E-Bike Market to Grow at a CAGR of 23.6% to reach US$ 224,014.2 Million from 2019 to 2027

The e-bike
market accounted to US$ 35,862.5 Mn in 2018 and is expected to grow at a CAGR
of 23.6% during the forecast period 2019 – 2027, to account to US$ 224,014.2 Mn
by 2027.

E-bike market is led by the
APAC region in 2018. APAC led the landing global e-bike market with more than 70.3% share, followed by
Europe and North America region. The rate of e-bike sales growth in China
outstrips other personal modes. The credibility to e-bikes was granted through
legislation that governed standards for e-bike size and performance
characteristics. Moreover, e-bikes were formally classified as bicycles by the
China Central Government, in the year 2004, and thereby avoided the licensing
and helmet regulations allied with gasoline or electric-powered two-wheelers,
as well as permitting their use on standard bicycle infrastructure. Many Asian
cities rely on gasoline two-wheelers that have higher speeds and cargo-carrying
capacity than most e-bikes. Most Asian cities do not have a robust dedicated
bicycling infrastructure, which benefits e-bike riders in China. Moreover, lack
of marketing, experience, maintenance infrastructure, and higher up-front costs
of e-bikes diminish overall market share. Consequently, presenting tremendous
opportunities for the rise in the business of e-bike market players.

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Market
Insights

Adoption of
E-Bike to Reduce Traffic Congestion is expected to boost the e-bike market

The most alarming issue commuter’s face these days is
“Traffic,” which consumes time along with the huge amount of money on fuel. As
per the data given in the Inrix Global Traffic Scorecard in 2018, 60 urban
areas in the US are considered among the most traffic-congested cities, wherein
the repercussions of traffic congestion cost billions of dollars each year to
the Americans. With the increasing investment of government and manufacturers
toward the adoption of e-bikes, traffic congestion can be minimized, this
increased demand is expected to fuel the growth of the global e-bike market.

Underdeveloped
Charging and Cycling Infrastructure in Developing Countries may restrain the
future growth of the e-bike market

In developing economies, the installation of EV charging
stations and road/pathway infrastructure is yet to flourish. As per Honda (a
Japan-based automotive manufacturer), the establishment of supporting
infrastructure for e-bikes, which includes battery swapping and charging
stations and the subsequent adoption of the advanced technology, across India
will take time. Consequently, the underdeveloped charging and cycling
infrastructure across various developing countries is hampering the adoption
rate of e-bikes may hinder the growth of the e-bike market.