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Electric Bike Market to Register a CAGR of 12.6% During 2022-2029; Factors such as Cheap Alternative to Transportation & Rapid Battery Charging Capabilities to Aid Growth

April 13, 2022 | Automotive & Transportation

The global electric bikes market size reached USD 35.69 billion in 2021. The market value is estimated to increase from USD 40.16 billion in 2022 to USD 92.19 billion in 2029 at a CAGR of 12.6% in 2022-2029. This information is published by Fortune Business Insights™, in its report, titled, “Electric Bike Market Size, Share & COVID-19 Impact Analysis, By Propulsion Type (Pedal Assist, Throttle), By Battery Type (Lead Acid, Lithium-Ion, Nickel Metal Hydride, Others), and Regional Forecasts, 2022-2029”


Accelerated Adoption & Rising Infrastructure Support Inflated Market Share During Pandemic


The COVID-19 pandemic led to a sharp increase in inflation of the electric bike sector as a sharp adoption was observed due to the shutdown of major public transport systems. These bikes replaced non-motorized bikes in a variety of applications. After analyzing the data from 11 to 13 cities in the U.S., NBC News stated that the number of trips with electric mopeds in May 2020 was 240,000, which accounted for 11% of the total market share. This increased to 38% in May 2021, increasing to 38%.


The sales of e-bikes were witnessing a major overhaul even before the pandemic. According to the World Economic Forum (WEF), the sales of e-bikes rose to 145% in 2020 compared to 2019. Additionally, the NPD Group reported that sales of e-bikes above USD 1,000 increased to 190% in June 2020 compared to the previous year.


Increasing Connectivity Solutions & Rising Adoption of Micro-Mobility Resources to Aid Growth


Factors such as rising health benefits from the integration of e-bikes increased integration of electric bikes in municipal bike-sharing systems, and rising infrastructure support will boost the e-bike market growth during the forecast period. For instance, in 2019, Madison announced replacing their entire bike fleet with electric models. Chicago announced adding 3,500 e-bikes by 2020 and further increasing the number to 10,000 e-bikes by 2022.


Rising policy support among emerging economies such as Germany, France, & Spain and rising investment opportunities will further fuel the growth of the market during the forecast period. Rising connectivity measures will contribute to the growth of the market. In January 2021, a wide range of B2V (bicycle-to-vehicle) was introduced.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/electric-e-bike-market-102022


Giant Announces Strategic Alliance with Team BikeExchange-Jayco


Giant announced a strategic partnership with Team BikeExhange-Jayco in a bid to return to professional road racing at the UCI WorldTour level. The men’s team is anticipated to race with Giant bikes and gear all through 2021 with a major focus being intended on one-day classics, Grand Tours and a wide range of road races worldwide.


This partnership will mark a major occurrence for Team BikeExchange-Jayco as they began initiating their 11th season in the WorldTour pro peloton. This year’s BikeExchange-Jayco will feature 29 riders representing 12 nations. The team further integrated Dutch Sprinter Dylan Groenewegen, the rider who has 58 careers to his name.


Industry Development:



  • July 2021: Pedego announced opening its new facility in Maryland. This facility is expected to offer a wider range of services, including bike sales, rentals, accessories, and services.


List of Players in the Market:



  • Giant Bicycles (Taiwan)

  • Accell Group (Netherlands)

  • Robert Bosch GmbH (Germany)

  • Pedego Electric Bikes (U.S.)

  • Panasonic Corporation (Japan)

  • Bionx International Corporation (Canada)

  • Trek Bicycle Corporation (U.S.)

  • Shimano Inc. (Japan)

  • VanMoof (Netherlands)

  • Rad Power Bikes (U.S.)


Further Report Findings:



  • The lead acid segment is expected to occupy the highest share in terms of segmental growth owing to lower cost and easy recycling features. The lithium-ion segment will contribute a higher CAGR during the forecast period due to attributes including superior battery composition, effective charging, better battery life, and efficient power-to-weight ratio.

  • Asia Pacific will witness the largest electric bike market share during the forecast period owing to rising bicycle infrastructure among emerging economies, such as China and Japan, coupled with rising vehicular congestion. Additionally, increasing emission-based regulation regarding gasoline motorcycles will further fuel the growth of the market in the region.  


Table of Segmentation:












































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD billion), Volume (Units)



Segmentation



By Propulsion Type



  • Pedal Assist

  • Throttle



By Battery Type



  • Lead Acid

  • Lithium-Ion

  • Nickel Metal Hydride

  • Others



By Geography



  • North America (By Propulsion Type, By Battery Type)

    • U.S.

    • Canada

    • Mexico



  • Europe (By Propulsion Type, By Battery Type)

    • U.K.

    • Germany

    • France

    • Spain

    • Netherlands

    • Italy

    • Denmark

    • Belgium

    • Rest of Europe



  • Asia Pacific (By Propulsion Type, By Battery Type)

    • China

    • Japan

    • India

    • South Korea

    • Rest of Asia Pacific



  • Rest of the World (By Propulsion Type, By Battery Type)


Electric E Bike Market
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  • 2021
  • 2018-2020
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