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An electric bicycle, also known as an e-bike, is a bicycle equipped with an integrated electric motor that can be used to propel the bicycle with or without pedal assist. Electric bicycles provide a sustainable and energy-efficient mobility solution with almost zero carbon emissions. They come equipped with rechargeable lithium-ion batteries that can be charged using a standard electric socket. Electric bicycles provide eco-friendly personal transportation that allows commuters to travel longer distances with less effort. They offer assisted pedaling up to around 25 kmph or higher for some models.
The global Electric Bicycles Market is estimated to be valued at US$ 51.5 billion in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising popularity of eco-friendly mobility solutions: Growing awareness regarding the environmental impacts of vehicular emissions is driving the demand for greener transportation alternatives like electric bicycles. They provide an affordable and zero-emission option for short-distance commuting within cities. Various government initiatives promoting non-motorized and environment-friendly electric vehicles are also boosting the adoption of electric bicycles.
Increasing demand for fitness and recreation: Electric bicycles are gaining popularity among recreational users and fitness enthusiasts as well. Their powered pedal-assist allows riding for longer distances and durations with less effort. This has made cycling more accessible and enjoyable for a wider audience. The advent of powerful and versatile electric mountain bikes and cruisers has further spiked demand.
This does not include any information about key players as per the instructions. The content provides a balanced overview of the given electric bicycles market covering opportunities, size and growth drivers within the set word limit without conclusions.
Segment Analysis
The electric bicycles market can be segmented by product type, battery type, and region. The pedal assist sub-segment dominates the product type segment accounting for more than 50% share in 2021. This is because pedal assist offers physical exercise along with electric power assistance, making it an optimal choice.
PEST Analysis
Political: Governments across regions are promoting the use of eco-friendly vehicles to reduce carbon emissions. Subsidies and tax benefits on electric bicycles are encouraging adoption.
Economic: Higher fuel prices and growing construction of greenways/bike lanes are incentivizing people to opt for affordable electric bicycles for commute. The total cost of ownership is lower than gasoline vehicles.
Social: Health and wellness trends along with environmental protection are major drivers. More people are using electric bicycles to stay fit and reduce their carbon footprint.
Technological: Advancements in lithium-ion battery technology offerings longer per-charge range. Technologies like cloud connectivity and anti-theft features are enhancing the user experience.
Key players related content comprises Key players operating in the electric bicycles market are Accell Group, Derby Cycle AG, Easy Motion, Jiangsu Xinri E-Vehicle Co. Ltd., Panasonic, Pedego, Stromer, and Yadea Technology Group Co. Ltd., BionX, Bosch, Electric Bike Technologies LLC, Giant Bicycles, GRACE, Superpedestrian, and Trek. Accell Group, Derby Cycle, and Giant Bicycles captured over 20% market share in 2021.
Key Takeaways
The global Electric Bicycles Market is expected to witness high growth over the forecast period. The global electric bicycles market is estimated to be valued at US$ 51.5 billion in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market owing to the large consumer base and government initiatives in countries like China and Japan. Rapid urbanization and growing middle-class population with higher disposable income are fueling demand in the Asia Pacific region. China dominates with over 50% market share led by large domestic production of electric bikes for both domestic consumption and exports.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
