A quick e-bike market analysis shows that the global electric bike market was valued at $40,312 million in the year 2019. This gigantic market share may come as a surprise to you if you don’t know or understand what exactly electric bikes are and why they are all the rage this decade. An electric bike is almost like a regular bike, except it has an electric motor attached to it for assistance in propulsion or acceleration. Because of the ease, comfort, and value for money that electric bikes provide, they have become the rage amongst young and old alike worldwide.
The global e-bike market is segmented into six notable segments, and the growth among each segment helps to analyze different pockets of growth. These segments are:
- Based on battery types
- Based on hub motor location
- Based on mode
- Based on battery power
- Based on class
- Based on usage
The Impact of Covid-19 and 2021
2020 has been a great year of growth if we observe the e-bike market sales analysis. The growth is largely due to the pandemic, because of which more people tried to avoid public transport. And the most convenient, affordable, and comfortable alternative to public transport was electric bikes. They don’t require any supportive infrastructure, and the investment is pretty low for what they offer. Post-pandemic, though, researchers predict that the e-bike market sales will return to normalcy by the end of 2021 as the world will return to the usual use of public or private modes of transport.
Apart from increasing the consumer’s preference towards recreational and healthy activities, the increased use of electric bikes in logistics has vastly impacted the market statistics. Due to the adoption of e-bikes in such factors, the world’s urban areas ruled over the market with a higher share than that observed in rural areas.
The global ‘Electric Bicycle Market’ (2021-2027) research report emphasizes that the global Electric Bicycles market will grow with a CAGR of 6.43% from 2020 to 2027. This is because during the first five years post Covid-19, the rapid urbanization and traffic congestion in big cities are expected to drive electric bike sales. It is also being forecasted that as the technology is advancing, connected e-bikes, i.e., electric bikes that receive and send data through the cloud without the need to connect a smartphone, will push the sales even further high, especially in countries like the USA, Canada, and China.
With so many market segments flourishing simultaneously, by the end of 2027, the lithium-ion battery segment is expected to take the lead and push the market sales higher since it offers more benefits by being eco-friendly and providing a higher price power-weight ratio.
Asia and Europe
The e-bike market is extremely fragmented, with Asia and Europe leading it with the highest share pieces. The European sector accounts for almost 39% of the current market share, while the Asian sector is dominated by China, Japan, and South Korea. This is mainly because of a higher number of manufacturers in these countries and the population being more tech-savvy than other countries. China and Japan are also forecasted to continue leading the market as the biggest exporters in the e-bike market.
With multiple pieces of research providing the industry with positive forecasts, manufacturing giants like Yamaha, Energica, and BMW have come up with multiple options that are not only available to the population of all age groups, but they also provide the users with the comfort of owning a high-end means of convenient transport.
In case you are also looking for a long-term, affordable, eco-friendly mode of conveyance, find out which options might be the best ones for you by checking out these affordable e-bikes. Get your hands on the one you like the best to become a part of the transport industry’s revolution in the next 5 years.