Report: Global ‘electric bikes’ market to reach $34.7 billion by 2026
SAN FRANCISCO, June 4, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, released its report titled “Electric Bikes – Global Market Trajectory & Analytics.”
The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
Amid the COVID-19 crisis, the global market for Electric Bikes — estimated at $23 billion in the year 2020 — is projected to reach a revised size of $34.7 billion by 2026, growing at a CAGR of 7.1% over the analysis period. Pedal Assist, one of the segments analyzed in the report, is projected to grow at a 7.3% CAGR to reach $32.9 billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Throttle segment is readjusted to a revised 5.4% CAGR for the next 7-year period. This segment currently accounts for a 12.3% share of the global Electric Bikes market.
The bike boom can be attributed to confluence of various favorable factors.
While shutdown of gyms prompted people to explore other options for physical workouts, various workers started searching for alternatives to subways and buses.
In addition, stay-at-home mandates drove families to look for options to keep children stay active, including leisure family-oriented bikes. Families are investing in bikes to support kids who were unable to go to pools. Bicycles have provided families with the option to stay active and engage in physical exercise during pandemic.
The scenario is driving demand for electric-assist bikes. The strong demand for commuter electric bikes has created shortage of these bikes across stores in the US and UK. Leading manufacturers of these bicycles are finding it challenging to ramp up demand for addressing demand, leading to longer delivery times. The pandemic is anticipated to bring a long-term change in consumer preference and considerably benefit the global e-bikes market in the coming months and years.
The U.S. Market is Estimated at $1.2 Billion in 2021, While China is Forecast to Reach $14.8 Billion by 2026
The Electric Bikes market in the U.S. is estimated at US$1.2 Billion in the year 2021. The country currently accounts for a 4.84% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$14.8 Billion in the year 2026 trailing a CAGR of 8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.8% and 5.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.8% CAGR while Rest of European market (as defined in the study) will reach US$16.2 Billion by the end of the analysis period.
Manufacturers are continuously investing in research and development to create improved technologies for electronic bicycles so as to improve efficiency and increase share in the market. The increased costs related to the purchase of electronic bicycles and the restricted driving range of such vehicles are some of the concerns that are constricting the e-bike current market size. Limited charging infrastructure and long charging sessions for e-bikes are some of the factors that further impede growth in the market. Nevertheless, market players are responding to the concerns by installing fast-charging technologies in e-bikes so that riders can charge bikes much quicker and ride longer distances. Governments throughout the world have enacted several e-bike related regulations and policies for better safety. For example, the Federal Motor Vehicle Safety Act limits e-bikes with a 500-watt motor to a top speed limit of 32 kmph. The law helps riders shun over-acceleration and hence safeguard the riders as well as the surroundings. More
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