The demand within the electric bicycle motors market is set to grow to new heights in the years to come. Use of smart technologies has gathered momentum in recent times, and this trend has played to the advantage of the market vendors. Furthermore, rising prices of fuel have compelled people to shift to green and efficient modes for commute.
- Students are amongst the largest consumers of electric bicycle motors, and this is a key consideration for market vendors. Use of electric bicycle motors has helped in overcoming the limitation of manually-run bicycles. Therefore, the total volume of revenues within the global electric bicycle motors market is set to increase by a dramatic chase in the years to follow.
- The use of battery-run bicycles has increased in areas with bumpy and uneven terrains. These motors provide extra momentum to the tyres, thus, helping in cycling through steep terrains. Furthermore, there is tremendous demand for fuel-efficient technologies across several regional territories. This factor, coupled with the growing need for quick commute ideas for students, has paved way for market growth. Several EU nations have come together to promote green living standards, and this trend has created a buzz across the global market.
Global Electric Bicycle Motors Market: Overview
The global electric bicycle motors market is set to chart an impressive CAGR (Compound Annual Growth Rate) from 2019 to 2027, creating valuable growth opportunities for market players worldwide. This will also pull the market up by a considerable amount.
Rising awareness regarding fitness and environmental concerns regarding burning fossil fuels is leading to rise in demand for electric bicycles and therefore electric bicycle motors over the forecast period.
Global Electric Bicycle Motors Market: Notable Developments
The global bicycle motors market is rife with developments that are shaping the competitive landscape and the outlook for the market. A glimpse into it is provided below.
Recently, Government of India, came up with FAME - Faster Adoption and Manufacturing of Hybrid and Electric Vehicles – a financial aid scheme for manufacturers that is set to contribute positively to growth of the market. This also means increase in opportunities in the region over the forecast period.
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Currently, the market landscape is fairly fragmented and prominent names in the global electric bicycle motors market include Bafang Electric (Suzhou) Co.,Ltd, BionX International Corporation, Brose Fahrzeugteile GmbH & Co. KG, Continental AG, DAPU Motors, Derby Cycle Holding GmbH, J.D. Components Co., Ltd., Nidec Corporation, Ortlinghaus-Werke GmbH, Panasonic Corporation.
Most of these players ride the wave of a robust distribution network. Other strategies employed towards maintaining edge over other competitors include product development, mergers, and strategic collaborations.
Global Electric Bicycle Motors Market: Key Trends and Drivers
There are numerous factors driving the global electric bicycle motors market on an upward growth trajectory. Some of the most potent ones have been detailed out below.
- Rising Awareness Regarding Fitness Driving Demand for Electric Bicycle Motors Market. Countries across the globe are witnessing obesity and stress levels on a steep upward curve. This is a natural outcome of longer workdays which leave people drained of the last bit of energy to dabble into sports and hobbies. Besides, it is also a factor of rising intake of processed food as tired people are hardly ever found keen to prepare elaborate meals. This often leads to ordering food in or processed, ready-to-eat or easy-to-cook food options.
- World over, electrification of vehicles is gaining steam, owing to push for opting greener modes of fuel. Rising global temperatures and outcomes of the catastrophe being faced earlier than predicted are all factors driving consumers as well as governments to go for electric bikes as these emit no fumes and are also a great way to exercise.
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Global Electric Bicycle Motors Market: Regional Analysis
North America will lead the way owing to rising levels of obesity incidence. People as well as governments are focusing on responding strongly to the menace. Besides, in general fitness is gradually taking center-stage in the region. The United States alone has 8600 miles of bicycle lanes. This also highlights how the infrastructure in the region is supportive of market growth
This would be followed by Europe which is at the brunt of climate change and clamoring hard for alternate greener fuels. Already, a number countries are using biofuels for public transportation such as Lithuania and Norway. Cycling is only natural to be the next big thing in the region. Besides, thanks to the terrain and gorgeous landscapes, the market will only see a steeper curve, upwards. To add to this, prominent bicycle related sporting events held regularly further propels the global electric bicycle motors market forward.
However, it is pertinent to note here that the most lucrative growth opportunities will actually arise from the Asia Pacific (APAC) region owing to government enthusiasm and economies performing well.
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