The global E-Bike market is projected to reach USD 77.2 billion by 2028 from USD 51.5 billion in 2023, at a CAGR of 8.4% from 2023 to 2028. The growth in E-Bike industry is expected mainly due to driving factors for market like increasing traffic congestion, growing interest in cycling as a fitness and recreational activity, and the inclination of consumers toward an eco-friendly solution for commuting.
The e-Bike market is expected to witness growth post-COVID-19 compared to pre-COVID-19. Lockdowns and the resultant shutdown of stores reduced sales of e-Bikes in the first quarter of 2020. However, with the lifting of lockdowns, e-Bike sales gradually increased. Europe is witnessing a huge rise in the sale of e-Bikes. Government bodies in various cities have launched initiatives to build bicycle highway lanes for e-Bikes. They are also focusing on improving the biking infrastructure. Many governments plan to develop two-way bike lanes on one-way streets to ensure quick commuting of cycles. This would encourage people to use e-Bikes for their daily commute. Some of the major players operating in the e-Bike market are Accell Group NV (Netherlands), Pon. Bike (US), Merida Industry Co., Ltd. (Taiwan), Giant Manufacturing Co., Ltd. (Taiwan), and Yamaha Motor Corporation (Japan).
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The mid-motor segment is projected to reach USD XX million by 2028 from USD XX million in 2023, at a CAGR of XX% during the forecast period. Electric bicycles are becoming increasingly popular forms of two-wheeled electric transportation for both commuting and pleasure riding. Mid-drive motors, which house the motor closer to the center of the bicycle and transfer the motor’s power to the rear wheel via the bicycle’s chain drive, have become much more common over the last 2-3 years. Major component suppliers in the e-Bike market are developing high-quality and better performing mid-drive motors for the e-Bikes. In 2022, Bafang (Suzhou, China) developed one of the most powerful mid-drive motors named Bafang Ultra, which has a nominal power of 1,000 watts and can pull over 2,000 watts. Europe and North America have shifted toward mid motors due to their benefits. These regions have a higher adoption rate of e-mountain bikes, which require more power to climb hills and are increasingly preferred for daily commuting. These factors are expected to increase the demand for mid-motors during the forecast period.
The lithium-ion segment is estimated to be the largest battery segment during the forecast period and is projected to reach USD XX million by 2028 from USD XX million in 2023. Lithium-ion batteries are eco-friendly, have a better lifecycle, and generate more power-to-weight ratio than other battery types. These batteries have also shown a sharp decline in price in recent years. Since, Li-ion batteries have a high energy density, which means they can store a lot of energy in a small size and weight. This makes them ideal for e-bikes, where a lightweight and compact battery is desired. Li-ion batteries have a long lifespan, which means they can last for several years without needing to be replaced. This is a significant advantage for e-bike users, who rely on their batteries for daily transportation.
The electric motor segment is projected to reach USD XX million by 2028 from USD XX million in 2023, at a CAGR of XX% during the forecast period. Many component manufacturers focus on developing motors with high performance, high power, and less maintenance. Robert Bosch Gmbh developed a powerful mid-drive motor that generates a torque of 85Nm. Thus, such developments and the focus of component manufacturers on optimizing the electric motor units to enhance the performance of the e-Bikes would drive the market for electric motors during the forecasted period. Currently, most manufacturers have shifted from hub to mid-drive due to their smaller size, lightweight, and easy integration with the e-Bike frame. North America is projected to grow at a CAGR of XX% for electric motor segment due to the increased demand for e-bikes this region. Europe is estimated to be the second largest region to grow at a CAGR of XX% for e-bike electric motor segment.
Key Market Players:
Major players in the market include Accell Group NV (Netherlands), Giant Manufacturing Co., Ltd. (Taiwan), Yadea Group Holdings., Ltd. (China), Yamaha Motor Company (Japan) and Pedego (US).
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