According to a new market research report published by Credence Research “Electric Bicycles Market (Component – Controllers, Motors & Drivetrains and Batteries (Li-ion Batteries, SLA Batteries and Others); Control System – Throttle Control and Pedal Assist; Age Group – Below 15 years and Above 15 years; Sales Channel – Online and Offline) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, The electric bicycle market is expected to grow at a compound annual growth rate (CAGR) of 6.5 per cent from 2018 to 2026 and to reach US$ 25.64 billion in 2026.
Browse the full report at https://www.credenceresearch.com/report/electric-bicycles-market
The electric bicycle market is expected to grow at a compound annual growth rate (CAGR) of 6.5 per cent from 2018 to 2026 and to reach US$ 25.64 billion by 2026. Electric bicycles have been stranger to people in recent years. It might be surprising to know that they’ve been around for almost a decade, but people’s scepticism has limited their sales. Some of the key factors contributing to its decline included a high price point, heavy lead-acid batteries and a lack of knowledge. Interestingly, there has been a dramatic change in this segment over the last 3 years. The introduction of electric bicycles by popular bicycle brands coupled with an increasing “eco-consciousness” among people has been important factors contributing to the growth of the electric bicycle market. Another factor leading to the growing popularity of electric bicycles among urban cyclists is the increasing popularity and knowledge of cycling. The enhancement of electric bicycle batteries has further helped the market to thrive. A major contribution in this regard has been the introduction of a lithium ion battery, which, being lightweight, also has a higher capacity, allowing longer distances at a single charge.
Recent trends have shown that electric bicycles are becoming lighter, thanks to lithium ion batteries that are light in weight and high in range. In addition, manufacturers are also shifting their focus to better looking electric bicycles. In order to do this, the battery is integrated into the frame. Moreover, in the coming years, an increasing number of people are expected to seek greener modes of transport and electric bicycles in this context would play a crucial role. Research and development activities in the coming years would revolve around the improvement of batteries. These improvements would mostly focus on making the battery smaller, lighter and more powerful.
Asia Pacific held the largest market share in the overall electric bicycles market in 2017. The region is dotted with the presence of a large number manufacturers, a factor driving market growth in the region. In recent years, the country has witnessed a high adoption of electric bicycles. Moreover, cheap availability of electric bicycles in the country has further helped the market to flourish in the country. India is another country in the region which is expected to offer enormous growth potential for the electric bicycles market in coming years.
Some of the major players operating in the electric bicycles market include Accell Group, NYCeWheels, Easy Motion USA, Derby Cycle, Jiangsu Xinri E-Vehicle Co., Ltd., Moustache Bikes, Karbon Kinetics Limited, myStromer AG, A2B Electric Bikes and Pedego Electric Bikes among others.
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By Component (2016–2026; US$ Bn)
- Motors & Drivetrains
- Li-ion Batteries
- SLA Batteries
- Others (NiCad and NiMH)
By Control System (2016–2026; US$ Bn)
- Throttle Control
- Pedal Assist
By Age Group (2016–2026; US$ Bn)
- Below 15 years
- Above 15 years
By Sales Channel (2016–2026; US$ Bn)
By Geography Segment (2016–2026; US$ Bn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America