The global e-bike market reached a value of US$ 20.1 Billion in 2020. Looking forward, IMARC Group expects the market to exhibit moderate growth during 2021-2026. 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.
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.
The global e-bike market reached a value of US$ 20.1 Billion in 2020.
According to the estimates by IMARC Group, the global e-bike market is expected to exhibit moderate growth during 2021-2026.
The rising environmental concerns towards the increasing air pollution levels have led to the rapid shift from fuel-based vehicles towards electric bikes, thereby driving the growth of the global e-bike market.
Several technological advancements have led to the emergence of hydrogen-powered bikes and Smart E-Bike Monitoring System (SEMS), which represent one of the key trends in the global e-bike market.
Sudden outbreak of the COVID-19 pandemic has led to the implementation of stringent lockdown regulations, across several nations, resulting in the disrupted supply chains and temporary closure of numerous manufacturing units for e-bikes.
On the basis of the mode, the market has been classified into throttle and pedal assist, where pedal assist holds the largest market share.
On the basis of the motor type, the market has been classified into hub motor, mid drive and others, where hub motor exhibits a clear dominance in the market.
On the basis of the battery type, the market has been classified into lead acid, lithium ion, nickel-metal hydride (NiMH), and others. Lead acid currently accounts for the majority of the total market share.
On the basis of the class, the market has been categorized into class I, II and III, where class I exhibits a clear dominance in the market.
On the basis of the design, the market has been classified into foldable and non-foldable, where non-foldable e-bikes account for the largest market share.
On the basis of the application, the market has been classified into mountain/trekking bikes, city/urban, cargo, and others. At present, city/urban exhibits a clear dominance in the market.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
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