Global Electric Bicycles Market Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast – 2022 to 2028

The global electric bicycles market is anticipated to grow at a significant CAGR of 9.7% during the forecast period (2022-2028). An electric bicycle is a bicycle with an electric motor that assists the rider in pedaling. It contains all of the basic elements of a traditional pushbike, with the extra benefit of electric assistance. Electric bicycles are the most popular electric vehicles around the globe. Weight reduction aided by Li-ion battery integration, low cost, and minimal environmental impact is projected to be the major factors driving market growth over the forecast period. Increased urbanization and concerns about autos’ environmental consequences in several global economies are expected to promote market growth.

Trucks and cars account for one-fifth of the US carbon emissions that contribute to global warming, according to the Union of Concerned Scientists. Adoption of environmentally-friendly electric bicycles, that can significantly reduce traffic congestion while producing zero carbon emissions, will enable lower emissions and traffic levels, driving the electric bicycles market over the forecast period.

As a result of increased knowledge and government attempts to promote the use of battery-powered vehicles, consumer adoption of environmentally friendly automobiles is growing. Government initiatives to promote electric bikes include India’s FAME-India plan, Jersey’s electric bike grant scheme, and the UK Office for Low Emissions’ incentives for EV ownership. These efforts are expected to create considerable growth chances for the electric bicycle market over the forecast period.

The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, in order to stay competitive in the market. For instance-

• In September 2019, Polarity, a new electric bicycle manufacturer, unveiled a series of six high-capacity models. These pedal-assisted electric bicycles include a variety of electric motors that allow them to reach speeds of 40 to 100 kilometers per hour.
• In August 2019, Giant Bicycles unveiled the new Reign E+ Pro. This new electric bicycle features Giant’s latest Sync Drive Pro motor technology and Maestro Suspension setup.
• In April 2019, Xiaomi’s Himo Brand introduced the Himo T1 electric bicycle. A 14,000mAh Li-ion battery with a nominal voltage of 48V powers the Himo T1.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Operating Mode
  • By Application
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape-Accell Group N.V., Derby Cycle AG, Jiangsu Xinri E-Vehicle Co., Ltd.,Electric Bike Technologies Inc., and Giant Manufacturing Co. Ltd., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Electric Bicycles Market Report by Segment

By Type

• Lead Acid
• Lithium-ion (Li-ion)
• Nickel-metal hydride (NiMH)

By Operating Mode

• Battery/Peddle Operated
• Throttle Operated

By Application

• City/Urban
• Trekking
• Racing