FMI delivers key insights on the global electric bike market in its latest report titled “Electric Bike Market: The sales of electric bikes are expected to increase at a CAGR of 10% during the forecast period. The electric bike market size is anticipated to rise from US$ 52.05 Bn in 2022 to US$ 122.1 Bn in 2032.
Adoption of Clean Technology Expected to Boost the Electric Bike Market
Government agencies are focusing on electro-mobility and reducing pollution, hence, zero emission vehicles are being increasingly promoted through attractive incentives and schemes. This has led to an enhanced focus on electric bikes and thus, a significant increase in the sales of electric bikes is expected over the forecast period. Apart from curbing air pollution, electric bikes also help reduce the level of noise pollution.
Growth in the transportation sector has severely depleted non-renewable petroleum reserves, and this has increased the prices of fuel. Fuel prices are expected to increase exponentially in the coming years as crude oil reserves will be reduced, which will pave the way for the growth of vehicles running on alternate sources of energy. Moreover, the prices and consumption of petroleum products as fuel in the automotive sector is growing day by day, and to reduce the global consumption of the same, manufacturers and governments are promoting the usage of electric bikes as they are far more fuel-efficient compared to conventional automobiles. These factors are estimated to enhance the electric bike market.
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Segmentation Analysis of the Electric Bike Market
The electric bike market is segmented on the basis of product type, battery type and technology.
- Pedelecs is expected to be the most prominent segment in terms of volume and value over the forecast period. The pedelecs sub-segment of the electric bike market is estimated to grow at a CAGR of 3.2% in terms of value over the forecast period. Pedelecs are expected to represent a total incremental opportunity of US$ 3.9 Bn between 2017 and 2027 in the electric bike market. The electric scooter and motorcycle sub-segments are projected to grow at a relatively low CAGR as compared to pedelecs over the forecast period
- The most prominent battery type in the electric bike market is estimated to be the lead-based battery. The lead based battery segment is estimated to grow at a steady CAGR over the forecast period in the electric bike market
- The battery electric scooter segment is the most prominent technology segment in the electric bike market. It is estimated to account for more than 80% of the electric bike market throughout the forecast period.
Regional Market Projections of the Electric Bike Market
The electric bike market in APEJ is expected to represent a significantly high incremental opportunity between 2017 and 2027. The electric bike market in APEJ is expected to represent a total incremental opportunity of US$ 6.1 Bn between 2017 and 2027.
Electric Bike Market Participants
This report highlights some of the top companies operating in the electric bike market, which include ECCITY Motocycles, Hero Electric Vehicles Private Limited, Gogoro Inc., GOVECS GmbH, Vmoto Limited, Honda Motor Co. Ltd., Piaggio & C. SpA, Terra Motors Corp., Bayerische Motoren Werke AG, Jiangsu Xinri E-Vehicle Co. Ltd., Giant Manufacturing Co. Ltd., Emotion Bikes USA, Pedego Electric Bikes, Volt, Energica Motor Company S.p.A., Zero Motorcycles, Inc., Mahindra Genze, Derby Cycle and Accell Group.
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Key Segments Covered in the Electric Bike Market Report
On the basis of product type, the electric bike market can be segmented into:
- Electric Scooter
- Electric Motorcycles
- Pedelec
On the basis of battery type, the electric bike market can be segmented into:
- Li-Ion
- NiMH
- Lead-based
On the basis of technology, the electric bike market can be segmented into:
- Plug-In
- Battery
On the basis of region, the electric bike market can be segmented into:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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