The Electric Bicycles Market is expected to grow at a CAGR of 10.17% during the forecast period and is to reach a value of USD 55.58 billion by the end of the forecast period. The market value was recorded at USD 25.61 billion during the historic forecast period. Electric bikes and motorbikes have an inbuilt and electrically propelled system. The method makes use of a rechargeable battery that can give electricity to assist with mobility. E-bikes are growing more popular around the world as a result of their extended range and tiny motor, which makes them easier to transport. Cycling aficionados may profit from this by having their pedaling power increased.
As a result, governments around the world are supporting and undertaking studies that could lead to an increase in the market for electric vehicles, notably e-bikes. As the economy grows, so does urbanization, which leads to increased traffic congestion. This is one of the main reasons why the market is shifting toward e-bikes rather than regular bicycles.
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Market Segmentation
Based on the Application, the global Electric Bicycles Market has been segmented into adhesives, coatings, freight transport, city travel, countryside & urban environments, climbing, and hiking.
Based on the End-Users, the global Electric Bicycles Market has been segmented into lithium-ion, polymer, and lead acids.
Based on the Product, the global Electric Bicycles Market has been segmented into Pedelecs, Speed Pedelecs, Throttle on Demand, and Scooter or motorcycles.
Based on the Drive Mechanism, the global Electric Bicycles Market has been segmented into Hub motor, Mid-drive, and Others.
Based on the Battery Type, the global Electric Bicycles Market has been segmented into Lead-acid, Lithium-ion (Li-ion), and Others.
Based on the Region, the global Electric Bicycles Market has been segmented into North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).
Regional Classification
The performance of the leading market competitors in each of the four key geographical regions is critical to the income generated by the electric bicycles industry. The Asia-Pacific market, the North American region, which encompasses the markets of the United States and Canada, the European countries, and the rest of the world are among these regions. The electric bicycles market prediction predicts that by the end of the globally projected timeframe, the Asia Pacific region will have emerged as a driving force in the market's overall performance. Furthermore, India and Taiwan, as well as the Japanese and Japanese markets, are developing as potential growth markets for electric bikes.
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Additionally, to compete, electric bike manufacturers in North America and Europe are focusing on the mid-motors business sub-segment. The benefits, such as the lighter and smaller size, are the main reasons for this. The background noise generated by these motors is also decreased. As a result, this market sector in these places is expected to increase at a reasonable compound annual growth rate.
Industry News
The major key players in the Electric Bicycles Market are Giant Manufacturing Co., Ltd. (Taiwan), Derby Cycle, Easy Motion (USA), Accell Group N.V. (Netherlands), Merida Industry Co., Ltd. (China), Yamaha Motor Corporation (Japan), Moustache Bikes Bike (US), and NYCeWheels.
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