The worldwide market for electric bikes is considered to witness a moderate growth as well as is anticipated to record a 4.7% CAGR over the five year forecast period, 2017-2022.

Albany, NY -- (SBWire) -- 11/27/2017 --An electric bicycle also referred as a booster bike or e-bike, is a bicycle including an incorporated electric motor that may be utilized for propulsion. It consists of a custom or modified bicycle frame along with pedals except it includes an electric motor, generally in the type of a belt drive, mid-drive motor or hub motor linked to the rear wheel. This allows a rider to both pedals the bike plus control the power of a battery as well as the motor drive system.

The worldwide market for electric bikes is considered to witness a moderate growth as well as is anticipated to record a 4.7% CAGR over the five year forecast period, 2017-2022.

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Market Segmentation

Based on regions, the market is divided into six major regions MEA, APEJ, Japan, Europe, Latin America and North America. The APEJ is considered to be a lucrative region and is likely to reach maximum market share by 2022 end. It is expected to expand at a firm growth rate over the assessment period. Additionally, with a huge government support, regions like India and China have largely contributed towards the growth, within which the market for Indian electric bikes is receiving significantly favorable policies.

Based on battery types, the overall market includes lithium titanate (Li2TiO3), lithium polymer (LiPo), nickel metal hydride (NiMH), lithium ion (Li-Ion), lithium iron phosphate (LiFePO4) and others. The lithium-ion batteries are the most lucrative and preferred choices for the manufacturers of electric bikes and are likely to record a CAGR of 5% during 2017-2022. The nickel metal hydride batteries, on the other hand, will account for the maximum revenue shares in the market and the status quo is expected to remain unaffected over the predicted period. On the other hand, nickel metal hydrides may possibly face stern competition from other battery types such as lithium-ion batteries which are more effective and durable.

The worldwide market in the product type division includes Class 4: Moped or Motorcycle, Class 3: Speed Pedelec, Class 2: Throttle On Demand and Class 1: Pedal Assist. The class1: pedal assist division is estimated to dominate the worldwide market based on a high market share. Though, it is likely to exhibit a sluggish growth rate in comparison to the speed pedelecs division over the forecast period.

Based on conversion kits type, the market is segmented into friction drive, all-in-one wheel kits, mid drive conversion kits and hub motor conversion kits. The hub motor conversion kits segment will be the biggest segment, though, in the current years, friction drives segment has gained traction amid the end-users. Although HMCR is considered to continue to dominate the market based on high revenue share, the friction drive segment is also estimated to expand at a remarkable CAGR.

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Key Market Players

The major player functional in the worldwide market for electric bikes include

Robert Bosch GmbH, Accell Group N.V, Giant Manufacturing Co. Ltd., Derby Cycle Holding GmbH, Jiangsu Xinri E-Vehicle Co. Ltd., Panasonic Corp, Bionx International Corporation, Mahindra & Mahindra Ltd., Samsung SDI Co. Ltd., Prodeco Technologies