Electric Bicycle Market is forecasted to Achieve US$ 133.56 Billion by 2031, Driven by Factors such as the Rising Demand for Eco-friendly Transportation

The Electric Bicycle Market, as per the SNS Insider report, recorded a size of USD 60.08 Billion in 2023. It is anticipated to achieve a valuation of USD 133.56 Billion by 2031, experiencing a compound annual growth rate (CAGR) of 11% throughout the forecast period from 2024 to 2031.

The future of electric bicycles is bright, with analysts predicting explosive growth fueled by a confluence of factors. Government support plays a key role, with subsidies and tax breaks incentivizing purchases. As cities become more crowded, the demand for clean transportation like Electric Bicycle is expected to soar. Electric Bicycle offer a convenient and eco-friendly alternative, potentially reducing urban traffic congestion. Battery advancements promise to extend range, while advancements in motor efficiency and lightweight materials further enhance the e-bike experience. With a growing focus on sustainability, urbanization, and continuous technological advancements, electric bicycles are poised to become a mainstream mode of transportation.

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Leading Key Players of Electric Bicycle Market

• Yamaha Motor Corporation
• Giant Manufacturing Co Ltd
• Accell Group N.V
• Aima Technology Group Co Ltd
• Yadea Group Holdings Ltd. T
• Derby Cycle
• Fuji-ta Bicycle Co.Ltd.
• Giant Manufacturing Co.Ltd.
• Jiangsu Xinri E-Vehicle Co.Ltd.
• Mahindra & Mahindra Ltd.
• Prodecotech LLC
• Tianjin Golden Wheel Group Co.Ltd.
• Trek Bicycle Corporation
• and others

Government Initiatives Drive E-bike Adoption

Governments of various countries are taking initiatives to reduce their carbon footprints by encouraging the use of small electric vehicles such as electric bicycles, bikes, and scooters, owing to the increasing awareness of the hazardous effects of using vehicles running on fossil fuels. Moreover, governments are constructing bicycle-friendly streets, encouraging individuals to opt for bicycles as a primary mode of commute.

Furthermore, to encourage the use of electric bicycles, governments worldwide are supporting the purchase of Electric Bicycle through tax credits and incentives. For instance, in September 2020, the government of India announced a subsidy scheme in the state of Gujarat to encourage the use of Electric Bicycle and e-rickshaws. Additionally, in October 2020, the U.S. Department of Interior announced new rules governing electric bicycle use in the U.S. These regulations allow public land managers to provide Electric Bicycle access to bicycle trails. Furthermore, infrastructure facilities such as guarded bicycle parking facilities, construction of more bicycle (express) routes, and the establishment of battery charging stations in many countries by governments significantly boost adoption of electric bicycles by users, thereby propelling market growth.

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E-MTBs: A Growing Segment

E-MTBs have seen a rapid increase in demand compared to other models, such as city/urban bikes and cargo bikes, in recent years. They are perfectly suited for off-road roads, as their durability provides safety even in wet and slippery terrain. E-MTBs are not only used for mountaineering but also for work or shopping in many cities.  Their durability and a perception of being more stylish contribute to their growing popularity.

By Type,

Pedal-assisted Electric Bicycle dominate the market due to regulations in some regions restricting the power output of throttle-assisted models. Pedelecs, which provide motor assistance only when the rider pedals, are the most popular type. Speed pedelecs, which can reach higher speeds with or without pedaling, are gaining traction in certain markets.

By Application,

City/urban Electric Bicycle are the most popular due to their affordability and suitability for short commutes. Trekking Electric Bicycle are gaining traction for off-road adventures. Cargo Electric Bicycle are increasingly used for deliveries and commercial purposes.

Technological Advancements Shape the Future Of Electric Bicycles

With the growing demand for Electric Bicycle, there have been significant technological advancements in the Electric Bicycle Market. Connected Electric Bicycle are one such development, featuring a SIM module that allows the e-bike to send and receive data to or from the cloud without a connected smartphone. Some of the key features offered by connected Electric Bicycle include automatic emergency calls, integrated roaming, communication network connection, anti-theft systems, and remote diagnostics. Bosch is a major player in the e-bike market, offering integrated electric bike solutions.

“One example of connected e-bikes is Bosch’s Smartphone Hub. This device connects your e-bike to your smartphone, offering valuable support for riders both before and after their journey. Bosch’s premium Lock function transforms the Kiox computer into a security key. Nyon from Bosch determines energy consumption and calculates cyclist performance based on power usage. Integrated into the COBI.Bike app, similar to komoot platforms, millions of users can exchange information and discover new routes with recommendations and tips from the community.”

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Impact of Russia-Ukraine War and Economic Slowdown

The war in Ukraine disrupts e-bike supply chains and inflates material costs by up to 10%, potentially slowing production and raising prices. This could be offset by a shift towards these fuel-efficient alternatives, with demand rising 5-15%. An economic slowdown might decrease consumer spending on Electric Bicycle by 5-10%, but their affordability could make them even more attractive, leading to a 3-7% market growth. Governments might also introduce incentives (2-5% market boost) to promote Electric Bicycle during an economic downturn.

Electric bikes are becoming popular worldwide

Places with lots of bike paths and a focus on being eco-friendly, like North America and Europe, are seeing a big rise in Electric Bicycle. Governments are even helping out, like in Paris where they built 50 kilometers more of bike lanes. In Asia, with more and more people moving to cities, having more money to spend, and governments encouraging electric vehicles, Electric Bicycle are zooming ahead. China, in fact, makes and uses a ton of Electric Bicycle. Even areas like Latin America, the Middle East, and Africa are starting to see more Electric Bicycle because people are becoming more aware of the environment and governments are building more bike paths.

Key Takeaways

• This report analyzes the global electric bicycle market, including current trends and future predictions.
• It helps identify profitable opportunities for investment in e-bikes.
• The report details key factors that drive, restrain, and create opportunities in the market.

Table of Content- Major Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. The SNS Graph
9. Electric Bicycle Market Segmentation, by Type
10. Electric Bicycle  Market Segmentation, by Application
11. Electric Bicycle  Market Segmentation, By Drive Mechanism
12. Electric Bicycle  Market Segmentation, By Battery Type
13. Electric Bicycle  Market Segmentation, By Motor Type
14. Regional Analysis
15. Company Profiles

Continue

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