Electric Bike Market Size to Grow Worth USD 92.19 Billion at a CAGR of 12.6% by 2029 | Fortune Business Insights
According to Fortune Business Insights, the global electric bike market size is projected to grow from USD 35.69 billion in 2021 to USD 92.19 billion in 2028, at CAGR of 12.6% during forecast period. Rising consumer acceptability of UBI to incite massive development in electric bike market.
/EIN News/ -- Pune, India, Sept. 28, 2022 (GLOBE NEWSWIRE) -- The global electric bike market size is expected to gain momentum by reaching USD 92.19 billion by 2029 while exhibiting a CAGR of 12.6% between 2022 to 2028. In its report titled “Electric Bike Market, 2021-2028,” Fortune Business Insight mentions that the market valued USD 35.69 billion in 2021. According to our expert analysts, global electric bike market is expected to witness elevated growth owing to rapidly charging batteries, cheaper alternative for transportation, and rising technological advancements during the forecast period.
Electric Bike Market Companies Profiled in the Market Research Report:
- Giant Bicycles (Taiwan)
- Accell Group (Netherlands)
- Robert Bosch GmbH (Germany)
- Pedego Electric Bikes (U.S.)
- Panasonic Corporation (Japan)
- Bionx International Corporation (Canada)
- Trek Bicycle Corporation (U.S.)
- Shimano Inc. (Japan)
- VanMoof (Netherlands)
- Rad Power Bikes (U.S.)
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 12.6% |
| 2029 Value Projection | USD 92.19 Billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 40.16 Billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 165 |
| Segments covered | By Propulsion Type, By Battery Type |
| Growth Drivers | Asia Pacific to Witness Dominance During Forecast due to Increasing Bicycle Infrastructure |
| Rising Policy Support & Increasing Adoption of E-Bikes Regarding Municipal Bike-Sharing Systems to Augment Growth |
Electric Bike Market Analysis:
Asia Pacific to Witness Dominance During Forecast due to Increasing Bicycle Infrastructure
Asia Pacific will hold the largest electric bike market share during the forecast period due to rising infrastructure for electric bikes in emerging economies such as China and Japan coupled with increasing higher vehicular and public transport congestion. Additionally, the rising stringency of emission regulations for gas-powered engines will further fuel the growth of the market.
The market in Europe is projected to develop significantly. In July 2021, the Heinrich-Böll-Stiftung European Union released the second edition of the European Mobility Atlas. According to the research, electric moped producers and parts are operating in 23 of the EU's 27 member nations. Roughly 900 small and medium companies (SMEs) employ around 120,000 people and invest more than one billion euros in research and development. The market in North America is also projected to develop rapidly. According to NABSA, the number of bike-share systems that use electric bikes has grown from 28% in 2019 to 44% in 2020. Several cities, including Washington, D.C., New York, and San Francisco, have reduced speed restrictions, blocked automobile lanes, and built dedicated bike lanes. The rise in electric moped sales can be ascribed to these causes.
Electric Bike Industry Development
July 2021: Pedego announced opening a new facility in Bethesda. This facility will offer a wide range of bike sales, rentals, services, and accessories.
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Rising Policy Support & Increasing Adoption of E-Bikes Regarding Municipal Bike-Sharing Systems to Augment Growth
Factors such as the rising development of cycling infrastructure in emerging economies coupled with rising support for e-bikes in the form of incentives will boost the electric bike market growth during the forecast period. Additionally, increasing adoption of e-bikes regarding municipal bike-sharing systems coupled with rising awareness about health benefits will increase the footprint of the market. The rising adoption of shared micro-mobility activities will further fuel the growth of the market toward a higher boundary.
According to the research, North Americans took 83.4 million journeys in shared micro mobility cars in 2020, accounting for more than half of all trips in 2019. Over a third of all journeys were made on e-scooters. Pedal bikes and e-bikes accounted for over two-thirds of all travels. Despite all other trip patterns decreasing, the number of e-bike journeys grew from 7 million to nearly 10 million during the COVID-19 epidemic. As a result, the rising consumer acceptability of UBI will propel the electric bike market in the forthcoming years.
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| Segmentation |
By Propulsion Type
|
By Battery Type
|
Competitive Landscape
Collaborative Efforts within Dominant Players Will Help Exert a Competitive Edge
The market contains a large amount of small, large, and medium-sized players that are striving to introduce the latest generation of products for retaining their existing consumer base. Players are also focused on deploying strategic tactics such as mergers & acquisitions coupled with collaborations to consolidate a combinative market share. Other players are also focused on expanding their business practices beyond their existing presence. For example, in January 2022, Panasonic Automotive Systems announced a cooperative agreement with Totem USA. This agreement will bring Totem’s UL-certified eBikes to the U.S. market. Players are also increasing their investments in R&D departments to introduce novel products within their offerings.
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2 Porter’s Five Forces Analysis
4.3 PEST Analysis
4.4 Technological Developments
4.5 Impact of COVID-19
5. Global Electric Bike Market Analysis, Insights and Forecast, 2018-2029
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Propulsion Type
5.2.1 Pedal Assist
5.2.2 Throttle
5.3. Market Analysis, Insights and Forecast – By Battery Type
5.3.1 Lead Acid
5.3.2 Lithium ion
5.3.3 Nickel-Metal-Hydride
5.3.4 Others
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1 North America
5.4.2 Europe
5.4.3 Asia Pacific
5.4.4 Rest of the World
6. North America Electric Bike Market Analysis, Insights and Forecast, 2018-2029
6.1. Key Findings / Summary
6.2. Market Analysis – By Propulsion Type
6.2.1 Pedal Assist
6.2.2 Throttle
6.3. Market Analysis – By Battery Type
6.3.1 Lead Acid
6.3.2 Lithium ion
6.3.3 Nickel-Metal-Hydride
6.3.5 Others
6.4. Market Analysis – By Country
6.4.1 U.S.
6.4.2 Canada
6.4.3 Mexico
7. Europe Electric Bike Market Analysis, Insights and Forecast, 2018-2029
7.1. Key Findings / Summary
7.2. Market Analysis – By Propulsion Type
7.2.1 Pedal Assist
7.2.2 Throttle
7.3. Market Analysis – By Battery Type
7.3.1 Lead Acid
7.3.2 Lithium ion
7.3.3 Nickel-Metal-Hydride
7.3.5 Others
7.4. Market Analysis – By Country
7.4.1 U.K.
7.4.2 Germany
7.4.3 France
7.4.4 Spain
7.4.5 Netherlands
7.4.6 Italy
7.4.7 Denmark
7.4.8 Belgium
7.4.9 Rest of Europe
Continued…
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