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Global E-Bike Market to Reach US$ 27.8 Billion by 2024, Stimulated by Increasing Prevalence of Lifestyle Diseases

According to the latest report by IMARC Group, titled “E-Bike Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global e-bike market size reached US$ 19.6 Billion in 2018. An e-bike is a bicycle that consists of electrical components, including motors, batteries and controllers. The electric motor in the bike aids the rider’s pedal-power, which is utilized for propulsion. When the user puts pressure on the pedals of an e-bike, the motor engages and provides a boost to the acceleration. Since it utilizes rechargeable batteries for its functioning and can cover long distances at a single charge, it is not only a cost-effective option but also an environment-friendly means of transportation as compared to other land transports, such as motorcycles and cars.

Global E-Bike Market

Global E-Bike Market Trends:

Growing awareness among the masses regarding the benefits of physical fitness is primarily driving the growth of the market. Lifestyle diseases such as diabetes and obesity are proliferating on the global level on account of lack of physical activities and shifting dietary patterns. Consequently, a majority of the population has turned to cycling as a measure to improve their cardiovascular health, enhance aerobic capacity and combat weight gain issues. Since these bikes rely on pedaling as well as on motors for mobility, they serve as an ideal option for beginners and users with health issues. In line with this, these bikes are also gaining widespread popularity among senior citizens, patients suffering from chronic pain and people with disabilities. Advanced variants with e-assistance services aid people with lower mobility to exercise without adversely affecting their health. Moreover, these bikes utilize rechargeable batteries or solar power to function. Rising awareness regarding the hazardous effects associated with the usage of conventional vehicles has bolstered the uptake of these bikes. Furthermore, the advent of hydrogen-powered bikes and Smart E-Bike Monitoring System (SEMS) is also expected to favorably impact the market growth. On account of the aforementioned factors, the market is projected to reach a value of US$ 27.8 Billion by 2024, growing at a CAGR of around 6% during 2019-2024.

Market Summary:

  • On the basis of the mode, the market is bifurcated into throttle and pedal assist.
  • Based on the motor type, the market has been divided into hub motor, mid drive and others.
  • On the basis of the battery type, the market has been categorized into lead acid, lithium ion, nickel-metal hydride (NiMH) and others.
  • Based on the class, the market has been segregated into class I, II and III.
  • On the basis of the design, the market is classified into foldable and non-foldable.
  • Based on the application, the market has been divided into mountain/trekking bikes, city/urban, cargo and others.
  • On the geographical front, the market has been segregated into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been studied, with the detailed profiles of the key players operating in the market. Some of these players include Accell Group N.V., BionX International Corporation, Robert Bosch GmbH, Yamaha Motor Group, Derby Cycle Holding GmbH, Giant Manufacturing Co. Ltd., Klever Mobility GmbH, Merida & Centurion Germany GmbH, Samsung SDI Co., Ltd, Continental AG, ProdecoTech, Fuji-ta Bicycle Co., Ltd., Trek Bicycle Corporation, PEDEGO INC, and Shimano Inc.

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