E-bikes Market Growth & Trends
The global e-bikes market size is anticipated to reach USD 52.37 billion by 2030, growing at a CAGR of 13.5% over the forecast period, according to a new report published by Grand View Research, Inc. Electric bikes are considered an eco-friendly and flexible mode of transportation. They are an ideal substitute for public transport, scooters, and smart cars as they help avoid traffic jams and achieve high speed with minimal effort. Moreover, they enable riders to maintain a healthy lifestyle through increased physical activity. These factors are contributing to the growth of the global market.
The declining consumer inclination toward cars owing to increased traffic on streets and growing urbanization is expected to offer lucrative growth opportunities for the market across the globe. Additionally, governments of several countries, including India, U.K., and Canada, are focused on developing infrastructures for bicycles owing to the growing consumer preferences for electric bikee-bikes. For instance, in 2017, Bikeep, a commercial bike parking systems and bike racks manufacturer, introduced a smart bicycle rack solution that offers electric bicycle charging. The solution is designed to cater to various popular electric bicycles.
Key players in the market are focused on strategies such as new product launch and geographic expansion to enhance their business operations and product offerings. For instance, in October 2020, Giant Manufacturing Co. Ltd. announced the launch of a full-composite trail bike, Trance X Advanced Pro 29. The bike is equipped with an updated Maestro rear suspension and flip-chip feature that permits riders to modify the frame geometry. Similarly, in October 2020, Pedego Electric Bikes opened a new store in Boca Raton, Florida. The store offers a full range of electric bikes for rental and sale, along with related accessories and services.
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E-bikes Market Report
E-bikes Market Report Highlights
- The pedal-assisted segment is expected to dominate the market over the forecast period owing to the rising demand for pedal-assisted e-bikes among the youth and elderly population
- The lead-acid battery segment dominated the market with a 45.5% market share in 2021, owing to benefits such as low cost and robustness. However, the share is anticipated to decline as a result of a significant rise in demand for Li-ion batteries
- The Asia Pacific is expected to become the largest regional market over the forecast period owing to significant investments in the vehicle charging infrastructure and government subsidies for battery-powered vehicles
