The global electric bikes/e-bikes market size is expected to reach USD 121.10 billion by 2030, according to a new study by Polaris Market Research. The report “Electric Bikes/E-Bikes Market Share, Size, Trends, Industry Analysis Report, By Product; By Battery Type (Lead Acid, Li-ion, Others); By Usage; By Drive Mechanism (Hub Motor, Mid Drive, All Wheel Drive (AWD))By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The emergence of different environmental challenges has diverted human attention away from the utilization of fuel oil toward fuel conservation. This also has an influence on the availability of ecologically beneficial and power modes of conveyance.
Further, the transition from utilizing fuel-powered conveyance apparatus to renewable energies has also led to evaluations that have affected people's routines which in turn has increased the demand for electric bikes/e-bikes. Moreover, government assistance and efforts, along with the favorable influence of the Covid-19 outbreak, will likely contribute to the rising trend.
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Hub motor drive mechanism segment is expected to hold majority shares in the global market as these require low or no maintenance because they do not strain the motor and run autonomously. Furthermore, increased power, high torque, and improved vehicle handling are some other factors expected to increase the demand for hub motors throughout the forecast period.
Asia Pacific is anticipated t dominate the global market during the forecast period. The primary drivers of developing this geographical industry are the presence of emerging economies, especially India and China. This is due to their vast population, rising consumer spending power for sophisticated goods, and more significant government subsidies.
Industry players such as Accell Group, Derby Cycle, Bionx International Corporation, Giant Bicycles, Fuji-ta Bicycle Co., Ltd., VanMoof, Mahindra & Mahindra Limited, Jiangsu Xinri E-Vehicle Co. Ltd., Panasonic Corporation, Pedego Electric Bikes, Rad Power Bikes, Prodeco Technologies LLC, Robert Bosch GmbH, Shimano Inc., Trek Bicycle Corporation, Tianjin Golden Wheel Group Co., Ltd., and Yamaha Motor Co. Ltd. are among major players in the global market.
Polaris market research has segmented the electric bikes/e-bikes market report based on product, battery type, usage, drive mechanism, and region:
Electric Bikes/E-Bikes, Product Type Outlook (Revenue - USD Billion, 2018 - 2030)
Electric Bikes/E-Bikes, Battery Type Outlook (Revenue - USD Billion, 2018 - 2030)
Electric Bikes/E-Bikes, Usage Outlook (Revenue - USD Billion, 2018 - 2030)
Electric Bikes/E-Bikes, Drive Mechanism Outlook (Revenue - USD Billion, 2018 - 2030)
Electric Bikes/E-Bikes, Regional Outlook (Revenue - USD Billion, 2018 - 2030)