E-Bike Market Research Report, Size, Share, Trends and Forecast to 2024 | CAGR 6%
According to the latest report by IMARC Group titled, “E-Bike Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market reached a value of US$ 19.6 Billion in 2018. Looking forward, the market is expected to reach a value of US$ 27.8 Billion by 2024, exhibiting a CAGR of around 6% during 2019-2024.
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E-bikes, or electric bicycles, are bicycles that are equipped with an electric motor and rechargeable batteries, along with pedals, wheels, drivetrain and steering handlebars. These bikes can either be moved by pedaling or can run on rechargeable batteries. They are widely being adopted owing to their ease of operation and as an economical and eco-friendly alternative to other on-road motored vehicles.
The global market is primarily driven by the growing popularity of cycling as a recreational activity. Growing consciousness regarding the importance of physical fitness among the masses has increased the uptake of bicycles across the globe. In addition to this, users are making a shift from conventional vehicles to eco-friendly variants such as e-bikes that utilize solar power for charging. Furthermore, manufacturers are continually investing in the development of efficient variants, such as hydrogen-powered bikes, which is expected to create a positive outlook for the market. Rising demand for pedelec or pedal-assisted bikes and favorable government initiatives are some of the other factors further influencing the market growth.
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Key Market Segmentation
Breakup by Mode:
- Pedal Assist
- Breakup by Motor Type:
- Hub Motor
- Mid Drive
Breakup by Battery Type:
- Lead Acid
- Lithium Ion
- Nickel-Metal Hydride (NiMH)
- Class I
- Class II
- Class III
Breakup by Design:
Breakup by Application:
- Mountain/Trekking Bikes
Breakup by Region:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
The report has also examined the competitive landscape of global e-bike market. Some of the major players in the market are Accell, BionX, Robert Bosch GmbH, Yamaha Motor Company, Derby Cycle, Giant Bicycles, Klever Mobility, Merida Industry Co. Ltd, Samsung SDI Co, Continental AG, Prodecotech LLC, Fuji-ta, Trek Bicycle Corporation, Pedego Electric Bikes, Shimano, etc.
Key highlights of the report:
• Market Performance
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
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