Electric bikes market to reach $26 billion by 2026
The global electric bikes market size is expected to reach $26 billion by 2026, growing at a CAGR (compound annual growth rate) of 7.1% during the forecast period, according to a report published by Polaris Market Research. The report titled, “Electric Bikes/E-Bikes Market [By Product Type (Pedal Assisted, Throttle Assisted); By Drive Mechanism (Hub Motor, Mid Drive, All Wheel Drive (AWD); By Battery Type (Lead Acid, Lithium-ion (Li-ion), Others); By Region]: Market Size & Forecast, 2018 – 2026” provides an analysis of current and future market trends.
According to the study, enhancing bicycles with electric units significantly boosts its usability with multiple benefits. Benefits of electric bikes include additional power enabling long distance travel at better speeds, ability to carry a limited amount of material/cargo, and lower operational costs as compared to other transport modes. Also, E-Bikes have the capability to make the cycling task easier due to the presence of motorized assistance in tough situations, such as uphill riding. Furthermore, E-Bikes can be used for health benefits to enhance blood sugar level and cardiovascular fitness, and is also beneficial for specialized cardiac rehabilitation programs.
Growth in the E-Bikes market is majorly driven by an increased consumer awareness toward reducing air and sound pollution. Other factors include government support and strict regulations to curb pollution across various geographies. Moreover, increasing fuel prices and technological focus on designing and introducing new electric vehicles are other parameters positively impacting the adoption of electric bikes.
The number of consumers opting for eco-friendly transportation alternatives is increasing steadily in many regions, specifically North America and Europe where concepts such as E-Bike rentals are already implemented and expected to further rise. This market research report aims to provide an in-depth analysis of geographic distribution of the electric bikes market across North America (U.S., Canada), Europe (UK, France, Italy, Germany, Belgium, Netherlands), and Asia Pacific (China, Japan, South Korea) regions. According to the study, Asia Pacific regional market is expected to be the major and the fastest growing E-Bikes market among all regions.
Also reported, sealed lead acid batteries are lower in cost, and these batteries have a high consumer base in China as compared to other battery types. Owing to this factor, the lead acid battery-based electric bikes segment is observed to hold higher market share than other battery types. However, Lithium ion (Li-ion) battery-based E-Bikes are expected to witness high growth in adoption during the forecast, and this growth is mainly attributed to better performance features and lower carbon emissions.
The global electric bikes market is moderately competitive and some of the industry players covered in this report include Easy Motion Ebikes (BH Bicycle Corporation), KTM Fahrrad GmbH, Riese & Müller GmbH, Accell Group N.V., Sondors Inc., F.I.V. E. Bianchi S.p.A., SCOTT Sports SA, Klever Mobility Europe GmbH, Trek Bicycle Corporation, and Giant Manufacturing Co Ltd.
For more Information, visit www.polarismarketresearch.com/industry-analysis/electric-bikes-ebikes-market/request-for-sample.