Pune, India, April 06, 2021 (GLOBE NEWSWIRE) -- According to the report, Electric Bike Market size is projected to reach USD 10.90 Billion value by 2027, exhibiting a CAGR of 8.4%. The Electric Bike Industry was valued at USD 10.05 billion in 2019. Geographically, in 2019, Asia Pacific held USD 8.47 billion in terms of revenue. The region is set to dominate throughout the forthcoming years on account of the major contribution of China.
The global electric bike (e-bike) market is set to gain impetus from the rising trend of bike-sharing mode of transportation. It helps in surging the driving distance and lowering the energy required by the rider.
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The COVID-19 pandemic has disrupted the supply chain of those companies who used to purchase vital components from China. Lithium and cobalt required for the production of e-bikes are available mainly in China. Hence, several companies are trying to reduce their dependence on one country. Some of them are also changing the designs of the vehicles. This pandemic is, thereby, set to decline the demand for the product. We are providing detailed research reports for helping you understand the current scenario.
Increasing Traffic Congestion in Developing Nations to Spur Demand
The developing nations across the globe are facing traffic congestions on a regular basis. The surging number of vehicles in these nations is further causing an insufficient existing road infrastructure. Therefore, the governments are taking several initiatives to lower this congestion that is not only affecting a person’s professional life, but also personal life.
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They are promoting the usage of e-bikes for transportation. This can further help in reducing the number of taxis and private cars on the road. However, as e-bikes are operated by batteries, they may have numerous technical issues, such as quick discharge of batteries. This factor may hamper the electric bike market growth in the near future.
Lithium-ion Segment to Lead Fueled by Possession of Beneficial Properties
Based on battery type, the lead acid segment earned 31.3% in terms of electric bike market share in 2019. The segment is anticipated to exhibit a lower growth in the coming years stoked by the implementation of strict rules by the regulatory bodies of various countries for their usage. These batteries release harmful gases that may impact the environment. The lithium-ion segment, on the other hand, would dominate owing to their possession of multiple beneficial properties.
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Asia Pacific to Retain its Dominant Position Backed by Contribution of China
Geographically, in 2019, Asia Pacific held USD 8.47 billion in terms of revenue. The region is set to dominate throughout the forthcoming years on account of the major contribution of China. The country is a prominent consumer and producer of electric bicycles. Europe is expected to remain in the second position stoked by the presence of stringent vehicular emission standards imposed by the ruling bodies.
- Giant Bicycles (Taichung City, Taiwan)
- Energica Group (Heerenveen, Netherlands)
- Robert Bosch GmbH (Gerlingen, Germany)
- Derby Cycle Holding Gmbh (Cloppenburg, Germany)
- Pedego Electric Bikes (California, United States)
- Panasonic Corporation (Osaka, Japan)
- Mahindra & Mahindra ltd (Mumbai, India)
- Trek Bicycle corporation (Wisconsin, United States)
- Bionx International Corporation (Ontario, Canada)
- Shimano Inc (Osaka, Japan)
- Motor Company (Modena, Italy)
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Global Electric Bike Market Segmentation:
By Battery Type:
- Lead Acid,
- Nickel-Metal Hydride
By Propulsion Type:
- Pedal Assist
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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