Report: Electric bike market worth $46B by 2026 – up from $7.68B in 2018
PUNE, India, Jan. 30, 2020 /PRNewswire/ — The global Electric Bike (E-Bike) Market size is projected to reach $46.04 billion by the end of 2026.
Recent advancements in lithium-ion batteries will contribute to market growth.
According to a report published by Fortune Business Insights, titled “Global Electric Bike (E-Bike) Market Size, Share & Industry Analysis, By Propulsion Type (Pedal Assist, Throttle), By Battery Type (Lead Acid, Lithium-Ion, Nickle Metal Hydride, and Others) and Regional Forecasts, 2019-2026,” the market was worth USD $7.68 billion in 2018 and will exhibit a CAGR of 24.5% during the forecast period, 2019-2026.
E-Bike Market Analysis, Insights and Forecast, 2015-2026
Electric bikes are gaining rapid popularity across the world primarily accounting to the fact that they cater to environment-friendly needs. The advancements in parts of electric bike such as batteries, motors, and performances will fuel the demand for the product.
The increasing concerns surrounding warming have created the need for sustainable products that can generate optimum efficacies. The increasing prices of conventional fuel have contributed to the rising adoption of electric bikes across the world.
The increasing investment in the research and development of zero-emission bikes will aid the growth of the market in the coming years.
List of the leading companies that are operating in the global electric bike (E-bike) market are;
- Giant Manufacturing Co. Ltd
- Energica Motor Company
- Robert Bosch Gmbh
- Accell Group N.V
- Derby Cycle Holding Gmbh
- Jiangsu Xinri E-Vehicle Co. Ltd
- Panasonic Corp
- Bionx International Corporation
- Mahindra & Mahindra Ltd
- Prodeco Technologies LLC
- Yamaha Motor Co. Ltd
- Trek Bicycle Corporation
- SHIMANO INC.
- Pedego Electric Bikes
- Revolt Motors
- Zero Motorcycles, Inc.
The report provides an in-depth analysis of the global Electric Bike Market. It highlights the latest product launches and recent innovations in the market and states their impact on the growth of the market. Forecast values have been provided for the market for the period of 2019-2026. The factual figures have been obtained through trusted sources. Moreover, these predictions are made on the basis of extensive research analysis methods, coupled with the opinions of experienced market research professionals. The competitive landscape has been discussed in detail and predictions are made with respect to leading companies and products in the coming years.
Increasing Number of Product Launches to Aid Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. The increasing investment in the development of newer products have yielded a few exceptional products in recent years. Moreover, contributions from government organizations and strict regulations regarding environmental pollution will lead to a widespread adoption of electric bikes.
In April 2017, Energica announced the launch of two new high performance motorcycles. The products possess improved torque and power capabilities. In March 2019, Giant Manufacturing announced the launch of a new premium bike showroom in Mumbai. The growing demand for electric bike across the country will aid the growth of the market in this region. The report identifies a few of the leading products of recent times and gauges their impact on the global market.
Asia Pacific Currently Dominates the Market; Increasing Awareness Regarding Environmental Pollution to Aid Growth
The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in Asia Pacific currently accounts for a dominant market share.
The constantly rising population and the demand for environment-friendly products will contribute to the growth of the market. China holds 70% of the electric bike market share in Asia Pacific.
Moreover, strict emission norms will aid the growth of the regional market. As of 2018, the market in Asia Pacific was worth $6.49 billion and this value is likely to increase further in the coming years.