DALLAS, Aug. 13, 2019 (GLOBE NEWSWIRE) -- According to a new market report published by Lucintel, the future of the electric bicycle (e-bike) market looks promising with opportunities in the areas of travelling, exercise/fitness, and recreational activities. The electric bicycle market is expected to reach an estimated $21 billion by 2024 with a CAGR of 12.5% from 2019 to 2024. The major drivers for this market are increasing health conscious consumers, high traffic congestion, environmental concerns, and increasing government initiatives to promote cycling in order to reduce carbon emissions.
Browse 121 market data tables and 167 figures spread through 217 pages and in-depth TOC on “Electric Bicycle Market" at https://www.lucintel.com/electric-bicycle-market.aspx
In this market, different types of electric bicycle such as cargo, fat tire, mountain, standard, and others are used as bicycle type. On the basis of its comprehensive research, Lucintel forecasts that cargo e-bikes will remain the largest segment and it is also expected to witness the highest growth over the forecast period due to increasing use in time-critical deliveries, such as parcels, mail and smaller shipments in the industries of food, building, and logistics.
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Asia Pacific will remain the largest region over the forecast period due to the government initiatives to promote healthier lifestyles of citizens, development of cycling infrastructure, and increasing usage of bicycles as a sustainable mode of transportation.
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Emerging trends, which have a direct impact on the dynamics of the market, include development of luxury folding e-bikes and high tech electric bike with smartphone integration. Giant Manufacturing, Accell, Merida Industry, Pedego Electric Bikes, Ideal Bike, Leder 96, Cannondale, BH Bikes, Zhonglu, and Prodeco Tech are among the major electric bicycle manufacturers.
Lucintel, has analyzed and forecasted for the electric bicycle market by bicycle type, propulsion type, usage type, motor type, battery type, and region and has come up with a comprehensive research report entitled “Growth Opportunities in the Electric Bicycle Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions.
For a detailed table of contents, contact Lucintel at +1-972-636-5056 or mail at helpdesk@lucintel.com.
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