The e-bike market size is expected to be worth around USD 120 billion by 2030 from valued at USD 45.65 billion in 2021 and is anticipated to grow at a CAGR of 11.6% from 2022 to 2030.
Lighter, Long-lasting Battery, and Increased Performance Drive Popularity of Electric Bikes (E-bikes)
The outbreak of COVID-19 globally has spurred massive worldwide interest in zero-emission transportation modes as a means to reduce urban pollution. Electric bikes have gained striking penetration in the electric vehicle industry. The popularity rides of electric bikes on the back of the continuous efforts of automotive manufacturers to make the bikes less bulky, boost the battery range, and increase the overall engine performance. OEMs are leveraging these customer propositions to tap into lucrative avenues in the electric bike market.
Consumers are increasingly leaning on adopting public transport modes that are characterized with low or near-zero carbon emissions. The mass commercialization of electric vehicles in the transportation industry in developed and developing economies have propelled the market prospects of the electric vehicle market.
The growing commercialization of lightweight and longer battery life of e-bikes is propelling lucrative revenue streams. Bike manufactures are also expanding the array of automobiles with different mileage and specifications to cater to the wide range of requirements of riders for daily urban commute.
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Lithium-ion Batteries Gained Popularity
A report by TMR has made comprehensive assessment of the market prospects of e-bikes used in various applications. Based on the usage, the report segments the electric bike market into mountain & trekking, city/urban, cargo, and others segments. Mid motor and hub motor are broad motor types in the electric bikes market.
The hub motor type has gained wider traction. The ease of assembly and the lower cost have spurred the popularity of electric bikes with hub motors among end consumers. The segment held a major share of the global market in 2021.
Broadly, the key battery types incorporated in electric bikes are lithium ion, lithium-ion polymer, lead acid, and an others segment. Lithium-ion batteries have gathered considerable traction. The popularity stemmed on the back of rapid charging cycles, and their portability. The battery segment held a leading share of the market in 2021.
Electrification for Zero Emission Mobility Spur Prospects of Electric Bike Market
Governments in several economies are making enormous efforts to achieve zero emission mobility by electrifying public transportation. In recent years, the growth has been fueled by massive incentives offered by them to subsidize these vehicles in various markets. Such efforts are noticeable in European economies, notably in the U.K. The trend is spurring the revenue prospects of the global electric bike market.
OEMs in the electric bike market are keenly incorporating high-performance electric assistance systems in the automotive systems to attract buyers. A case in point is the incorporation of innovative electric assistance system’s algorithms, which will extend the horizon for automotive manufacturers. Moreover, e-bikes that are used for last-mile autonomous delivery have opened new customer propositions waiting to be capitalized on in the near future. Global automotive suppliers in Europe are increasingly leaning on capturing revenues by positioning their products on these propositions.
Europe and North America Highly Lucrative Markets
The adoption of sustainable commuting is a unique proposition likely to pave way to open lucrative avenues in Europe. In this regard, start-ups are keenly looking to capitalize on these opportunities and reduce cost. For instance, companies in France are looking for open-air bike cemeteries wherein they can find abandoned bikes for turning them into e-bikes at lower costs. All these customer propositions have underpinned lucrative growth opportunities for Europe electric bike market. The region held a leading share of the global market in 2021. North America is another lucrative market. Government-backed financial incentives for the electrification of vehicles and rapid adoption of electric cargo bikes in North America have propelled the revenue generation in recent years.
To companies operating in the market are Accell Group N.V. (Netherlands),Pon.Bike (US), Merida Industry Co., Ltd. (Taiwan), Giant Manufacturing Co., Ltd. (Taiwan), Yamaha Motor Corporation (Japan).