. Furthermore, a precise evaluation of factors augmenting and impeding the market in the post-COVID-19 environment has been analyzed. We will provide COVID-19 impact analysis with the report.
Market Segmentation:
The worldwide electric bicycle market can be segmented on battery type, motor type, type, and regions.
Based on battery type, the worldwide electric bicycle market can be segregated into Li-ion battery and sealed lead-acid battery.
Based on motor type, the worldwide electric bicycle market can be segregated into hub motor and mid-drive electric.
Based on type, the worldwide electric bicycle market can be segregated into Pedal Assist with Power on Demand, Pedal Assist (or Pedelecs), and Power on Demand.
Based on regions, the worldwide electric bicycle market can be segmented into North America, Asia Pacific, Europe, and the Rest of the World (ROW).
Regional Analysis:
The regional evaluation of North America, Asia Pacific, Europe, and the Rest of the World (ROW), has been conducted. According to the analysis, the APAC region is estimated to dominate the market. The major factor of domination of the APAC region is the existence of emerging economies like Japan, China, and India. Among all nations, China dominates the market. There has been a sudden surge in the bi-cycle demand since 2015. China is projected to be the most potent market for bicycles. China outgrew the U.S in manufacturing bicycles. China has dominated the market by procuring profits across all segments of electric bicycles, including present and anticipated manufacture of electric bicycles and their parts such as lithium-ion battery cells and electric motors. As per the details from the ‘Make in India’ initiative, India ranked seventh in terms of manufacturing automobiles globally. Moreover, the country is also experiencing an increment in disposable income. Besides, the initiative of the government to reduce excise duties is also one of the key factors leading to market expansion in the country.
On the other hand, cycling is one of the most popular forms of sports in Europe and North America. The factor which leads to the expansion of Electric Bicycle Market is that it improves the health and well-being of individuals. Moreover, bikes demand lesser physical effort than traditional bicycles. This has considerably increased the e-bicycle market in North America and Europe.
List of Figures:
FIGURE 1 RESEARCH PROCESS OF MRFR
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH
FIGURE 3 INTERNATIONAL TOURIST ARRIVALS, 2015 VS 2016 (MILLION)
FIGURE 4 PORTER’S FIVE FORCES ANALYSIS
FIGURE 5 SUPPLY CHAIN ANALYSIS
Continued………
List of Table:
TABLE 1 MARKET SYNOPSIS
TABLE 2 GLOBAL ELECTRIC BICYCLES MARKET, BY TYPE, 2015-2023 (USD MILLION)
TABLE 3 GLOBAL ELECTRIC BICYCLES MARKET, BY MOTOR TYPE, 2015-2023 (USD MILLION)
TABLE 4 GLOBAL ELECTRIC BICYCLES MARKET, BY REGION, 2015-2023 (USD MILLION)
TABLE 5 NORTH AMERICA: GLOBAL ELECTRIC BICYCLES MARKET, BY COUNTRY, 2015-2023 (USD MILLION)
Continued……….
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