Electric Bike Market Poised to Hit US$ 195.50 Billion by 2031, Showing a Robust 7.77% CAGR, According to Transparency Market Research Inc.
Electric bikes have become increasingly popular because of ongoing attempts by automakers to reduce their size, improve battery life, and improve overall engine performance
Wilmington, Delaware, United States, Sept. 12, 2023 (GLOBE NEWSWIRE) — In 2020, the electric bike market was valued at approximately US$ 56.65 billion. Projections suggest that it will experience a CAGR of 10.1% from 2021 to 2031, reaching an estimated market value of US$ 148.5 billion by the year 2031 recent study by Transparency Market Research, Inc.
In the electric vehicle industry, electric bikes have impressively increased their market share. Electric motorcycles have become increasingly popular as a result of ongoing attempts by automakers to reduce their size, improve battery life, and improve overall engine performance. These customer propositions are being used by OEMs to access profitable markets for electric bikes.
Customers are gravitating more and more toward choosing public transportation options with low or almost zero carbon emissions. The market prospects for electric cars have been boosted by the widespread commercialization of electric vehicles within the transportation sector in both developed and emerging nations.
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|Estimated Value||US$ 195.50 Bn|
|Growth Rate – CAGR||7.77%|
|No. of Pages||225 Pages|
|Market Segmentation||Mode, Class, Usage, Motor Type, Battery Type|
|Regions Covered||North America, Europe, Asia Pacific, Middle East & Africa, Latin America|
|Companies Covered||Johammer E-Mobility GmbH, Harley Davidson, Govecs Group, Giant Manufacturing Co. Ltd.and others|
Key Findings of the Market Report
- Hub motors have gained popularity over the last few years.
- Electric bikes with hub motors are becoming more and more popular among end users due to their simplicity of assembly and reduced price.
- In 2020, the sector accounted for a sizable portion of the worldwide market.
- Lithium ion, lead acid, lithium-ion polymer, and other battery types are the main ones used in electric motorcycles.
- Lithium-ion batteries have gained significant traction.
- Their mobility and quick charging cycles contributed to their appeal.
- In 2020, the battery industry dominated the market.
Market Trends for Electric Bike
- Governments across a number of economies are working extremely hard to electrify public transportation in order to attain zero emission mobility. Massive incentives they provided to support these vehicles in different regions in recent years have driven the boom. These initiatives are apparent in European economy, particularly in the United Kingdom. The market for electric bikes globally is expected to grow in value thanks to the trend.
- High-performance electric assistance technologies are being actively incorporated into car systems by OEMs in the electric bike industry to entice customers. One example is the use of cutting-edge algorithms for electric support systems, which will broaden the market for automakers. The usage of e-bikes for last-mile autonomous delivery has created new consumer propositions that will soon be tapped into.
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Global Electric Bike Regional Market Outlook
Various reasons are propelling the growth of the electric bike market in different countries. These are:
- The adoption of environmentally friendly commuting is a novel idea that might open up profitable opportunities in Europe. Start-ups are particularly anxious to take advantage of these opportunities and save costs in this area.
- For example, companies in France are searching for open-air bike cemeteries where they may locate abandoned bikes for cheaper e-bike conversions. These many client benefits have supported the market for electric bikes in Europe’s profitable growth prospects.
- In 2020, the area controlled a significant portion of the world market. North America is another profitable market. The fast growing popularity of electric cargo bikes throughout North America and government-backed monetary incentives for vehicle electrification have boosted income generating in recent years.
Global Electric Bike Market: Key Players
The major competitors in the global electric bike market compete swiftly with one another as a result of significant expenditures made to enhance the performance of electric bikes while making them more pleasant to use. Positioning e-bikes as the clientele’s preferred substitute for private cars along with other vehicles is the main goal of these expenditures. Some players have made large expenditures in order to enhance the functioning of the e-bike motor unit.
The following companies are well-known participants in the global Electric Bike market:
- Johammer E-Mobility GmbH
- Harley Davidson
- Govecs Group
- Giant Manufacturing Co. Ltd.
- Energica Motor Company
- Douze Factory SAS
- Derby Cycle Holding GmbH
- Butchers & Bicycles
- BMW Group
- Bionx International Corporation
- AIMA Technology
- Accell Group N.V.
Key developments in the global electric bike market are:
|Market Player||Year||Key Developments|
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Global Electric Bike Market Segmentation
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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