Major players in the electric bikes market are Accell Group, Derby Cycle AG, Tianjin Fuji-ta Group, Giant Bicycles, Mahindra & Mahindra, Merida Industry Co. Ltd. , Pedego Electric Bikes, Tianjin Golden Wheel Bicycle Group Co Ltd, Trek Bicycle Corporation, Pon Bicycle Holding B.
New York, Dec. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Bikes Global Market Report 2021: COVID-19 Implications And Growth" - https://www.reportlinker.com/p06188077/?utm_source=GNW
V., VanMoof, FRITZMEIER Systems GmbH & Co. KG, Gocycle, Klever Mobility, and Panasonic.
The global electric bikes market is expected to grow from $32.54 billion in 2020 to $36.52 billion in 2021 at a compound annual growth rate (CAGR) of 12.2%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $53.23 billion in 2025 at a CAGR of 9.9%.
The electric bikes market consists of sales of electric bikes by entities (organizations, sole traders, and partnerships) that run on rechargeable batteries or through pedaling.Electronic bikes are battery-powered bikes that resemble gas-powered bikes but require electric power to operate.
Electric bikes are equipped with an integrated electric motor driving system and a battery that produces power for causing or assisting propulsion.E-bikes range from bikes with a modest motor to help the rider’s pedal-power to more powerful e-bikes that provide electricity to operate the bike using the throttle.
Electric bikes are a versatile, eco-friendly, and aesthetic means of transportation.
The main types of classes in electric bikes are class-I, class-II, and class-III.Class-I is a type of electric bike that has an electric motor and works only while pedaling.
The different motor types include mid-motor, hub motor and have various battery types such as lead-acid, lithium-ion (Li-ion), nickel-metal hydride (NiMH), others. It is used in several applications including mountain or trekking, city or urban, cargo, and others.
Asia Pacific was the largest region in the electric bikes market in 2020.Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Technological advancements are shaping the electric bikes market.Major companies operating in the electric bikes sector are focused on developing technological solutions for electric bikes to meet customer demand and strengthen their position.
For instance, in September 2021, Bosch, a Germany-based technology company has unveiled its new Smart System, a comprehensive package that includes innovative digital advances, such as a new mobile app and wireless remote control, to improve the digitalization of bikes utilizing the company’s drivetrain system. Riders may set riding modes, automatically record activity, and integrate fitness apps including Apple Health with the new mobile app.
In November 2019, Pon Bicycle Holding B.V., the Netherlands-based company acquired Urban Arrow for an undisclosed amount. The acquisition would allow Pon Bicycle Holding B.V to increase its portfolio with the addition of various electric bikes of Urban Arrow. Urban Arrow is a Netherlands-based manufacturer of electric cargo bikes.
The implementation of government regulations to encourage the use of electric bikes is expected to propel the growth of the electric bikes market in the coming years.Electric bikes have a longer range and are easier to use, allowing users to travel without sweating, pull bigger loads, run more errands, and take longer journeys.
For instance, in 2021, the FAME India Scheme (Faster Adoption and Manufacturing of (Hybrid & Electric Vehicles) was implemented with a budget of $1.36 billion and it focuses on the electrification of public and shared transportation. Furthermore, in 2021, the California state budget committed $10 million to the Air Resources Board to implement the e-bike rebate program by July 2022. Therefore, the implementation of government regulations to encourage electric bikes drives the electric bikes market.
The countries covered in the electric bikes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06188077/?utm_source=GNW
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