Electric Bike Market Worth $80.6 Billion by 2027 | MarketsandMarkets
Electric Bicycle Market by Class, Speed, Battery Type (Lithium-ion, Lithium-ion Polymer, Lead Acid), Mode (Pedal Assist, Throttle), Component, Ownership, and Region
NORTHBROOK, ILLINOIS, USA, June 30, 2022 /EINPresswire.com/ — According to the new market research report, the Electric bike market The size is expected to reach USD 80.6 billion by 2027, from an estimated USD 49.7 billion in 2022, at a CAGR of 10.2% from 2022 to 2027.
The e-bike market is expected to witness growth owing to an increase in demand for sustainable mobility solutions, increasing traffic congestion, rising fuel prices, and growing interest in cycling as a fitness and leisure activity.
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The e-bike market is dominated by major players such as Accell Group N. V (Netherlands), Pon. Bike (USA), Merida Industry Co., Ltd (China), Giant Manufacturing Co., Ltd (Taiwan), Yamaha Motor Company (Japan), Yadea Group Holdings Ltd (China), Pedego Electric Bikes (USA) , AIMA Technology Group Co., Ltd (China), Trek Bicycle Corporation (USA) and Specilaized Bicycle Components, Inc (USA).
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The lithium-ion polymer battery type segment is expected to be the highest growing segment during the forecast period.
Lithium-ion polymer batteries are the future of battery technology. Lithium-ion polymer batteries offer longer runtime and less weight than lithium-ion batteries. Another advantage is that these batteries have no free liquid, so lithium-ion polymer batteries do not need to be protected by a heavy case which directly adds to the weight of the e-bike. These batteries can be molded into different shapes and sizes, so there is a strong potential for the growth of the lithium-ion polymer battery market that exists over the forecast period.
The City/Urban e-Bike segment is expected to be the largest segment from 2022 to 2027.
Urban/urban e-bikes are designed for frequent, short and moderate journeys in relatively flat urban areas. The urban/urban e-bike segment is estimated to have a market share of around 60% in 2022 and is expected to grow by 2027. Rapid urbanization and traffic congestion are among the major factors contributing to the growth of e-bikes urban/urban. Bike market. Most countries are also focusing on increasing the use of urban/urban e-bikes through subsidies and regulations to reduce pressure on public transport systems. China, Japan, India and South Korea in Asia-Oceania are facing traffic jams due to high population and vehicle density. Thus, the urban/urban e-bike segment is estimated to hold the largest market share in Asia-Oceania by 2027.
North America is estimated to be the fastest growing electric bicycle market from 2022 to 2027.
North America is estimated to be the fastest growing market for e-bikes from 2022 to 2027 owing to the increase in adoption of e-bikes for everyday consumer commuting. The United States and Canada are major contributors to the sale of electric bicycles in North America. North America saw an increase in e-bike sales in 2020-2021 after the situation started to stabilize due to the increase in the vaccination rate after Covid-19. With the increased appeal for recreational activities, the mountain electric bike segment is expected to grow the fastest in North America by 2027. The quest to maintain the ecosystem and reduce the release of toxic elements into the atmosphere and the carbon footprint is important for the rapid response to e-bike adoption in North America. To reduce emissions, governments across North America are offering incentives to purchase electric cargo bikes. These factors would increase the demand for e-bikes in North America by 2027.
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1. In April 2022, Trek Bicycle Corporation acquired David’s World Cycle. Trek Bicycle Corporation acquired 21 retail chains as part of the expansion strategy and to expand its dealer network.
2. In February 2022, Merida Industries Co., Ltd entered into a strategic partnership with Team Bahrain Victorious as the official bicycle supplier and technical partner. Since its launch in 2017, Merida Industry Co., Ltd has been closely involved with the team and will continue to provide winning bikes and technical advice.
3. In January 2022, AIMA Technology Group Co Ltd entered into a strategic cooperation partnership with Juiced Bikes. Under this partnership, AIMA Technology Group Co Ltd would provide high quality products and technical advice to Juiced Bikes in the United States.
4. In October 2021, Yamaha Motor Company entered into a joint venture with Hero Motors to develop an electric bicycle drive unit. The joint venture expects to begin production of the first model at the upcoming Hero E-Cycle Valley manufacturing facility by November 2022. Additionally, the joint venture would utilize the OEM networks of Hero Motors and Yamaha Motor Company for unit sales. drive in global markets
5. In October 2021, Pon. Bike acquired the Dorel Sports division of Dorel Industries as part of the strategy to build a premium e-bike portfolio to cover all categories in the e-bike segment.
Mr. Aashish Mehra
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