New York, April 27, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Electric Bikes Global Market Report 2021: COVID-19 Growth And Change To 2030” – https://www.reportlinker.com/p06064487/?utm_source=GNW
, Ltd., Robert Bosch GmbH, Derby Cycle Holding GmbH, and Panasonic Corp.
The global electric bikes market is expected grow from $18.46 billion in 2020 to $19.91 billion in 2021 at a compound annual growth rate (CAGR) of 7.9%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $26.3 billion in 2025 at a CAGR of 7%.
The electric bikes market consists of sales of electric bikes and related services for transportation purposes.The electric bike has an integrated electric motor, pedals and rechargeable batteries for forwarding propulsion.
Rechargeable batteries vary according to the voltage, total charge capacity (amp hours), weight. Depending upon motor and rechargeable battery used in E-bikes its prices vary accordingly.
The global electric bikes market covered in this report is segmented by product type into pedel assist/pedelecs, power on demand, pedal assist with power on demand, by battery type into Li-ion, lead acid, others and by motor type into hub motor, mid motor, others.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
High purchase cost and maintenance cost of electric bikes (E-bikes) are expected to limit the growth of the E-bikes market.E-bike has an integrated electric motor and rechargeable batteries for forwarding propulsion.
E-bikes are expensive because of their battery and motor installed in it.According to eBikesHQ article, E-bikes range in cost between $600 to over $8000 which is not an affordable option for a lot of people in developing countries.
Moreover, E-bikes average battery replacement cost is between $350- $450.This increases the overall operating cost of E-bikes making it hard to be maintained by users.
Therefore, high purchase costs and maintaining the cost of E-bikes are expected to limit the growth of the E-bikes market.
Government subsidy on the sale of Electric bikes (E-bike) is acting as a major growth driver for the E-bike market.E-bike has an integrated electric motor and rechargeable batteries that reduces pollution by eliminating carbon dioxide emissions in the environment.
Therefore, various government and non-governmental agencies are augmenting the sales of electric bikes by providing incentives and subsidies on the purchase of E-bikes.For instance, in 2015 the Indian government announced an incentive scheme named Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME).
Under the incentive scheme of FAME II, in 2019, government provides a subsidy of up to INR 10,000 for the purchase of electric scooters/electric bikes buyer. Thus, government subsidies and incentives are increasing the growth of the E-bikes market.
The companies operating in the electric bike market have started implementing artificial intelligence to increase the efficiency of electric bikes.Artificial intelligence is being used to provide features such as swipe start, geotagging, real-time battery checking and antitheft features.
Following the trend, in 2019, Revolt launched its RV 400 electric bike in India equipped with AI capabilities. The bike when charged for 4 hours can travel up to a distance of 156km.It allows connectivity with android and IOS phones to enable the user to check the range, total riding hours and real-time diagnostics. Thus, the major players in the industry are investing towards the trend of implementing AI in e-bikes.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06064487/?utm_source=GNW
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