New York, NY 13 May 2021: The global electric bikes market size is expected to reach USD 26 billion by 2026, growing at a CAGR of 7.1% during the forecast period, according to a report published by Polaris Market Research. The report ‘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 holistic analysis of current and future market trends.
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 some 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 presence of motorized assistance in usually 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.
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Growth in E-Bikes market is majorly driven by factors such as increased consumer awareness towards reducing air and sound pollution. Other factors enhancing the growth include government support and strict regulations to curb pollutions 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-Bikes rentals are already implemented and expected to further rise. This market research report provides 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. Asia Pacific regional market is expected to be the major and the fastest growing e-bikes market among all regions.
Sealed lead acid batteries are lower in costs 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.
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