E-bike market-growth, trends and forecast
E-bike, commonly known, as an electric bicycle, is a bike that has an integrated electric motor aligned to the pedals of the bicycle, which supplies differential force used for forward movement of the bicycle. The electric bikes majorly use Li-ion chargeable battery, and have a range of maximum 99.4 miles (160 km) in one single charge. These bicycles are available with battery type of either 8, 12, or 18-amp hour batteries.
The global e-bike market was valued at USD 14,755.20 million in 2018, and is expected to grow at a CAGR of 6.39%, during the forecast period, 2019-2024.
* Apart from the growing consumer preference toward recreational and adventure activities, the adoption of e-bike applications in several sectors, like logistics and e-bike rental services, is expected to drive the market studied during the forecast period.
* The market has been segmented by propulsion type and application type. In 2018, by propulsion type, pedal-assisted e-bikes dominated the market, and accounted for 88.32% of the global market. By application type, city/urban e-bikes dominated the market.
* Asia-Pacific is expected to dominate the global market. In Asia-Pacific, China dominated the regional market. The largest consumption of electric bikes is in China that has boosted the sales figure, and thus influencing the growth of the global market for electric bikes. The import and export volumes in China are also large, and China has always been the largest exporter of electric bikes. The Government of India has also encouraged to use electric bikes. By the end of 2035, the government is looking forward to convert fuel vehicles into electric vehicles.
* Some of the major players in the e-bike market are Giant Bicycles, Merida, Trek Bikes, Riese & Muller, and M1 Sporttechnik.