E-bike Market is set to grow exponentially by 2030
E-bikes are counted as an integral part of the global shift to greener transportation. As these bikes are smaller in size and have relatively low CO2 emissions during manufacturing than electric cars, the market revenue is expected to surge to an unprecedented valuation. With shifting consumer buying behavior toward environmentally friendly transportation options, e-bikes industry sales are likely to see an uptick in the years to come. Market research estimates the global e-bikes market size to be valued at over $40 billion by 2030.
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With an ambitious goal of achieving climate neutrality by 2050, Europe is heavily investing in electric mobility. In their efforts to reduce CO2 emissions, regional governments have been encouraging cycling as a transit option. As per the European Cyclists' Federation (ECF), cities have spent over USD 1 billion on COVID-related cycling initiatives in 2020, building at least 600 miles of bike lanes.
The public has positively responded to the government's strong support for cycling and purchased more electric bikes as an ideal means to stay fit as well as transit with ease. Initiatives like these will augment growth in the e-bikes industry over the years owing to the health-conscious public.
E-bikes are considered a less expensive, greener, and even speedier alternative to conventional electric means of commuting. Companies are leveraging these product benefits and using them for delivery and courier services, among other things. With issues such as rising fuel cost, traffic congestion, and environmental pollution, city e-bikes have been garnering increased customer interest as an affordable and preferred vehicle of choice over other options.
The COVID-19 pandemic has strengthened e-commerce reach to new organizations, customers, and product categories. During the past two years of global lockdowns, customers have been able to access a wide selection of items from the comfort and safety of their own homes. The trend that has been skyrocketing till now, has influenced the product uptake.
Speaking of the influence of social media on customer buying decisions, the popular social application Instagram is touted as one of the most impactful online retail platforms.
According to a study conducted for Facebook, over 83% of the respondents stated that the app helped them find new products or services. As people start buying from e-commerce websites and social media, e-bikes are also being used for product delivery. In July 2022, Amazon announced initiating package deliveries by cargo e-bikes in the UK as it moves ahead in its climate goals.
Prominent e-bike manufacturers are capitalizing on the huge business opportunity presented by social media and increasing their presence online. Some of the leading players operating in the global e-bikes market include Accell Group, AIMA Technology Co., Giant Bicycles, Pedego Electric Bikes, Rad Power Bikes, Specialized Bicycle Components, Electric Bike Technologies, Inc., Trek Bicycles, Sunra, and Yadea. Partnerships, mergers, acquisitions, and new product launches are some of the other strategies adopted by these companies to retain existing customers, as well as attract new clientele.
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