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AUTOMOTIVE & TRANSPORTATION

Electric Bicycle Market Segmentation By Product Type (Pedelecs, Power on Demand and Pedal Assist With Throttle On Demand); By Battery Type (Li-Ion, Sealed Lead Acid and Nickel-Metal Hydride Battery); By Conversion Kit Type (All In One Wheel Kit, Motor Conversion Kit and Mid-Drive Conversion Kit); By Application (Urban and Trekking) and By Motor Type (Mid Drive Electric and Hub Motor) – Global Demand Analysis & Opportunity Outlook 2028

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • ·September 2019: Giant Bicycles announced the launch of an electric bike, known as Road E+ Pro. The bike is designed for performance-minded riders for long rides and to tackle tough climbs with less effort.

Introduction to Electric bicycles

An electric-powered bicycle, also known as an e-bike or booster bike, is a bicycle with an integrated electric power motor which may be used for its propulsion. There are various types of e-bikes available globally, ranging from e-bikes that only have a small motor to assist the rider's pedal-power, to e-bikes geared up with an electric powered motor which is used for gaining momentum. They make use of chargeable batteries, that have different capacities depending upon their size. These bikes are often moved through pedaling or runs on rechargeable batteries. These bikes are easy to control, convenient for all age groups and are a cheap alternative as an environment-friendly means of transportation, when compared to bimotored vehicles. Immense variations of e-bikes are out there within the market in terms of style and performance.

Market Size and Forecast

Increasing awareness towards rising pollution levels and the increasing global warming worldwide, along with the necessity to lead a fit and healthier lifestyle are some of the significant factors boosting the market growth. Additionally, these bikes act as a cheap alternative to bimotored vehicles. Driven by these prominent features along with favorable government regulations for permitting e-bikes as a means of public transport, the global folding bicycles market is estimated to grow with notable CAGR during the forecast period, i.e., 2020-2028. The market is segmented by product type, battery type, conversion kit type, motor type and by application. The product type is further segmented into pedelecs, power on demand and pedal assist with the throttle on demand, out of which, the pedelecs segment is anticipated to grow significantly throughout the forecast period. Pedelecs have many benefits over typical bikes, such as, high mobility, that is helpful for older folks while mounting hill or for travelling long distances in a shorter time. Moreover, these types of e-bikes require less effort when going uphill or while riding against the wind. On the other hand, the sealed lead-acid segment, which is a sub-segment of the battery segment, dominated the market, owing to its low cost and ease in recycling the battery. However, the growth and popularity of lithium type battery is increasing significantly, owing to their lightweight and high-performance capabilities. CLICK TO DOWNLOAD FREE SAMPLE REPORT

Growth Drivers

Government Initiatives Towards Promoting Eco-Friendly Vehicles

Growing technological advancements has helped severely in contributing towards the development of eco-friendly solutions for minimizing carbon emissions. Owing to the various environmental concerns being raised by prominent international bodies, the government of various countries has taken initiatives to promote electric vehicles, including electric bicycles. Moreover, stringent government norms and regulations worldwide is anticipated to raise the adoption of electric vehicles. Such factors are anticipated to drive the growth of the global electric bicycle market.

Rising Fuel Prices And Increasing Traffic Congestion

The fuel prices have been skyrocketing in the recent years. As such, this trend has resulted in the prospective opportunities amongst people to look for electric vehicles as an alternative means of transportation vehicle. Also, the concern for the increase in traffic congestions owing to the significant growth in the number of vehicles owned, has also majorly contributed towards the growth of electric bicycles.  People are switching to cheaper alternatives to avoid the rising fuel costs. Such factors are anticipated to drive the growth of the global electric bicycles market.

Upsurge in the Enthusiasm For Fitness And Exercise Regimes

People nowadays are drawn towards a healthy lifestyle, especially in the urban areas. The trend towards fitness is influencing many people to take cycling as an alternative for commuting to office or to nearby areas. The comfort in using electric bicycles is that the customers experience the ease of traveling without sweating as compared to conventional bicycles. The ease of comfort that is being provided, along with the health benefits associated with cycling are some of the considerable factors that are estimated to promote the growth of the market.

Restraints

Lack Of Road Network for Cycling and High Product Cost

Unavailability of proper roads and cycling tracks in several developed and developing nations, coupled with the increasing cost of electric bicycles, which might not be affordable for low and middle income group individuals are some of the factors anticipated to act as a restraint factor towards the growth of the global electric bicycle market.

Market Segmentation

Our in-depth analysis of the global electric bicycle market includes the following segments:

By Battery Type

  • Li-Ion Battery
  • Sealed Lead Acid
  • Nickel-Metal Hydride Battery

By Product Type

  •  Pedelecs
  •  Power on Demand
  •  Pedal Assist with the throttle on Demand

By Conversion Kit Type

  • All in one-wheel kit
  • Motor conversion kit
  • Mid-drive conversion kit

By Application

  • Urban
  • Trekking

By Motor Type

  • Mid Drive Electric
  • Hub Motor

By Region

On the basis of regional analysis, the global electric bicycle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.

The market of electric bicycle in Europe is expected to grow significantly during the forecast period owing to the presence of a developed infrastructure for cycling as well as for the presence of the cycling culture amongst the individuals in the region. The market is majorly driven by nations, such as, Germany, UK, and France. Moreover, presence of several electric-powered bicycle manufacturers in the nations are also anticipated to drive the growth of the electric bicycle market in Europe.

The electric bicycle market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • The Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

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