The global electric bike market is expected to grow at a steady growth rate and is poised to register a CAGR of 3.1% during the period of forecast of 2017 to 2027.
Valley Cottage, NY -- (SBWIRE) -- 11/10/2017 -- The report on the global electric bike market covers the annual demand and sales of various product segments namely, electric scooters, electric motorcycles and pedelecs (electric bicycles). Furthermore, the demand for different batteries such as Li-ion, NiMH and lead based batteries is also covered with inference and analyses. There are different technologies adopted by the manufacturers of electric scooters, electric bicycles and pedelecs, such as plug-in and battery that are also within the scope of the global electric bike market report.
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Quick Highlights on the Global Electric Bike Market
The global electric bike market is anticipated to grow at a CAGR of 3.1% during the period of forecast and is expected to reflect a value of more than US$ 27 Bn by the end of 2027
The battery segment by technology is expected to grow at a higher growth rate compared to the plug-in segment and is anticipated to witness dominance by reflecting a market value of more than US$ 23 Bn by the end of 2027
Asia Pacific excluding Japan (APEJ) region is expected to grow at a higher rate and dominates the global electric bike market, poised to reflect a value CAGR of 3.2% throughout the forecast period
The lead based segment by battery type is likely to account for a major share in the market and is expected to be valued at about US$ 25 Bn by the end of 2027
The pedelec segment by product type is expected to grow at a higher growth rate than other segments in the product category and is anticipated to register a CAGR of 3.2% during the period of forecast. This growth trend is poised to continue in the coming decade, making it the fastest growing segment portraying dominance
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Key Regional Trends Fuelling the Growth of the Global Electric Bike Market
The division of the market for electric vehicles on the basis of region is not spread uniformly. Electric vehicles are gaining popularity in North America. Less availability of fuel and natural resources are the major reasons supporting the demand for electric bikes and vehicles in the region. Moreover, rising awareness among consumers regarding health issues is also a major trend identified in the North America electric bike market
A recent trend observed in the electric bike market is an increase in the adoption of electric bikes. With the government focussing on electro mobility and pollution reduction, zero emission vehicles are being increasingly promoted through attractive incentives. 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
Consumers are faced with the dilemma of choosing between conventional vehicles and electric vehicles. Though it has been predicted that petroleum reserves will dry up in a couple of decades due to the current rate of consumption, consumers still see conventional vehicles as the better option, due to the higher flexibility and practicality they offer over electric scooters. This has led automobile manufacturers to develop a vehicle offering the benefits of both – a conventional and pure electric vehicle known as plug-in electric scooter. These kind of vehicles come with an internal combustion engine and rechargeable batteries to propel the vehicle
Leading manufacturers of electric bikes are involved in the manufacturing of cost-effective and lightweight vehicles to improve the overall performance of vehicles. Compact bicycle frames, whether they fold or not, are some of the most diverse, light-weight and easily handled electric bikes in the market
Preference for electric vehicles over conventional vehicles in Japan is one of the key trends identified in the market. Japan recorded the highest sales of hybrid electric vehicles in 2015, more than double the sales in the United States. Electric bikes are gaining popularity in Japan. Moreover, environmental and health-related benefits associated with electric bikes are expected to be a major factor boosting the demand for electric bikes as compared to conventional bikes
Consumers in various countries of the MEA region are focussing on the adoption of electric vehicles owing to their significant health-related benefits. Moreover, provision for separate lanes for electric vehicles in South Africa is expected to be a key factor responsible for the adoption of electric bikes in the country
Competitive Intelligence – Critical Analysis of the Key Players in the Global Electric Bike Market
The report on the global electric bike market presents a detailed analysis of the key players involved in the market. The report highlights all tier companies such as ECCITY Motorcycles, 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., Amego Electric Vehicles Inc., Zero Motorcycles, Inc., Mahindra Genze, Derby Cycle and Accell Group.
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