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Individuals Prefer Electric Bikes to Avoid Crowded Public Transport Modes amid COVID-19 Scare

Cycling and walking gained a higher profile as compared to many physical activities in 2020 during the COVID-19 outbreak. Manufacturers in the electric bike market are capitalizing on this opportunity to boost production and introduce new convenience features in bikes to meet user demands. As such, poor market sentiments are influencing market growth.

Governments around the world are encouraging citizens to go on foot or take their bicycles instead of using crowded transport in order to prevent the spread of coronavirus. Brands in the electric bike market are taking this opportunity to boost marketing of their bicycles in order to generate revenue streams. In the near future, governments are anticipated to invest in wide-scale cycling infrastructure owing to awareness about climate change.

electric bike market infographic

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High Cost, Low Battery Life of E-bikes Impact Adoption

The global electric bike market is expected to expand at an CAGR of 7.77% during the forecast period. However, high cost of electric bikes (e-bike), low battery life, and heavy weight of these bikes are preventing their rapid adoption among individuals. Despite its drawbacks, the total cost of ownership of electric bikes holds lucrative revenue opportunities for manufacturers since individuals are able to save on fluctuating fuel prices of conventionally-owned vehicles.

Manufacturers are boosting their R&D capabilities to develop lightweight and longer battery life electric bikes, which have led to the popularity of the HPS Domestique. Brands are strategically targeting eco-conscious individuals to push sales.

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Government-backed Funds Fueling Electric Bike Sales in Europe

Commuters are demanding climate-friendly, healthy, and virus-free alternatives to crowded public transport modes. This has led to the increased adoption of electric bikes. The electric bike market is projected to reach a valuation of US$ 95.50 Bn by 2031. It has been found that before the pandemic, the Confederation of the European Bicycle Industry (CONEBI) has been predicting that the Europe electric bike market will grow at an exponential rate between 2019 and 2024. Both conventional and electric bike sales are growing rapidly in Europe. The U.K. Government is backing this trend by introducing a £250 Mn emergency active travel fund, which focuses on getting people onto bicycles.

Zero Emission Mobility Electrifies Demand for High-performance Electric Assistance Systems in Bikes

The high-performance electric assistance systems are being preferred in electric bikes. Valeo - a French global automotive supplier headquartered in France, is gaining recognition for adapting its 48V motors to bikes, resulting in high-performance electric assistance systems for bikes to combine efficiency with comfort and robustness.

The trend of zero emission mobility is driving a significant change in the electric bike market. Apart from individuals, manufacturers are tapping current and future income sources through last-mile autonomous delivery vehicles. Thus, to achieve this, companies in the electric bike market are increasing research to leverage and adapt the technological platforms that have earlier been developed for the automotive industry.

Startups Turn Abandoned Bikes into Electric Bikes for Sustainable Commuting

The Teebike project in France is gaining popularity for transforming old bikes into electric bikes, equipped with electric motor and Bluetooth, which can be easily fitted on to the front of any bike. The Bluetooth system connects the wheel to the user’s smartphone, enabling the user to control the settings. Stakeholders in the electric bike market are taking cues from such projects to leverage rejected and abandoned bikes into electric bikes for sustainable commuting.

Hence, to save costs, companies in the electric bike market are searching for open-air bike cemeteries consisting of unused and abandoned bikes. The battery life of such bikes is dependent on road conditions, weight of the rider, and weather. Companies are seen collaborating with startups to make bike repairs easy.

electric bike market segmentation

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Analysts’ Viewpoint

The COVID-19 crisis is accelerating the demand for electric bikes, owing to quieter roads and more free time at the individuals’ disposal. Leveraging of technological platforms includes the development of electric bikes that allow the gear to change automatically where an electric assistance system’s algorithm adapts to cyclist’s needs. However, high maintenance and repair costs of e-bikes is affecting growth of the electric bike market. Hence, companies should develop close connections with a network of e-bike mechanics and collaborate with startups to ease repair of e-bikes. Research on graphene lithium nanotechnology holds potential for better energy density in batteries of electric bikes.

Electric Bike Market: Overview

  • The global electric bike market is anticipated to expand at a CAGR of 7.77% during the forecast period. Increase in the number of people in urban areas commuting daily has fueled the demand to own a vehicle significantly, as public transport often is not reliable. Moreover, increasing scarcity of natural resources, such as crude oil and environmental concerns about preserving natural resources are boosting the need to develop sustainable solutions in order to protect the environment for future generations.
  • Additionally, a rise in air pollution levels, owing to a large number of IC-engine vehicles on road have compelled governments and international organizations worldwide to enact stringent emission norms to curb carbon emission levels. This is likely to provide lucrative opportunity for major players in the global electric bike market.

Drivers of Electric Bike Market

  • Shortage of crude oil resources, owing to depletion of fossil fuel levels at an alarming rate has increased concerns for sustainability for future generations. Electric bikes that operate on human power and electricity are proving to be an ideal solution for this issue, thereby driving the electric bike market, globally.
  • Several government disaster relief agencies, including Arlington Office of Emergency Management, are using cargo bikes to transport goods where other transport vehicles are unable to ride during hazards. Moreover, European Cyclists' Federation promotes usage of cargo bikes during emergency or natural catastrophes. Thus, an increase in non-conventional applications is fuelling the demand for electric bikes globally.

Challenges for Electric Bike Market

  • COVID-19 pandemic has caused a majority of businesses across the globe to crumble, owing to the forced shutdown of production and manufacturing activities. This has led the global economy to contract to its lowest growth rate. Majority of businesses in every industry are codependent and are a part of major supply chain in the market. Disruption in supply chain attributing to stoppage of transportation and shipping services and reduced demand for vehicles across the globe are likely to cause the global automotive industry to contract in Q1 and Q2 of 2020.
  • Several governments have announced plans to establish charging infrastructure in their respective countries in order to boost the adoption of electric vehicles. However, the average cost of installing charging infrastructure is very high. For instance, according to the statistics of Council on Energy, Environment and Water, a leading non-profit organization based in South Asia, a successful establishment of countrywide electric vehicle charging infrastructure in India is likely to cost approximately US$ 3 billion

Electric Bike Market: Regional Analysis

  • Based on region, the global electric bike market has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
  • North America and Europe are projected to be highly lucrative markets during the forecast period. The U.K. Government invested in multiple ways to support the distribution of electric bikes. Moreover, the demand for electric bikes is increasing in France, Spain, and the Netherlands, which is likely to propel the market. Rise in awareness about electric bikes across North America is projected to fuel the electric bike market in the region.

Electric Bike Market: Competition Landscape

  • Key players operating in the global electric bike market include
    • Accell Group N.V.
    • AIMA Technology
    • Bionx International Corporation
    • BMW Group
    • Butchers & Bicycles
    • BYVIN
    • Cezeta
    • Derby Cycle Holding GmbH
    • Douze Factory SAS
    • Energica Motor Company
    • Giant Manufacturing Co. Lt
    • Govecs Group
    • Harley Davidson
    • Hero Electric
    • Incalcu Group
    • Johammer E-Mobility GmbH
    • KTM AG
    • Lima Vehicle Industry
    • Mahindra & Mahindra Ltd.
    • Merida Industry Co. Ltd
    • NIU International
    • Panasonic Corporation
    • Pon Bike
    • Rad Power Bikes LLC
    • Riese & Müller GmbH
    • Shimano Inc.
    • Trek Bicycle Corporation
    • Tunwal E-bike India Pvt Ltd
    • Vmoto Limited
    • Yadea Group Holding Ltd.
    • Yamaha Motor Corporation
    • Yuba Electric Cargo Bikes
  • Key players operating at the global level are expanding their footprint by engaging in mergers and acquisitions with several players in the industry. On September 24, 2019, LIMA VEHICLE INDUSTRY GROUP CO., LTD.’s director and deputy general manager, Mr. Luo Hualie, together with representatives from major domestic motorcycle companies, electric vehicle companies, and accessories companies, representatives of international companies in the industry, and industry media gathered together to participate in the grand event. The first integration of enterprises and electric vehicle companies to find a new direction for the integrated development of electric vehicles and motorcycle industries.

Electric Bike Market Snapshot

Attribute

Detail

Market Size Value in 2020 (Base Year)

USD 708.93 Million

Market Forecast Value in 2031

USD 3,277.39 Million

Growth Rate (CAGR)

15.28%

Forecast Period

2021-2031

Quantitative Units

US$ Mn for Value & ‘000 Units for Volume

Market Analysis

It includes cross segment analysis at global as well as regional level. Furthermore, qualitative analysis includes drivers, restraints, opportunities, key trends, Porters Five Forces analysis, value chain analysis, key trend analysis, etc.

Competition Landscape

  • Market Share Analysis by Company (2020)
  • Company Profiles section includes overview, product portfolio, sales footprint, key subsidiaries or distributors, strategy & recent developments, key financials, etc.

Format

Electronic (PDF) + Excel

Market Segmentation

  • Mode
    • Pedal Assist Mode
    • Throttle Mode
  • Class
    • Class-1
    • Class-2
    • Class-3
  • Usage
    • Mountain/Trekking
    • City/Urban
    • Cargo
    • Others
  • Motor Type
    • Mid Motor
    • Hub Motor
  • Battery Type
    • Lithium Ion
    • Lithium-Ion Polymer
    • Lead Acid
    • Others

Regions Covered

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

Countries Covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Russia
  • Japan
  • China
  • India
  • South Korea
  • ASEAN
  • Brazil
  • Mexico
  • GCC Countries
  • South Africa

Companies Profiled

  • Accell Group N.V.
  • AIMA Technology
  • Bionx International Corporation
  • BMW Group
  • Butchers & Bicycles
  • BYVIN
  • Cezeta
  • Derby Cycle Holding GmbH
  • Douze Factory SAS
  • Energica Motor Company
  • Giant Manufacturing Co. Lt
  • Govecs Group
  • Harley Davidson
  • Hero Electric
  • Incalcu Group
  • Johammer E-Mobility GmbH
  • KTM AG
  • Lima Vehicle Industry
  • Mahindra & Mahindra Ltd
  • Merida Industry Co. Ltd
  • NIU International
  • Panasonic Corporation
  • Pon Bike
  • Rad Power Bikes LLC
  • Riese & Müller GmbH
  • Shimano Inc.
  • Trek Bicycle Corporation
  • Tunwal E-bike India Pvt Ltd
  • Vmoto Limited
  • Yadea Group Holding Ltd.
  • Yamaha Motor Corporation
  • Yuba Electric Cargo Bikes

Customization Scope

Available upon Request

Pricing

Available upon Request

Electric Bike Market – Scope of Report

Transparency Market Research’s recent report on the electric bike market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Electric Bike Market analyzes the scenario for the period of 2017 to 2031, wherein, 2020 is the base year and 2019 and before is historical data. The forecast period is considered from 2021 to 2031. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study

This TMR study on the electric bike market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the electric bike market gives readers an individual understanding of the market

Key Questions Answered in This Report on Electric Bike Market

  • How much value will the electric bike market generate by the end of the forecast period?
  • Which segment of the market is likely to have the maximum market share by 2030?
  • What are the impact factors and there effects on the market for electric bike market?
  • What regions currently contribute the maximum share to the overall electric bike market?
  • What are the indicators expected to drive the electric bike market?
  • What region is likely to be a lucrative market during the forecast period?
  • What are the essential strategies by key stakeholders in the electric bike market to expand their geographic presence?
  • What are the major advancements witnessed in the electric bike market?
  • How regulatory norms affected the market for electric bike market?

This report answers these questions and more about the electric bike market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

Electric Bike Market – Research Methodology

This TMR report on the electric bike market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the electric bike market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the electric bike market arrive at predictions and estimations, and calculate the forecast for the market.

This report uses an analytical triangulation method to estimate the numbers and figures of the electric bike market, with both a bottom-up and top-down approach.

This detailed assessment of the electric bike market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the electric bike market is estimated to expand are based on carefully vetted primary and secondary sources.

Electric Bike Market – Segmentation

This report on the electric bike market provides information on the basis of mode, class, usage, motor type, battery type, and region.

Mode
  • Pedal Assist Mode
  • Throttle Mode
Class
  • Class-1
  • Class-2
  • Class-3
Usage
  • Mountain & Trekking
  • City/Urban
  • Cargo
  • Others
Motor Type
  • Mid Motor
  • Hub Motor
Battery Type
  • Cargo
  • Cargo Polymer
  • Lead Acid
  • Others
Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East& Africa
  • Latin America

This study also discusses the underlying trends and impact of various factors that are driving the electric bike market along with their influence on the evolution of the market.

This study also offers Porter’s Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the electric bike market, in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.

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Electric Bike Market

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