According to the recent report by IMARC Group, titled “E-Bike Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global e-bike market size reached US$ 20.8 Billion in 2019. An e-bike refers to a bicycle with several electrical components like a motor, battery, and controller. Due to the addition of an electric motor, the rider can easily overcome obstacles and move uphill without much difficulty. It runs on rechargeable batteries as well as by pedaling. A single charge of the batteries can help the rider cover long distances, on account of which, these bikes have emerged as a cost-effective option for commuters. Moreover, it is an environmental-friendly means of transportation when compared to other vehicles like cars and motorcycles.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global E-Bike Market Trends:
One of the major factors influencing the demand for e-bikes is the growing awareness regarding the health benefits of cycling among the masses. A lack of physical activity and a shift in dietary patterns have led to a rise in the prevalence of lifestyle diseases like obesity and diabetes. As a result, people are inclining toward cycling to improve their health, combat weight gain issues, and enhance aerobic capacity. Apart from this, several cities are facing the issue of traffic congestion due to the presence of a larger number of automobiles. In line with this, several governments and civic bodies are taking initiatives to reduce traffic congestion by promoting the use of e-bikes. Moreover, rental services have emerged in several countries over the past few years, on account of the growing focus on shared micromobility services. For instance, e-bikes are widely available for rent in metropolitan areas in the United States, China, Japan, and India, among others. Furthermore, technological advancements have led to the advent of hydrogen-powered bikes and Smart E-Bike Monitoring System (SEMS), which are creating a positive outlook for the market. On account of these factors, the market is expected to experience moderate growth during the forecast period (2020-2025).
Market Summary:
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