IMARC Group, a leading market research company, has recently released a report titled “E-bike Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global e-bike market share trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the electric bike market?
|Market Size in 2022||US$ 23.2 Billion|
|Market Forecast in 2028||US$ 34.6 Billion|
|Growth rate (2023 to 2028)||CAGR of 6.78%|
|Base Year of the Analysis||2022|
E-bikes refer to bicycles equipped with electric motors for transforming electrical energy into mechanical power to aid pedaling. They consist of rechargeable batteries that require minimum maintenance and give strength to the motor. E-bikes are commercially available in folding, cruiser, urban, mountain, and commuter variants. They assist in reducing the use of fossil fuel-dependent cars with an eco-friendly and effective way of traveling. E-bikes provide higher shelf life, allow users to travel uphill, and cover distances effortlessly. They also help in reducing traffic congestion on highways and roads by enabling individuals to ride through sidewalks and lanes across the globe.
Current Trends Shaping the E-Bike Market
The escalating demand for these vehicles, on account of the increasing environmental awareness among consumers, is primarily augmenting the e-bike market. Furthermore, the growing adoption of electric bicycles by logistic companies to travel long distances at higher speeds and deliver packages is also bolstering the market growth.
Apart from this, governing agencies of numerous countries are organizing campaigns to encourage the utilization of e-bikes and reduce fossil fuel expenditure, minimize air pollution levels, and enhance air quality, which is positively influencing the global market. Moreover, the incorporation of lithium-ion batteries in electric bicycles for fast charging and optimizing the performance of the vehicle is further catalyzing the market growth.
Besides this, key market players are manufacturing connected electric bicycles integrated with the Internet of Things (IoT) to obstruct and transmit data from the cloud without using a smartphone, which is acting as another significant growth-inducing factor. Additionally, the introduction of innovative product variants, such as hydrogen-powered bicycles and Smart E-Bike Monitoring Systems (SEMSs), is expected to drive the e-bike market in the coming years.
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What is included in market segmentation?
The report has segmented the market into the following categories:
- Pedal Assist
Motor Type Insights:
- Hub Motor
- Mid Drive
Battery type Insights:
- Lead Acid
- Lithium Ion
- Nickel-Metal Hydride (NiMH)
- Class I
- Class II
- Class III
- Mountain/Trekking Bikes
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Accell Group,
- BIONX International Corporation,
- Robert Bosch GmbH,
- Yamaha Motor Group,
- Derby Cycle Holding GmbH,
- Giant Group,
- Kwang Yang Motor Company Ltd,
- Merida & Centurion Germany GmbH (MCG),
- Samsung Electronics Co., Ltd,
- Continental AG,
- Prodeco Technologies LLC,
- Tianjin Fuji-ta Group Co., Ltd,
- Trek Bicycle Corporation,
- Pedego, Inc,
- Shimano, Inc.
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