The e-bike market will generate $66.53 billion by 2030:
Portland, OR, June 06, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the electric bike market generated $24.90 billion in 2020 and is expected to reach $66.53 billion by 2030, growing at a CAGR of 10.5% from 2021 to 2030. The report offers a detailed analysis of the changing trends in the market, major segments, major investment pockets, value chain and regional landscape. , and competitive scenario.
Favorable government regulations and policies, soaring fuel costs, and growing interest in cycling as a fitness and leisure activity are driving the growth of the global e-bike market. However, the soaring cost of purchasing and maintaining e-bikes is restraining the growth of the market. On the other hand, improvements in cycling infrastructure and battery technology and the rise of connected e-bikes present new opportunities in the coming years.
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- Electric bike sales volume declined in the first quarter of 2020, due to the closure of bike shops with lockdown restrictions in place during the Covid-19 pandemic. However, the sales volume of e-bikes increased after the lockdown in most countries, including China, the Netherlands, Japan, the United States, Italy and France.
- As one of the leading bicycle manufacturers and with the largest e-bike market, China has seen an increase in demand in this sector.
- After the lockdown, the market should recover as request for electric bikes is on the rise across the world with an increase in health awareness and preference for environmentally friendly means of transport.
The report offers detailed segmentation of the global electric bicycle market on the basis of engine type, battery type, application, consumption segment, power output and region.
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Based on battery type, the lithium-ion (Li-ion) segment contributed the highest share in 2020, accounting for more than three quarters of the total market share, and is expected to maintain its dominant share by now. 2030. Moreover, this segment is expected to exhibit the highest CAGR of 11.2% from 2021 to 2030. The report also analyzes lead-acid and other segments.
Based on applications, the commuting segment held the largest share in 2020, accounting for more than half of the global e-bike market. However, the fitness segment is estimated to witness the fastest CAGR of 13.3% during the forecast period.
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Based on region, Asia-Pacific accounted for the highest share in 2020, contributing more than half of the total market share, and is expected to maintain its leading status by 2030. However, LAMEA is expected to show the fastest CAGR of 14.6%. during the forecast period.
Key players of the global electric bicycle market analyzed in the research include Accell Group NV, Derby Cycle, CSE EV Group Co. Ltd., Fuji-ta Bicycle Co. Ltd., Merida Bikes, Giant Group, Trek Bicycle Corporation, Yadea Technology Group. Co., Ltd., Royal Gazelle and Yamaha Motor Corporation.
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