E-Bike Market to Grow at a CAGR of 23.6% to reach US$ 224,014.2 Million from 2019 to 2027
The e-bike market accounted to US$ 35,862.5 Mn in 2018 and is expected to grow at a CAGR of 23.6% during the forecast period 2019 – 2027, to account to US$ 224,014.2 Mn by 2027.
E-bike market is led by the APAC region in 2018. APAC led the landing global e-bike market with more than 70.3% share, followed by Europe and North America region. The rate of e-bike sales growth in China outstrips other personal modes. The credibility to e-bikes was granted through legislation that governed standards for e-bike size and performance characteristics. Moreover, e-bikes were formally classified as bicycles by the China Central Government, in the year 2004, and thereby avoided the licensing and helmet regulations allied with gasoline or electric-powered two-wheelers, as well as permitting their use on standard bicycle infrastructure. Many Asian cities rely on gasoline two-wheelers that have higher speeds and cargo-carrying capacity than most e-bikes. Most Asian cities do not have a robust dedicated bicycling infrastructure, which benefits e-bike riders in China. Moreover, lack of marketing, experience, maintenance infrastructure, and higher up-front costs of e-bikes diminish overall market share. Consequently, presenting tremendous opportunities for the rise in the business of e-bike market players.
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Adoption of E-Bike to Reduce Traffic Congestion is expected to boost the e-bike market
The most alarming issue commuter’s face these days is “Traffic,” which consumes time along with the huge amount of money on fuel. As per the data given in the Inrix Global Traffic Scorecard in 2018, 60 urban areas in the US are considered among the most traffic-congested cities, wherein the repercussions of traffic congestion cost billions of dollars each year to the Americans. With the increasing investment of government and manufacturers toward the adoption of e-bikes, traffic congestion can be minimized, this increased demand is expected to fuel the growth of the global e-bike market.
Underdeveloped Charging and Cycling Infrastructure in Developing Countries may restrain the future growth of the e-bike market
In developing economies, the installation of EV charging stations and road/pathway infrastructure is yet to flourish. As per Honda (a Japan-based automotive manufacturer), the establishment of supporting infrastructure for e-bikes, which includes battery swapping and charging stations and the subsequent adoption of the advanced technology, across India will take time. Consequently, the underdeveloped charging and cycling infrastructure across various developing countries is hampering the adoption rate of e-bikes may hinder the growth of the e-bike market.
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