The E-Bike Market is projected to reach USD 79.7 billion by 2026 from USD 47.0 billion in 2021, at a CAGR of 11.1%.
Rapid urbanization and traffic congestion in cities are among the factors expected to drive the demand for e-bikes during the forecast period. Shared mobility for transportation is unlikely to be preferred due to the COVID-19 pandemic. E-bikes are considered a safe, convenient, and affordable alternative to public transportation. Most countries also offer subsidies to boost the sale of e-bikes and e-mobility.
OPPORTUNITY: Trend towards connected e-bikes
With the growing demand for e-bikes, there are technological advancements in the field of e-bikes. The connected e-bike is one such advancement, wherein the SIM module enables the e-bike to send and receive data to and from the cloud without a connected smartphone. Some of the important features offered by the connected e-bike include automatic emergency calls, integrated navigation, social media connection, an anti-theft system, and remote diagnostics. Bosch is one of the major players in the e-bike market, offering connected electric bike solutions. For example, Smartphone Hub by Bosch can connect e-bikes to a smartphone and support the riders before and after their journey. The Lock premium function by Bosch also transforms the Kiox connected onboard computer into the key for greater security. Nyon from Bosch determines the pedalling force and frequency during the journey and uses this information to calculate the cyclist’s performance and energy consumption. On platforms such as komoot, which is integrated into the COBI.Bike app, millions of users can exchange information with each other and discover new routes with recommendations and tips from the community.
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The class-I segment is expected to be the largest segment during the forecast period
Class-I segment, by class type in e-bikes is expected to be the largest segment during the forecast period as Asia Pacific countries. which is a major market for e-bikes, such as China, Japan, South Korea, and Taiwan allow only Class-I e-bikes. This results in the Class-I e-bikes occupying the largest market share in the Asia Pacific region.
The mountain/trekking e-bike segment by usage is expected to be the fastest-growing market
The demand for mountain/trekking e-bikes is growing rapidly as consumers increasingly show interest in trekking and recreational activities. There is a growing interest in performance-based adventurous sports, which, in turn, increases the demand for mountain/trekking e-bikes. Sports and physical activities are becoming more adaptable through electric motors. In many countries, mountain e-bikes are not only used for mountain trekking but also for daily commutations. The main reason for the growing popularity of mountain e-bikes is their robustness.
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The Asia Pacific is estimated to be the dominant regional market
The Asia Pacific is anticipated to lead the Electric Bike Market during the forecast period due to the high sales of e-bikes in the region. According to MarketsandMarkets analysis, in terms of volume, Asia Pacific contributed about ~88% to the global E-Bike Market in 2020 by volume. Key e-bike manufacturers in this region include Yadea Group Holdings Ltd., AIMA Technology Group Co., Ltd., and Merida Industry Co., Ltd. Class-I e-bikes accounted for the largest market in the Asia Pacific, as government regulations permit only Class-I e-bikes, except for India where the market for Class-II e-bikes exists due to lack of strict regulations.
Key Players:
Accell Group N.V. (Netherlands), Pon.Bike (US), Merida Industry Co., Ltd. (Taiwan), Giant Manufacturing Co., Ltd. (Taiwan), and Yamaha Motor Corporation (Japan).
