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New Jersey, United States – Analysis of Electric Bike Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast
An electric bike is a bicycle with an integrated electric motor drive mechanism and battery, which produces power for causing or helping propulsion. Different sorts of worldwide available e-bikes range from electric bikes with a little motor to help the pedal power of the rider to more powerful e-bikes that produce power to completely drive the bike utilizing throttle. Electric bikes are a flexible, versatile, eco-friendly, and trendy mode of transport. Consumers admire them as an ideal substitute for scooters, intelligent vehicles, and public transport. These bikes help tackle gridlock, are inferable from the smaller e-bikes, attain higher speed with lesser effort, and have health benefits attained with peddling. These variables lead to the rise in the popularity of electric bikes across the globe.
The Electric Bike market, which was valued at US$ million in 2022, is expected to grow at a CAGR of approximately percent over the forecast period, according to our most recent report.
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Factors, for example, implementation of government regulations to encourage the use of electric bikes, consumer tendency toward use of e-bikes as an eco-friendly and efficient answer for commuting, increase in fuel costs, and rise in interest in cycling as a fitness and recreational movement are expected to drive the market development. However, the significant expense of e-bikes and the prohibition on use of e-bikes in significant cities of China hinder the market development. Furthermore, improvement in bicycling infrastructure and battery technology is expected to offer lucrative opportunities for the electric bike market development. Governments of different countries are taking initiatives to reduce the carbon footprints by encouraging the use of electric bikes, electric vehicles, and bicycles, attributable to increased awareness of the unsafe effects of utilizing vehicles running on non-renewable energy sources. Moreover, governments are constructing bicycle-friendly streets, which are encouraging people to opt for bicycle as a key mode of commute. Electric bicycles, scooters, and motorcycles have gained huge attention from different governments as reliable and efficient types of light motor vehicles (LMVs), which help in reducing the carbon footprint. Furthermore, to encourage the use of these environment-friendly vehicles, governments all over the planet are supporting the purchase of electric versatility, in terms of tax credits and incentives.
The increase in worldwide fossil fuel byproducts by fuel combustion has been one of the main issues for governments and environmentalists from the past few decades. This, helps the demand for electric vehicles across the globe, thereby supplementing the development of the market. Moreover, due to rise in cost of fuel at the international level, increase in pollution, and gridlock, especially in metropolitan areas, have increased the popularity of electric bikes across every continent. Moreover, higher running and maintenance cost of fuel vehicles leads to a move in preference for electric bikes in day-to-day commute, which thus, propels the E-bikes market development.
The worldwide electric bike market is segmented into product type, drive mechanism, battery type, and region. Depending on product type, the market is bifurcated into pedelecs, speed pedelecs, throttle on demand, and scooters and motorcycles. By drive mechanism, it is fragmented into center motors, mid drives, and others. Based on battery type, it is classified into lead-corrosive, lithium-particle (Li-particle), and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Asia Oceania is projected to hold the largest share of the e-Bike market by 2028 because of the increasing adoption of e-Bikes in China and India. While other countries in the region like Japan, South Korea, Taiwan, and Australia are projected to improve their share through the promotion of the benefits of e-Bikes among consumers. Furthermore, worldwide e-Bike OEMs are relocating their operations in the region. The technology transfer has led to the development in the number of nearby players as would be considered normal to reduce the cost of e-Bike adaptation in the region. Hence the region is expected to increase its share during the forecast period.
Accell Group, Derby Cycle, Fuji-ta Bicycle Co., Ltd., Giant Manufacturing Co., Ltd., Jiangsu Xinri E-Vehicle Co., Ltd., Mahindra and Mahindra Ltd. (GenZe), Prodecotech, LLC, Tianjin Golden Wheel Group Co., Ltd., Trek Bicycle Corporation, and Yamaha Motor Co., Ltd. are some of the leading key players operating in the electric bike market.
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Contact Us: Amit Jain Sales Co-Ordinator International: +1 518 300 3575 Email: [email protected] Website: https://www.infinitybusinessinsights.com
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