E-Bike Market by Class, Battery Type (Lithium-ion, Lithium-ion polymer, Lead Acid), Motor Type (Mid, Hub), Mode (Throttle, Pedal Assist), Usage, and Region (Asia Pacific, Europe, North America) - Global forecast to 2025
Northbrook, IL -- (SBWIRE) -- 06/04/2019 -- The report "E-Bike Market by Class, Battery Type (Lithium-ion, Lithium-ion polymer, Lead Acid), Motor Type (Mid, Hub), Mode (Throttle, Pedal Assist), Usage, and Region (Asia Pacific, Europe, North America) - Global forecast to 2025" The global e-bike market is projected to grow at a CAGR of 9.01% from USD 21.1 billion in 2018 to USD 38.6 billion by 2025.
The major factors driving the growth of the e-bike market are increasing concerns about traffic congestion, rapid urbanization, government initiatives to reduce emission levels, and growth of the bicycle tourism industry. An electric bike, often known as an e-bike, has an electric motor aligned to the pedal for propulsion. These bicycles use chargeable batteries of different capacities. E-bikes are equipped with a mid or hub motor and can be classified on the basis of the power of the electric motor. Pedal assist and throttle-on-demand are the two different modes of electric bikes.
Leading OEMs have established their manufacturing facilities in the Asia Pacific region to cater to the rising demand for passenger cars. This would subsequently push the demand for the e-bike market in the region. Yamaha Motor Corporation (Japan), Giant Manufacturing Co., Ltd (Taiwan), Accell Group N.V (Netherlands), Aima Technology Group Co., Ltd (China), and Yadea Group Holdings Ltd (China) are the leading players in the e-bike market.
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Class-I is the largest segment of the e-bike market
Class-I e-bikes are the most widely used e-bikes across the globe. These e-bikes are equipped with a motor that provides assistance only when the rider is pedaling and stops providing assistance when the bicycle reaches 20 mph. These e-bikes can operate on any paved surface. The class-i segment is expected to hold the largest share of the e-bike market as this e-bike category meets the e-bike laws and regulations of most of the countries.
Class-III is the fastest growing segment during the forecast period
The class III e-bike segment is expected to be the fastest growing market during the forecast period. This class is popular among the youngsters as it offers higher speed than the other two classes i.e class-I and class-II. Also, this e-bike segment is expected to help replace cars with bikes across the globe. Class-III e-bikes, which are also called speed pedal-assisted e-bikes, are equipped with a motor that provides assistance only when the rider is pedaling and stops providing assistance when the bicycle reaches 28 mph. Operators of Class-III e-bikes must be 16 years or older and wear a helmet. Class-III e-bikes are prohibited from entering Class-I multi-use bike paths unless specifically authorized by a local ordinance.
Critical Questions in E-bike Market:
1. How will the trend of class-III electric bike sales impact the market in the long term?
2. How will the industry cope with the Electric two-wheeler battery challenges?
3. How do you see the impact of government safety regulations in the market?
4. What are the upcoming trends in the e-bike market? What impact would they make post-2025?
5. What are the key strategies adopted by top players to increase their revenue?
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The Asia Pacific is expected to account for the largest market size during the forecast period
The Asia Pacific region is estimated to be the largest e-bike market by 2025. The region comprises some of the fastest developing economies of the world such as China and India. The governments of these developing economies have recognized the growth potential of electric two-wheelers and, hence, have taken several initiatives to attract major OEMs to manufacture electric two-wheelers in their domestic markets. For instance, the Government of India announced financial support and a scheme called Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME). Under the scheme, there is a subsidy of up to INR 22,000 for electric scooters/electric bikes. Government promotions and schemes have led to an increase in sales of electric two-wheelers over the years.
The governments of many countries in the Asia Pacific region are focusing on electric two-wheelers. For instance, China's electric bikes have gained popularity in the European market due to their good quality and technological edge.