Positive government regulations and policies encouraging the use of e-bikes, increasing fuel costs, and surging interest in cycling as a fitness and recreational activity are driving the growth of the global e-bike market.
Jan. 13, 2022 /Newswire/ — Allied Market Research has published a report titled “By Motor Type (Hub Motor and Mid Drive), Battery Type (Lead Acid, Lithium-Ion (Li-Ion and Other), Application (Sports, Fitness, and Daily Commuting), Consumer Segments (Urban and Rural), and Power Output (250W and Less and Above 250W): Global Opportunity Analysis and Industry 2020 Forecast – 2030.” According to a report published by Allied Market Research, the global e-bike market is estimated at $24.30 billion in 2020 and is expected to reach $65.83 billion by 2030, growing at a CAGR of 9.5% from 2021 to 2030 .
Active government regulations and policies encouraging the use of e-bikes, soaring fuel costs, and increasing interest in cycling as a fitness and recreational activity are driving the growth of the global e-bike market.On the other hand, high acquisition and maintenance costs of e-bikes and bans on e-bikes in major Chinese cities have dampened growth to some extent.Nonetheless, improvements in bicycle infrastructure and battery technology and a surge in the trend of connected e-bikes are expected to pave the way for lucrative opportunities ahead.
By motor type, the mid-drive segment holds a major share in 2020, accounting for about half of the global e-bike market, and is expected to lead by the end of 2030.The same segment will witness the fastest CAGR of 11.4% throughout the forecast period owing to factors such as hassle-free installation and better performance.
By battery type, the lithium-ion (Li-ion) segment accounted for 91% of the total e-bike market revenue in 2020 and is expected to dominate by 2030.During the forecast period, the same segment will experience the fastest CAGR at 10.4% period.This is due to their light weight and large capacity.In addition, falling prices in recent years have also benefited the growth of the segment.
By region, Asia Pacific will have the highest market share in 2020, accounting for about two-thirds of the global e-bike market.This is due to the increase in initiatives by several governments such as India to increase environmentally friendly vehicles and bicycles and the development of related infrastructure.On the other hand, the market will witness the fastest CAGR of 14.0% between 2021 and 2030 owing to a series of initiatives by private companies, local governments, and federal officials to promote the adoption of electric vehicles in the region.
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