The E-Bike Market is projected to reach USD 79.7 billion by 2026 from USD 47.0 billion in 2021, at a CAGR of 11.1%. Government support and initiatives and the positive impact of the Covid-19 pandemic on sales of e-bikes will drive the electric bike market.
As the COVID-19 lockdown measures slowly begin to ease, the preference for e-bikes as a mobility solution is expected to grow across the globe. Most countries offer subsidies to boost the sale of e-bikes. For example, in Italy, the government is offering a subsidy of up to USD 583 (in municipalities with a population of over 50,000 inhabitants) for the purchase of bicycles and e-bikes. In Rome, it was announced to create 150 kilometres [93 miles] of new cycling paths. A similar project in Milan called Strade Aperte (or Open Roads) has been switching 35 kilometres [22 miles] of urban streets to temporary bicycle lanes and widened sidewalks. California’s E-Bike Affordability Program provides USD 10 million in subsidies to help people buy e-bikes. The program is scheduled to begin in 2022. In India, the government announced financial support and a scheme called Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME).
The key players in the e-Bike industry are Accell Group N.V. (Netherlands), Pon. Bike (US), Merida Industry Co., Ltd. (China), Giant Manufacturing Co., Ltd. (Taiwan), and Yamaha Motor Corporation (Japan).
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Class-I segment, by class type in e-bikes is expected to be the largest segment during the forecast period as Asia Pacific countries. which are a major market for e-bikes, such as China, Japan, South Korea, and Taiwan allow only Class-I e-bikes. This results in the Class-I e-bikes occupying the largest market share in the Asia Pacific region.
The lithium-ion battery segment, by battery type, is the largest segment as lithium-ion batteries are preferred in e-bikes currently. These batteries are smaller in size, long-lasting, and have more power-to-weight ratio than other batteries.
In terms of volume, Asia Pacific was the largest market for e-bikes and accounted for ~88% of the market in 2020, owing to the large-scale sale of e-bikes. In terms of volume, China accounted for ~97% of the e-bike market in the Asia Pacific in 2020. However, the sale of e-bikes is expected to witness a decline in China due to new government regulations.
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OPPORTUNITY: Trend towards connected e-bikes
With the growing demand for e-bikes, there are technological advancements in the field of e-bikes. The connected e-bike is one such advancement, wherein the SIM module enables the e-bike to send and receive data to and from the cloud without a connected smartphone. Some of the important features offered by the connected e-bike include automatic emergency calls, integrated navigation, social media connection, anti-theft system, and remote diagnostics. Bosch is one of the major players in the e-bike market, offering connected electric bike solutions. For example, Smartphone Hub by Bosch can connect e-bikes to a smartphone and support the riders before and after their journey. The Lock premium function by Bosch also transforms the Kiox connected onboard computer into the key for greater security. Nyon from Bosch determines the pedalling force and frequency during the journey and uses this information to calculate the cyclist’s performance and energy consumption. On platforms such as komoot, which is integrated into the COBI.Bike app, millions of users can exchange information with each other and discover new routes with recommendations and tips from the community.