Electric Bike Market to Reach USD 52.36 Billion by 2028 | Increasing Awareness About the Health Benefits of Electric Bikes to Boost Market Growth

Electric Bike Market to Exhibit a CAGR of 16.0% during 2021-2028; Rising Consumer Acceptability of UBI to Incite Massive Development: Fortune Business Insights™

Pune, India, March 15, 2022 (GLOBE NEWSWIRE) -- The global Electric Bike market size was valued at USD 16.86 billion in 2020 and is expected to reach USD 52.36 billion by 2028, registering a CAGR of 16.0% during the forecast period of 2021-2028. The growing technological innovations coupled with growing cognizance regarding the efficiency, eco-friendliness, and convenience of electric moped can have an excellent impact on the market growth.

COVID-19 Impact:

E-bike sales have seen a significant increase, which began before the COVID-19 issue but has accelerated after the pandemic-induced lockdown. According to a report issued by the World Economic Forum (WEF), sales of electric bikes in the U.S. grew by 145% in 2020 compared to 2019. According to the NPD Group, electric moped sales with average selling prices over USD 1,000 grew by 190 percent in June 2020 compared to June 2019. As a result, the epidemic has sped up the demand for electric moped.

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Electric Bike Market Analysis Report Scope & Segmentation -

Report CoverageDetails
Forecast Period2021-2028
Forecast Period 2021 to 2028 CAGR16.0%
2028 Value ProjectionUSD 52.36 billion
Base Year2020
Market Size in 2020USD 16.86 billion
Historical Data for2017-2019
No. of Pages165
Segments coveredPropulsion Type, Battery Type, and Region
Growth DriversIncreasing Application of Connectivity Solutions for Bicycles to Augment Growth
Increasing Awareness About the Health Benefits of Electric Bikes Among Consumers to Drive Market

Market Growth Drivers:

The ecology of public transportation includes shared micro mobility. As a flexible transportation alternative with minimal operating costs and overhead, shared electric micro-mobility can supplement higher-volume fixed-route transit systems by offering mobility services for numerous trips at a reduced per-traveler price.

The North American Bike share and Scooter Share Association (NABSA) released its annual report on the health of the shared micro mobility business in August of 2021. According to the research, North Americans took 83.4 million journeys in shared micro mobility cars in 2020, accounting for more than half of all trips in 2019.

Over a third of all journeys were made on e-scooters. Pedal bikes and e-bikes accounted for over two-thirds of all travels. Despite all other trip patterns decreasing, the number of e-bike journeys grew from 7 million to nearly 10 million during the COVID-19 epidemic. As a result, the rising consumer acceptability of UBI will propel this market in the forthcoming years.

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Market Segmentation:

By propulsion type, the market is segmented into pedal assist and throttle. The pedal assist segment is expected to hold the largest share of the electric bike market share due to its longer battery life, lower servicing needs, and its ability to switch to five pedal-assist modes.

Based on battery type, the market is segmented into lead-acid, lithium-ion, nickel-metal hydride, and others. The lead-acid segment is expected to account for a significant share owing to its low cost and easy recycling.

Geographically, the market is divided into North America, Asia Pacific, Europe, and the rest of the world.

Regional Insights:

In 2020, Asia Pacific was worth USD 8.72 billion, with China accounting for the majority of the market share. The dominance is ascribed to factors such as substantial cycling infrastructure in established and emerging nations such as China and Japan, high automobile and public transport congestion, and growing stringency of pollution laws for e-bikes.

The market in Europe is projected to develop significantly. In July 2021, the Heinrich-Böll-Stiftung European Union released the second edition of the European Mobility Atlas. According to the research, electric moped producers and parts are operating in 23 of the EU's 27 member nations. Roughly 900 small and medium companies (SMEs) employ around 120,000 people and invest more than one billion euros in research and development.

The market in North America is also projected to develop rapidly. According to NABSA, the number of bike-share systems that use electric bikes has grown from 28% in 2019 to 44% in 2020. Several cities, including Washington, D.C., New York, and San Francisco, have reduced speed restrictions, blocked automobile lanes, and built dedicated bike lanes. The rise in electric moped sales can be ascribed to these causes.

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The Report Lists the Key Companies in the Global Market

  • Giant Bicycles (Taichung City, Taiwan)
  • Energica Motor Company (Modena, Italy)
  • Accell Group (Heerenveen, Netherlands)
  • Robert Bosch GmbH (Gerlingen, Germany)
  • Derby Cycle Holding GmbH (Cloppenburg, Germany)
  • Pedego Electric Bikes (California, U.S.)
  • Panasonic Corporation (Osaka, Japan)
  • Mahindra & Mahindra Ltd. (Mumbai, India)
  • Trek Bicycle Corporation (Wisconsin, U.S.)
  • Bionx International Corporation (Ontario, Canada)
  • Shimano Inc. (Osaka, Japan)
  • VanMoof (Amsterdam, Netherlands)

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Global Electric Bike Market Segmentation:

By Propulsion Type:

  • Pedal Assist
  • Throttle

By Battery Type:

  • Lead Acid
  • Lithium-Ion
  • Nickel Metal Hydride
  • Others

By Geography

  • North America (USA, Canada)
  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

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Table Of Content:

1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2 Porter’s Five Forces Analysis
4.3 PEST Analysis
4.4 Technological Developments
4.5 Impact of COVID-19
5. Global Electric Bike Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Propulsion Type
5.2.1 Pedal Assist
5.2.2 Throttle
5.3. Market Analysis, Insights and Forecast – By Battery Type
5.3.1 Lead Acid
5.3.2 Lithium ion
5.3.3 Nickel-Metal-Hydride
5.3.4 Others
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1 North America
5.4.2 Europe
5.4.3 Asia Pacific
5.4.4 Rest of the World
6. North America Electric Bike Market Analysis, Insights and Forecast, 2017-2028
6.1. Key Findings / Summary
6.2. Market Analysis – By Propulsion Type
6.2.1 Pedal Assist
6.2.2 Throttle
6.3. Market Analysis – By Battery Type
6.3.1 Lead Acid
6.3.2 Lithium ion
6.3.3 Nickel-Metal-Hydride
6.3.5 Others
6.4. Market Analysis – By Country
6.4.1 U.S.
6.4.2 Canada
6.4.3 Mexico
7. Europe Electric Bike Market Analysis, Insights and Forecast, 2017-2028

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