Global Electric Bicycle Market Research Report, by Type (Pedal Assist/ Pedelecs, Power on Demand, Pedal Assist with Power on Demand), Battery Type (Sealed Lead Acid, Li-Ion Battery), Motor Type (Hub Motor, Mid Drive Electric), Regions– Forecast till 2023.
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Market Scenario
An electric bicycle, e-bike, or power bike is a bicycle with an integrated electric motor for propulsion to assist the rider’s pedal-power. The global electric bicycle market is anticipated to grow at a CAGR of 5.91% by the end of forecast period of 2023.
Market Dynamics
Growing Popularity Owing To Technological Advance Is The Prime Determinant Fuelling The Marker Growth. Technological advancements such as the development of lighter rechargeable batteries, lighter and stronger frames owing to improvements in material technology as exemplified by carbon fiber and others have resulted in bikes capable of reaching average speeds up to 25 to 32 km/h. Powerful bikes with a powerful battery and assisted by pedal power can reach 45 km/h. Thus, electric bicycles are gaining popularity as they are replacing fossil fuel powered mopeds.
Environmental Concerns and Awareness Of Health Benefits Expected To Drive A Significant Market Adoption. The rise in awareness about carbon emissions and rising environmental concerns are driving the electric bicycles market as e-bikes have a lower environmental impact than conventional automobiles, and are viewed as environmentally desirable. The small battery size, relative to electric cars, makes them attractive candidates for charging via solar power. Leading electric bicycles manufacturer, Sanyo had set up solar parking lots, for charging e-bikes under photovoltaic panels. A recent environment study had found e-bikes to be 18 times more energy efficient than an SUV and 13 times more energy efficient than a sedan. The average distance traveled on a conventional bicycle is 6.3 kilometers which increase to 9.8 kilometers on an e-bike which makes them popular with people aged 65 and over.
Regulatory Backing Is Expected To Result In Faster Market Adoption
The attractive environmental credentials of e-bikes have led to regulatory approval and incentives by many Governments. For example, the Little Rock, Arkansas authorities have favored the Wavecrest electric power-assisted bicycles while California police had supported Zap e-bikes. Strong partnerships between e-bike manufacturers and public organizations such as universities are expected to result in faster adoption and technological sharing. China’s e-bike manufacturer Xinri, had partnered with universities for technological development. Lax regulations for electric bikes and construction of bicycle highway lanes are other drivers of the market.
Opposition from Regular Bikers and Battery Shipping and Recycling Regulations can Hamper the Market Growth. There has been an opposition from land management regulators and mountain bike trail advocates to electric bicycles citing potential safety hazards and damage to trails. Other concerns are the environmental contamination from used lead batteries and strict shipping regulations for lithium-ion batteries, due to safety concerns. The high cost of electric bicycles which is almost three times that of conventional bicycles is another restraint of the market.
Market Segmentation
To generate an accurate understanding of the global electric bicycle market, the report has been segmented into type and region. Based on the type, the market has been segmented as a pedal assist (or pedelecs), pedal assists with power on demand and power on demand. Pedal assist segment accounted for the most significant market share owing to more comfort due to the elimination of controlling the throttle, different levels of assistance such as low, medium, and high and others.
Based on regions, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa.
Regional Analysis
The Asia Pacific region accounted for the most significant share of the market and is dominated by China and followed by India and Japan. China is the most significant market for an electric bicycle. China has witnessed an explosive growth of electric bicycles sales led by Chinese local government’s efforts to restrict motorcycles in city centers owing to traffic disruption. Motorbikes are banned or limited in over ninety major Chinese cities, and their share has been captured by e-bikes. However, road accidents have challenged the growing electric bicycles market with restrictions on e-bikes on the same grounds. Cities such as Guangzhou, Shenzhen, Changsha, Foshan, Changzhou, and Dongguang have banned electric bicycles. Tianjin, Zhejiang, Jiangsu, Shandong, and Shanghai are significant regions of productions of electric bicycles.
The Asia Pacific is followed by Europe with Netherlands, Germany, Sweden, Finland, and others driving fast growth. The Netherlands is poised to be the fastest growing market, and electric bicycles are expected to acquire a market size of more than 10 % of total two wheelers market and 25 % of total bicycle sales during the forecast period. North America led by the U.S. accounts for the third most significant market share. The market is growing owing to their application expanse such as food delivery vehicles. However, the lower petroleum prices are expected to slow down the market growth. The Middle East and Africa market are skewed in favor of the Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
Major Table Of Content:
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.1 Definition
2.1.2 Research Objective
2.1.3 Assumptions
2.1.4 Limitations
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
Continued…
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