The global e-bike market reached a value of US$ 19.6 Billion in 2018. An e-bike or electronic bicycle is a standard bicycle which is equipped with an electric motor, a battery and a drivetrain. The bike can be moved through pedaling or can run on rechargeable batteries. They majorly used Lead acid batteries and can cover long distances with a single charge. E-bikes are simple to operate, convenient for all age groups and are an economical alternative as an environment-friendly means of transportation, in comparison to motored vehicles.
The growing popularity of cycling as a recreational activity is one of the key factors driving the market growth. Cycling has numerous physical and mental health benefits such as improved cardiovascular fitness, muscle strength and flexibility along with the reduced risk of stress and depression. The young population is increasingly opting for various adventure sports, which is providing a boost to e-bike sales. Furthermore, the thriving tourism industry is another factor catalyzing the growth of the market. Tourists are opting for e-bikes as a self-driving alternative to commute as it is economical and enables effortless riding. The growing environmental consciousness and rising urban air pollution have led individuals to switch to electric vehicles such as e-bikes that have low carbon emissions and can be charged through solar power. Moreover, various product innovations such as the introduction of hydrogen-powered bikes and Smart E-Bike Monitoring System (SEMS), along with the increasing demand for pedal assisted or pedelec bikes, are also contributing to the market growth. Looking forward, IMARC Group expects the market to reach a value of US$ 27.8 Billion by 2024, registering a CAGR of around 6% during 2019-2024.
The report has also analyzed the competitive landscape of the market with some of the key players being Accell, BionX, Robert Bosch GmbH, Yamaha Motor Company, Derby Cycle, Giant Bicycles, Klever Mobility, Merida Industry Co. Ltd, Samsung SDI Co, Continental AG, Prodecotech LLC, Fuji-ta, Trek Bicycle Corporation, Pedego Electric Bikes, Shimano, etc.
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