Portland, OR, July 01, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electric bicycle market was estimated at $24.30 billion in 2020 and is expected to hit at $65.83 billion by 2030, registering a CAGR of 9.5% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
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Positive government regulations and policies to encourage the use of electric bicycles, rise in fuel costs, and increase in interest in cycling as a fitness & recreational activity drive the growth of the global electric bicycle market. On the other hand, high purchase and maintenance cost of electric bicycles and ban use of electric bicycles in major cities of China impede the growth to some extent. However, improvement in bicycling infrastructure & battery technology and surge in trend of connected electric bicycles are expected to create lucrative opportunities in the industry.
COVID-19 scenario-
- The outbreak of the pandemic gave way has had a mixed impact on the global electric bicycle market. It led to decrease in the sale of electric bicycles, especially in the first phase of the lockdown, as most bicycles stores were closed during the period.
- However, the pandemic has changed the way people commute, and bicycling has become even more popular around the world. As the lockdown has been lifted in many provinces, the sale of e-bicycles has also soared up to a significant extent.
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The global electric bicycle market is analyzed across motor type, battery type, application, consumer segment, power output, and region. Based on motor type, the mid-drive segment held the major share in 2020, accounting for around half of the global market, and is expected to lead the trail by the end of 2030. The same segment would also cite the fastest CAGR of 11.4% throughout the forecast period.
Based on battery type, the lithium ion (Li-ion) segment contributed to 91% of the total market revenue in 2020, and is expected to dominate by 2030. The same segment would also manifest the fastest CAGR of 10.4% during the forecast period.
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Based on region, Asia-Pacific held the highest market share in 2020, garnering around two-thirds of the global market. The market across LAMEA, on the other hand, would exhibit the fastest CAGR of 14.0% from 2021 to 2030. The other provinces discussed in the report include North America and Europe.
The leading market players analyzed in the global electric bicycle market report include CSE EV GROUP CO LTD, Derby Cycle, Giant Manufacturing Co. Ltd, Merida Industry Co, Ltd, Accell Group N.V., Yamaha Motor Corporation, Royal Dutch gazelle, Trek Bicycle Corporation, Fuji-ta Bicycle Co Ltd, and Yadea Group Holdings Ltd. These market players have incorporated different strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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