07, June 2022
Mobility plays a pivotal role in today’s fast-paced world. There is an increasing concern for developing sustainable mobility options for the coming generations, especially due to the growing environmental concerns. Electric bikes or e-bikes have emerged as the perfect choice in this regard.
They are an eco-friendly and reliable mode of transportation. Moreover, with the help of electric motors, these bikes allow riders to maneuver through otherwise difficult to navigate rough terrains. Besides, they are noiseless, space-saving, and most importantly, ensure good health. These numerous benefits have increased their sales.
Our study estimates the global e-bike market to evolve with 10.12% (by revenue) and 9.97% (by volume) of CAGRs during the forecast period, 2022 to 2028. Key factors pedaling the market towards growth are:
E-bikes are more affordable than fuel-based vehicles, do not mandate a license, and can be used on existing bicycling infrastructure. With the rising consumer inclination towards these bikes, governments across key markets are focusing on building a suitable infrastructure for their smooth usage, such as tracks and public charging stations. In November 2017, Ola Electric partnered with IOCL to set up the first fast-charging station for electric vehicles at a fuel station in Nagpur, India.
To gain a higher market share, manufacturers are trying to attract buyers’ attention with innovative product launches and strategies. For instance, in April 2021, Netherlands-based SunRider launched a solar-powered, self-charging e-bike. Whereas, in January 2020, VanMoof, another Dutch company, introduced a first-of-its-kind virtual buying experience for its products, by integrating a new augmented reality tool into its website.
The cost of an e-bike majorly depends on its grade and quality. Electric bikes are becoming more expensive than traditional motorbikes. For example, a mountain e-bike costs nearly $4,150 on average, with some models $9,000. Moreover, the high cost of electric bike batteries also hinders their adoption. For instance, US-based Bosch E-Bike Systems offers a 500 Wh lithium-ion battery pack at around $900.
Further, in 2018, users reported injuries due to the malfunctioning of the brakes of Uber’s dockless pink ‘Jump’ bikes. The company thus had to retract this product range from the market to repair the defective front brakes. The rise in recall incidents owing to the malfunctioning of e-bikes is significantly restraining the market’s growth.
The key growth enabler for this market is the presence of a well-developed infrastructure. Further, in some European nations, electric bikes are outselling conventional bikes. France has a national incentive scheme encouraging e-bike purchase, which supplements the market growth in this region.
Cargo e-bikes are considered an effective solution for logistics problems. Recent trends, such as the e-commerce boom, have surged the demand for transport, which reinforces a positive outlook for electric cargo bike sales. In Germany, the Pon Bike Group launched a cargo e-bike with a 100 kg load capacity, called Gazelle D10, in collaboration with DOCKR and Aluca.
Government incentives promoting e-bike adoption largely drive the market growth in this region. China dominates the e-bike market, not just in the APAC, but also globally. In its highly populated cities, e-bikes serve as an ideal commute mode. Moreover, the Indian market holds immense potential, owing to an increase in the number of startups working in this space.
E-scooters are equipped with storage holders or a seat compartment. Also, their energy requirements are significantly lower than those of other EVs, which helps save on monthly electricity bills. In October 2020, Hero Electric launched upgraded versions of its Nyx B2B electric scooters, starting from INR 63,990.
E-bike sharing can be an ideal solution to reduce transportation costs, especially for cycling enthusiasts with low budgets or usage. In fact, it has emerged as a lucrative business model in several countries. For instance, a 3-day bike-share pass costs $17 in Washington, D.C. Also, with the rising fuel prices, rapid urbanization, and growing traffic congestion, electric bikes seem a feasible option, globally. All these factors present innumerable opportunities for the expansion of the e-bike market.
Product, application, drive mechanism, power, and battery are the key segments covered in the market report.
In terms of revenue, the global e-bike market was valued at $25239.55 million in 2021, and is estimated to reach $49731.01 million by 2028. In terms of volume, it accounted for 31411 thousand unit sales in 2021, and is anticipated to reach 61161 thousand unit sales by 2028.
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