April 19, 2022 08:54 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, April 19, 2022 (GLOBE NEWSWIRE) -- The global e-bike charging station market size is projected to grow from USD 2715.23 million in 2021 to USD 3498.13 million in 2028. The rising development of robust charging stations by renowned e-bike manufacturers is set to affect growth positively. In April 2021, Ola Electric announced its plans to unveil Ola e-scooters in India by July. It would also set up a Hypercharger Network that would include one lakh charging points across four hundred cities. In Tamil Nadu, the company is likely to invest USD 327 million for developing the world’s largest scooter production facility. Fortune Business Insights™ published this information in a study, titled, “E-bike Charging Station Market, 2021-2028.” As per the study, the market stood at USD 2646.21 million in 2020. It is set to exhibit a CAGR of 3.7% in the forecast period between 2021-2028.
ABB Unveils Terra AC Wallbox to Meet the Rising Demand for Affordable Connected Charging
In March 2020, ABB, a provider of automation technology, heavy electrical equipment, power, and robotics based in Switzerland expanded its e-mobility portfolio by launching the Terra AC wallbox. It will support the surging generation of renewable energy users who want to manage and harness the consumption of power. Besides, it would cater to the rising demand for cost-effective and high-quality connected charging in businesses and homes.
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Surging Adoption of E-bikes as a Mode of Transportation to Drive Growth amid COVID-19
The COVID-19 pandemic has gradually driven the market because of the lift of lockdown measures in various countries worldwide. Companies, such as Rad Power Bike, VanMoof, and Lectric eBikes declared that electric bikes are nowadays considered to be one of the best modes of transportation in those cities that are slowly emerging from quarantine approaches. As per a report published in March 2020 by New York Times, the sales of electric bikes went up by 85% in the U.S.
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Increasing Emission Levels in Atmosphere to Bolster Demand for E-bikes
The increasing concern regarding the conservation of natural resources for future generations is set to propel companies to install more e-bike charging stations worldwide. Both societies and governments are striving to protect the environment from issues, such as pollution. Also, the rising scarcity of natural resources is playing a crucial role in the installation of these stations. To curb the surging emission levels, government agencies and international organizations are introducing strict norms. However, the extended charging time and limited range of electric bikes may obstruct the e-bike charging station market growth in the upcoming years.
Dockless Segment to Remain the Forefront Fueled by High Demand for Rental Services
Based on the infrastructure type, the market is bifurcated into dockless and dock. Out of these, the dockless segment is anticipated to generate the highest e-bike charging station market share in the near future. This growth is attributable to the surging demand for electric bicycle rental services, especially in China, North America, and Europe. Numerous e-bike rental companies are also broadening their facilities to introduce dockless bikes.
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Asia Pacific Procured USD 2130.81 Million Revenue in 2020: Fortune Business Insights™
In 2020, Asia Pacific earned USD 2130.81 million in terms of revenue. This region’s dominant share is attributable to the presence of reputed e-bike manufacturers providing cost-effective components and batteries required for the development of e-bike charging stations.
In North America, on the other hand, the market is set to grow significantly because of the surging shift of people towards emission-free vehicles. Europe would exhibit good growth backed by the participation of key companies in the collaboration strategy.
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Key Players Aim to Compete in Market through Partnerships and New Product Launches
The global market houses numerous renowned e-bike charging station manufacturers that are persistently striving to gain a competitive edge by either participating in partnerships or introducing novel charging stations to keep up with the ever-increasing demand from people. GetCharge AG, for instance, is a leading company that mainly focuses on diversifying its existing portfolio through new product launches and constant innovations. Below is one of the significant industry developments:
Fortune Business Insights™ lists out the names of prominent e-bike charging station providers present in the global market. They are as follows:
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