Market Research Future Insights
According to MRFR analysis, the global Electric Bicycles market is expected to register a CAGR of ~12% from 2022 to 2030 and hold a value of over USD 56 billion by 2030.
Electric Bicycles (e-bikes) are bikes that are equipped with an electric motor and a battery. They provide pedal assistance to the rider, making it easier to ride up hills or cover longer distances than a traditional bike. With more people avoiding public transportation and looking for alternative modes of transportation, e-bikes have become a popular option for commuting and recreation. Additionally, many people who were previously hesitant to try cycling have found e-bikes to be a more accessible and convenient option, further boosting their popularity during the pandemic.
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Regional Analysis
The Asia-Pacific region is one of the largest markets for electric bicycles and has seen significant growth in recent years, driven by factors such as increasing environmental concerns, urbanization, and government support for sustainable transportation options. The market in this region is expected to continue growing at a significant rate due to these factors, as well as the continued popularity of e-bikes during and after the COVID-19 pandemic.
Electric Bicycles Market Recent Development:
The electric bicycle market has seen significant growth in recent years, driven by advancements in technology and increasing consumer demand for sustainable transportation options. A few key developments in the electric bicycle market include:
1. Increasing adoption of e-bikes by commuters: With traffic congestion and air pollution becoming major concerns in many cities, electric bicycles are increasingly being used as a convenient and eco-friendly mode of transportation for daily commutes.
2. Advancements in battery technology: Improvements in battery technology have led to longer-lasting and more efficient batteries, making electric bicycles more accessible to consumers.
3. Growing popularity of electric mountain bikes: Electric mountain bikes are becoming increasingly popular with off-road enthusiasts, who appreciate the added power and convenience that electric motors provide.
4. Expansion of e-bike sharing programs: Electric bicycle sharing programs are expanding in cities around the world, providing more people with access to e-bikes and making them a convenient and affordable transportation option.
5. Increased investment in electric bicycle infrastructure: Governments and private organizations are investing in the development of electric bicycle infrastructure, including charging stations, bike lanes, and other facilities, to encourage the use of electric bicycles.
These developments have contributed to the growth of the electric bicycle market and are expected to continue to drive market growth in the coming years.
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Market Segmentation
The Global Electric Bicycles market has been segmented into type, battery type, and motor type.
Based on the type, the market has been segmented into Pedal Assist/ Pedelecs, Power on Demand, and Pedal Assist with Power on Demand.
Based on the battery type, the market has been segmented into Sealed Lead Acid and Li-Ion Batteries.
Based on the motor type, the market has been segmented into Hub Motor and Mid Drive Electric.
Key Players
Some of the key market players are Giant Manufacturing Co. Ltd., Derby Cycle, Easy Motion, Accell Group N.V., Yamaha Motor Corporation, Merida Industry Co. Ltd., Moustache Bikes Bike, and NYCeWheels.
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