An electric bike is basically a bicycle powered by an electric motor. It can be completely propelled through electric power or it can use pedal assist. With the rising concern about global warming and carbon emissions, the popularity and adoption of E-Bikes is predicted to increase significantly in the near future. E-Bikes offer an eco-friendly and efficient solution for both commuting and recreation, which is why their adoption has been rising across the globe.
The global electric bike market is expected to reach $23.83 billion by 2025 from $16.34 billion in 2017. The market is expected to grow at a CAGR of 4.9% during the period from 2018 to 2025. The growth of the market will be fuelled by growing consumer inclination towards using E-Bike as an eco-friendly option for commuting. Supportive government policies and strict rules favouring E-Bikes will also drive the growth of the market in the coming years.
Apart from these, the interest in cycling has been growing continuously across the globe due to growing consciousness about health and fitness among people. This too will affect the global E-Bikes market positively, along with ensuring improvements in bicycling infrastructure.
Another important factor that will propel the global E-Bike market is the increasing awareness about global warming. As carbon dioxide emissions from motorized vehicles are one of the main contributors to global warming, many customers are switching to electric vehicles like E-Bikes.
Other factors that are increasing the popularity of E-Bikes include growing fuel prices, growing urbanization, increasing vehicular traffic, and applications of E-Bike in several sectors like logistics, and the availability of E-Bike rental services. On the other hand, high cost of electric bikes and lack of adequate infrastructure in developing economies may dampen the growth of the market to some extent.
Currently, Asia-Pacific is leading the global market for E-Bikes, with China being the largest consumer of electric bikes in the Asia-Pacific region. The growth of the regional market will also be driven in the coming years by the initiatives taken by the Indian government for increasing the adoption of electric vehicles.
However, the North American market is anticipated to grow with the highest CAGR in the coming years, mainly due to the increasing adoption of E-Bikes for commuting, fitness activities, and recreation. The European E-Bike market will also record significant growth in the coming days, as the demand for E-Bikes is expected to grow considerably in the region.
Some of the major players operating in the global E-Bikes market are Trek Bicycle Corporation, Accell Group, Giant Bicycles, BionX International Corporation, ProdecoTech, LLC, Derby Cycle, Fuji-ta Bicycle, Jiangsu Xinri E-Vehicle Co., Ltd., Mahindra & Mahindra Ltd., Riese & Muller, Tianjin Golden Wheel Group Co., Ltd., Merida, and M1 Sporttechnik.
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