Pune, India, Sept. 28, 2021 (GLOBE NEWSWIRE) -- According to the report, Electric Bike Market size is to hit USD 52.36 billion at CAGR to 16% by 2026. The growing technological innovations coupled with growing cognizance regarding the efficiency, eco-friendliness, and convenience of electric moped can have an excellent impact on the market growth, states Fortune Business Insights, in a report, titled “Electric Bike Market, 2021-2028.” The market size stood at USD 16.86 billion in 2020.
E-bike sales have seen a significant increase, which began before the COVID-19 issue but has accelerated after the pandemic-induced lockdown. According to a report issued by the World Economic Forum (WEF), sales of electric bikes in the U.S. grew by 145% in 2020 compared to 2019. According to the NPD Group, electric moped sales with average selling prices over USD 1,000 grew by 190 percent in June 2020 compared to June 2019. As a result, the epidemic has sped up the demand for electric moped.
By propulsion type, the market is segmented into pedal assist and throttle. The pedal assist segment is expected to hold the largest share of the electric bike market share due to its longer battery life, lower servicing needs, and its ability to switch to five pedal-assist modes.
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Based on battery type, the market is segmented into lead-acid, lithium-ion, nickel-metal hydride, and others. The lead-acid segment is expected to account for a significant share owing to its low cost and easy recycling. Geographically, the market is classified into North America, Europe, Asia Pacific, and the Middle East, and Africa.
The ecology of public transportation includes shared micromobility. As a flexible transportation alternative with minimal operating costs and overhead, shared electric micro-mobility can supplement higher-volume fixed-route transit systems by offering mobility services for numerous trips at a reduced per-traveler price. The North American Bikeshare and Scootershare Association (NABSA) released its annual report on the health of the shared micromobility business in August of 2021.
According to the research, North Americans took 83.4 million journeys in shared micromobility cars in 2020, accounting for more than half of all trips in 2019. Over a third of all journeys were made on e-scooters. Pedal bikes and e-bikes accounted for over two-thirds of all travels. Despite all other trip patterns decreasing, the number of e-bike journeys grew from 7 million to nearly 10 million during the COVID-19 epidemic. As a result, the rising consumer acceptability of UBI will propel this market in the forthcoming years.
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Rising E-bike Sales to Augment Growth in North America
In 2020, Asia Pacific was worth USD 8.72 billion, with China accounting for the majority of the market share. The dominance is ascribed to factors such as substantial cycling infrastructure in established and emerging nations such as China and Japan, high automobile and public transport congestion, and growing stringency of pollution laws for e-bikes.
The market in Europe is projected to develop significantly. In July 2021, the Heinrich-Böll-Stiftung European Union released the second edition of the European Mobility Atlas. According to the research, electric moped producers and parts are operating in 23 of the EU's 27 member nations. Roughly 900 small and medium companies (SMEs) employ around 120,000 people and invest more than one billion euros in research and development. The market in North America is also projected to develop rapidly. According to NABSA, the number of bike-share systems that use electric bikes has grown from 28% in 2019 to 44% in 2020. Several cities, including Washington, D.C., New York, and San Francisco, have reduced speed restrictions, blocked automobile lanes, and built dedicated bike lanes. The rise in electric moped sales can be ascribed to these causes.
The Accell Group to Dominate the Market
The Accell Group is a major participant in the electric bike industry. The firm employs roughly 3,100 people in 15 different countries. Furthermore, the company's motorcycles and associated goods are offered to clients and dealers in over 80 countries.
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Major key Players studied in report:
- Giant Bicycles (Taichung City, Taiwan)
- Energica Motor Company (Modena, Italy)
- Accell Group (Heerenveen, Netherlands)
- Robert Bosch GmbH (Gerlingen, Germany)
- Derby Cycle Holding GmbH (Cloppenburg, Germany)
- Pedego Electric Bikes (California, U.S.)
- Panasonic Corporation (Osaka, Japan)
- Mahindra & Mahindra Ltd. (Mumbai, India)
- Trek Bicycle Corporation (Wisconsin, U.S.)
- Bionx International Corporation (Ontario, Canada)
- Shimano Inc. (Osaka, Japan)
- VanMoof (Amsterdam, Netherlands)
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Global Electric Bike Market Segmentation:
By Propulsion Type:
- Pedal Assist
By Battery Type:
- Lead Acid
- Nickel Metal Hydride
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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