The Global E-Bike Market is projected to grow at a CAGR of 9.01% during the forecast period, to reach USD 38.6 billion by 2025 from an estimated USD 21.1 billion in 2018. The base year for the report is 2017, and the forecast period is 2018 to 2025.
Factors such as increasing concern about traffic congestion, rapid urbanization, government initiatives to reduce emission levels, and growing bicycle tourism industry would drive the growth of the e-bike market globally.
The major e-bike market players include:
- Yamaha Motor Corporation (Japan)
- Giant Manufacturing Co., Ltd (Taiwan)
- Accell Group N.V (Netherlands)
- Aima Technology Group Co., Ltd (China)
- Yadea Group Holdings Ltd (China)
- Pedego Electric Bikes (US)
- Merida Industry Co. Ltd (Taiwan)
- Trek Bicycle Corporation (US)
- Specialized Bicycles (US)
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Class-I electric bike is anticipated to be the largest segment of the electric bike market. Class-I electric bike provides assistance only when the rider is pedaling and stops providing assistance when the bicycle reaches 20 mph. This type of electric bike can operate on any paved surface. Also, a class-I electric bike is compatible with the electric bike laws of most of the countries. Thus, a class-I electric bike is expected to hold the largest e-bike market share during the forecast period.
The class-III e-bike segment is estimated to be the fastest-growing segment of the global e-bike market. Class-III e-bikes, which are also known as speed pedal-assisted electric bicycle, provide assistance only when the rider is pedaling and stop providing assistance when the bicycle reaches 28 mph. These e-bikes are allowed on roads, adjacent bike lanes, or private property due to their higher speed than the other two classes, i.e. class-I and class-II. These e-bikes are expected to help replace cars in many cities. Hence, class-III e-bike segment is expected to be the fastest-growing market during the forecast period.
The Asia Pacific region is estimated to be the largest e-bike market by 2025. The region comprises some of the fastest developing economies of the world such as China and India. The governments of these developing economies have recognized the growth potential of electric two-wheelers and, hence, have taken several initiatives to attract major OEMs to manufacture electric two-wheelers in their domestic markets. For instance, the Government of India announced financial support and a scheme called Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME). Under the scheme, there is a subsidy of up to INR 22,000 for electric scooters/e-bikes. Government promotions and schemes have led to an increase in sales of electric two-wheelers over the years.
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