Global E-bike Market Forecast 2021-2028
The global e-bike market is estimated to project a CAGR of 9.16% during the forecast period, 2021-2028. The factors projected to propel the market growth are shifting consumer preference to e-bikes for commute and the government initiatives encouraging the use of e-bikes.
Electric bikes are bicycles that have an integrated electric motor drive mechanism and battery. They are the electric motor-powered versions of motorized bicycles. The rising carbon emission by fuel combustion across the globe has concerned the environmentalists and governments in the past few decades. This is one of the crucial factors driving the demand for e-bikes globally. The enhanced designs and performance have equally contributed to the rising popularity of electric bikes, apart from environmental and economic concerns. E-bikes are a quicker and easier mode of transportation in the face of congested traffic during the daily commute, thus influencing the preference of consumers, which further propel market growth. However, the expenses involved in e-bikes are restricting the market growth. The high costs, in comparison to normal motorbikes, are attributed to their wiring, battery power, design, and motor engine. Though, the costs are mainly dependent on quality and grade.
The geographical evaluation of the global e-bike market includes the assessment of Europe, Asia Pacific, North America, and rest of world. The Asia Pacific region is set to dominate the global market by 2028. The increasing adoption of e-bikes in densely populated cities of the region strengthens its foothold in the global market.
The competitive rivalry of the market is assessed to be moderate, with established players focusing on cost reduction of batteries and motors for achieving volume sales. Some of the established players in the market include, BMZ GmbH, Brose Fahrzeugteile SE & Co KG, Fuji-Ta Bicycle Co Ltd, Derby Cycle, Accell Group, etc.
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