June 06, 2022 06:20 ET | Source: Allied Market Research Allied Market Research
Portland, OR, June 06, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electric bicycle market generated $24.90 billion in 2020, and is estimated to reach $66.53 billion by 2030, witnessing a CAGR of 10.5% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Favorable government regulations and policies, surge in fuel costs, and rise in interest in cycling as a fitness & recreational activity drive the growth of the global electric bicycle market. However, surge in purchase and maintenance cost of electric bicycles restrains the market growth. On the other hand, improvements in bicycling infrastructure & battery technology and rise in trend of connected electric bicycles present new opportunities in the coming years.
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The report offers detailed segmentation of the global electric bicycle market based on motor type, battery type, application, consumer segment, power output, and region.
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Based on battery type, the lithium ion (Li-ion) segment contributed to the highest share in 2020, accounting for more than three-fourths of the total market share, and is estimated to maintain its dominant share by 2030. Moreover, this segment is projected to manifest the highest CAGR of 11.2% from 2021 to 2030. The report also analyzes the segments lead acid and others.
Based on application, the daily commute segment held the largest share in 2020, accounting for more than half of the global electric bicycle 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 to more than half of the total market share, and is projected to continue its leadership status by 2030. However, LAMEA is projected to portray the fastest CAGR of 14.6% during the forecast period.
Leading players of the global electric bicycle market analyzed in the research include Accell Group N.V., 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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Similar Reports We Have on Electric Vehicle Industry:
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