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Electric Bikes Market Segmented By Pedal Assist, Throttle On Demand, Speed Pedelec, Moped or Motorcycle Type in Lithium iron phosphate, Lithium Ion, Nickel Metal Hydride, Lithium Polymer, Lithium Titanate Type with Hub Motor, Mid Drive, All-in-One, Friction Drive Kits
Electric bikes, also referred to as e-bikes, are fitted with an electric motor which is used for gaining momentum. They make use of chargeable batteries, which have different capacities depending upon their size. Electric bikes are classified on the basis of the power of electric motor on which they run. Peddle assist, throttle on demand, speed pedelec and electric moped or motorcycle are the different categories of electric bikes.
Persistence Market Research has highlighted several key insights in its new research report on global electric bikes market. This research publication uncovers several aspects of the electric bikes market, giving analytical acumen and forecasts with respect to the growth of the electric bikes market during the period of 2017-2022. As per this exhaustive research report, the global electric bikes market is witnessing moderate growth and is projected to register a CAGR of 4.7% during the forecast period of 2017-2022.
A combination of various macro-economic and micro-economic factors continues to shape the global electric bikes market. Consistent advancements in technology have enabled the development of comfortable, environment-friendly electric bikes. Demand for electric bikes is also positively influenced by increasing awareness among consumers about the need to reduce their carbon footprint.
Extended government support and implementation of strict rules in various geographies has pushed the sales of electric bikes. In metro cities, especially in North America and European countries, the concepts of public charging infrastructure and rental service for e-bikes is on the rise. Increasing investments on the research and development by several market players, to develop new high efficiency batteries and manufacture high performance vehicles has played a crucial role in fuelling the adoption of electric bikes. Moreover, manufacturers are pushing sales of electric bikes by positioning their product as environment friendly, which not only reduces air pollution but also has the potential to considerably reduce the greenhouse effect as they reflect low tailpipe emissions.
However, certain factors pose challenges to the growth of the global electric bikes market. Electric bikes are highly priced and cannot be afforded by all. As these bikes run on batteries, they require frequent charging – this remains a challenge owing to the limited number of charging stations. Also, maintenance of the product is of utmost importance, which also requires proper charging infrastructure. High maintenance cost is another key factor that dissuades consumers from buying electric bikes.
Class 3: speed pedelec segment is anticipated to grow at a robust rate during the assessment period. This segment is poised to reflect a CAGR of above 5% and a significant market share by 2022-end, thus gaining high momentum in the coming years as it outpaces other segments in the product type category. The main reason for the growth of the speed pedelec segment is related to health, noise and air pollution.
People are aware of health benefits when using speed pedelecs; they are able to toggle from manual propulsion to electric as per requirement. Speed pedelecs operate silently and do not emit harmful gases. They have high capacity and can achieve high speeds due to electric assistance.
By region, the Asia-Pacific excluding Japan (APEJ) region is expected to lead the global electric bikes market. The APEJ region is expected to continue to remain attractive for electric bikes and it is anticipated to lead the global electric bikes market. Countries like China and India have shown high contribution in the growth of APEJ region.
China has seen higher consumption of electric bikes, which has boosted sales figures, thus impacting the growth of the global market. In India, the government has encouraged the use of electric bikes, and it is looking forward to convert each and every “fuel-running vehicle” into electric vehicles by the end of 2035.
Europe and North America are other key markets for electric bikes. A number of electric bike manufacturers are headquartered in these two regions. Europe and North America have remained at the forefront of innovation in electric bike technology. The electric bike market in Europe and North America is projected to grow at similar rates during the forecast period.
The global electric bikes market research report has profiled key players in the market. Companies such as Robert Bosch GmbH, Accell Group N.V, Giant Manufacturing Co., Ltd., Derby Cycle Holding GmbH, Jiangsu Xinri E-Vehicle Co. Ltd., Panasonic Corp, Bionx International Corporation, Mahindra & Mahindra Ltd., Samsung SDI Co., Ltd., and Prodeco Technologies Llc are profiled in this market study.
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