Compared to $14.4 billion in 201 in 2019, the e-bike market is expected to generate $25.9 billion by 2025, growing at a 10.3% CAGR between 2020 and 2025. During the past year, the pedal-assist category of the propulsion type had the biggest volume share of the market. The increasing integration of mobile phones into these vehicles is a big development in the e-bike. Riders can see behind them and get real-time information on the battery’s level, speed, location, and route, among other things.
The growing amount of pollution in many nations, which has been a major source of worry for citizens and governments, has increased the demand for green technology-powered automobiles for commuting. As per the Our World in Data, air pollution accounted for 11.65% of deaths worldwide. Low-speed electric vehicles, particularly pedal-assist e-bikes, are more popular in Germany, Japan, Belgium, the Netherlands, and numerous other nations. Furthermore, elderly individuals are increasingly choosing these bikes to alleviate health issues and for short-distance commuting, fueling the demand for the e-bike.
During the projection period, lithium-ion batteries are predicted to develop at a faster pace, by value, in the e-bike market. This is because these batteries are lighter and have a higher energy density, allowing riders to travel further with each charge. Furthermore, the rapidly decreasing costs of lithium-ion packs are predicted to sustain the market’s fastest growth in this segment. Similarly, there is one more category â€˜Lead Acidâ€™ based on battery which is also used in e-bikes.
At present, the e-bike market is fragmented in nature due to the presence of numerous players, such as Accell Group N.V., AIMA Technology Group Co. Ltd., Dongguan Tailing Electric Vehicle Co. Ltd., Giant Manufacturing Co. Ltd., Harley-Davidson Inc., Jiangsu Xinri E-Vehicle Co. Ltd., Yadea Group Holdings Ltd., and Yamaha Motor Co. Ltd. Nowadays, e-bike manufacturers are actively focusing on business mergers and product launches to consolidate their positions. For instance, Harley-Davidson Inc. introduced the prototype of its electric bike, in November 2019, at EICMA motorcycle Show 2019, Milan.
Thus, the demand for e-bikes is advancing day by day due to the growing environmental awareness and rising pollution levels around the world.