Sep 19, 2019 (Heraldkeepers) -- According to latest Electric Bicycle Market Analysis 2019 to 2023 report, the global Electric Bicycles market is expected to grow at healthy 5.91% CAGR by 2023. Report include insightful analysis done by Electric Bicycles Industry expertise which comprises valuable historical and forecast information on E-bikeMarket segments by Type (Pedal Assist/ Pedelecs, Power on Demand, Pedal Assist with Power on Demand), Battery Type (Sealed Lead Acid, Li-Ion Battery), Motor Type (Hub Motor, Mid Drive Electric), Region.
E-bike Industry Key Companies Analyzed in Report: NYCeWheels (U.S.), Accell Group (Netherlands), Derby Cycle (Germany), Easy Motion USA (California), Moustache Bikes (France), and Jiangsu Xinri E-Vehicle Co., Ltd. (China). myStromer AG (Switzerland), Karbon Kinetics Limited (KKL) (U.K.), Pedego Electric Bikes (California), and A2B Electric Bikes (U.K).
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Global Electric Bicycle Market 2019 Insights:
Electric bicycles are e-bikes that comprise integrated electric motors that can be used the purpose of propulsion. These bikes use rechargeable batteries and can travel at a speed of up to 25 to 32 km per hour. However, the speed limit depends upon the individual country's government regulations. The global electric bicycle market is slated to grow at a decent pace in the coming years according to the study undertaken by Market Research Future (MRFR). The study mentions that the global valuation of the market will reach a projected figure of USD 21,347 million by the end of the forecast period at a compound annual growth rate of 5.91% between 2015 and 2023.
The existing e-bikes are of various types across the globe, such as pedal assist, electric power, and battery powered. The global electric bikes have been witnessing golden opportunities led to the government support and strict rules favoring electric bikes. There have been more factors that are continuously supporting the global electric bikes market to spur and flourish in the years to come.
Increased concern and awareness about the concepts of health and wellness and the scale of impact that standard vehicles have on the environment has boosted the demand for electric bicycles. Market reports related to the automobile industry have been offered by Market Research Future which makes reports on other industry verticals that aims to analyze the current market scenarios better. The market stands to gain USD 21,347 million in revenues while growing with a CAGR of 5.91% in the forecast period.
The market for electric bicycles has been considerably boosted due to the strict government policies that have been in effect. The concept of eco-friendly vehicles has also gained significant traction that translates positively for the development of the electric bicycle market. The rise in bicycle tourism is also projected to positively influence the growth of the market in the upcoming forecast period.
Top Impacting Factors Driving the Market:
The factors impacting the electric bicycle market are accounted to be growing consumer inclination towards the use of e-bikes. This initiative has been taken in favor of an eco-friendly and efficient solution to commuting and increasing fuel costs. These are eventually taking the market of electric bicycles to a higher level. Looking in the past, this growth route of the market will continue over the decade and will prosper many opportunities stemming from the influx of fitness, recreational activities and more.
Recently, there has been a trend among people and their growing interest in cycling for fitness and recreational activities. These factors have driven a paradigm shift in the fitness-consciousness sector as, riding the electric bikes help to travel with continuous peddling, which, in turn, impacts health in maintaining fitness.
Such a practice of peddling electric bicycle also helps physical and mental health benefits, such as endurance building, alleviating stress, enhancing muscle strength, and expanding cardiovascular fitness population across the globe.
Going forward, more factors contemplating the market to grow would include a reduction in weights aiding with the integration of Li-on batteries, low cost, widespread availability along with minimal environmental impacts are majorly expected in fueling the growth of the global electric bicycle market over the forecast period.
Electric Bicycle Market Segment Analysis:
The global electric bicycle market segmentation is based upon key dynamics like type, motor type, and battery type.
By type, the market segments into Pedal Assist with Power on Demand, Pedal Assist (or Pedelecs), and Power on Demand. The pedal assist segment holds the largest share of the market in this category. Pedal assist is a mode available in e-bikes wherein the power is provided only when you pedal. This mode is highly comfortable and is adopted widely across the globe than throttle. Under this mode, the rider doesn't require to control the throttle and can solely focus upon pedaling. These pedal assist bicycles boast different assistance levels like medium, high, and low. Based on the level of assistance required, a rider can experience the comfort that is available with the rides.
By battery type, the market divides into sealed lead acid and Li-on battery.
By motor type, the market breaks down into mid-drive electric and hub motor.
Electric Bicycle Market Regional Insights:
Geographically, the Electric Bicycle market span across Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa.
Asia Pacific region is leading the electric bicycle market, owing to the presence of developing nations such as China, Japan, and India. These countries are tremendously supporting the electric bicycle market with all positive approach. While China is now the most attractive country for electric bicycles and have eventually strengthened its industry leadership by making profits coupled with high supply of electric bicycles as well as components such as electric motors and battery cells.
Elsewhere, the US region is contributing significantly to the expansion of the North American regional market.
Study Period: 2018 to 2023.
Base Year: 2018.
Key Table of Content:
1 Executive Summary 11
2 Introduction 12
2.1 Definition 12
2.2 Scope Of The Study 12
2.3 Assumptions 12
2.4 Key Buying Criteria 13
2.5 Market Structure 13
3 Research Methodology 14
3.1 Research Process 14