The latest research study “E-Bike Market Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that The global e-bike market size reached US$ 21.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 32.4 Billion by 2027, exhibiting at a CAGR of 6.9% during 2022-2027.
Industry Definition and Application:
An e-bike is a bicycle that consists of electrical components, including motors, batteries and controllers. The electric motor in the bike aids the rider’s pedal-power, which is utilized for propulsion. When the user puts pressure on the pedals of an e-bike, the motor engages and provides a boost to the acceleration. Since it utilizes rechargeable batteries for its functioning and can cover long distances at a single charge, it is not only a cost-effective option but also an environment-friendly means of transportation as compared to other land transports, such as motorcycles and cars.
COVID-19 Impact Analysis
Note; We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global E-Bike Market Trends:
Growing awareness among the masses regarding the benefits of physical fitness is primarily driving the growth of the market. Lifestyle diseases such as diabetes and obesity are proliferating on the global level on account of lack of physical activities and shifting dietary patterns.
Consequently, a majority of the population has turned to cycling as a measure to improve their cardiovascular health, enhance aerobic capacity and combat weight gain issues. Since these bikes rely on pedaling as well as on motors for mobility, they serve as an ideal option for beginners and users with health issues. In line with this, these bikes are also gaining widespread popularity among senior citizens, patients suffering from chronic pain and people with disabilities.
Advanced variants with e-assistance services aid people with lower mobility to exercise without adversely affecting their health. Moreover, these bikes utilize rechargeable batteries or solar power to function. Rising awareness regarding the hazardous effects associated with the usage of conventional vehicles has bolstered the uptake of these bikes. Furthermore, the advent of hydrogen-powered bikes and Smart E-Bike Monitoring System (SEMS) is also expected to favorably impact the market growth.
List of Major Key Players:
The major players in the market are ACCELL GROUP (ACCEL.AS), BionX International Corporation, BOSCH LTD (BOSCHLTD.NS), YAMAHA MOTOR CO (YAMHF), Derby Cycle Holding GmbH, Giant Manufacturing Co. Ltd., Klever Mobility GmbH, Merida & Centurion Germany GmbH, Samsung SDI Co., Ltd, Continental AG, ProdecoTech, Fuji-ta Bicycle Co., Ltd., Trek Bicycle Corporation, PEDEGO INC, and Shimano Inc
|Electric Bike Market Report Scope|
|Market size value in 2021||US$ 21.6 Billion|
|Market forecast in 2027||US$ 32.4 Billion|
|Growth Rate||CAGR of 6.9% from 2022 to 2027|
|Base year for estimation||2021|
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