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 expected to be growing at a compounded annual growth rate (CAGR) of 6.5% from 2018 to 2026 and reach US$ 25.64 Bn in 2026.
Browse the full report at https://www.credenceresearch.com/report/electric-bicycles-market
The electric bicycle market expected to be growing at a compounded annual growth rate (CAGR) of 6.5% from 2018 to 2026 and reach US$ 25.64 Bn by 2026. In recent years, electric bicycles have been stranger to people. It might be surprising to know that they have been around for almost a decade, however, skepticism among people limited its sales. Some of prominent factors, contributing to its decline included a high price point, heavy lead-acid batteries and lack of knowledge. Interestingly, the last 3 years has witnessed a drastic change in this segment. Introduction of electric bicycles by popular cycle brands coupled with growing “eco-consciousness” among people has been important factors contributing to the electric bicycles market growth. Another factor leading to the growing popularity of electric bicycles among urban cyclists can be attributed to increasing popularity and knowledge of cycling. Enhancemnent in electric bicycle batteries has further helped the market to flourish. A major contribution in this regards has been the introduction of lithium ion battery, which being lightweight also has a higher capacity, thereby enabling longer distances on a single charge.
As per recent trends, it has been observed that electric bicycles are becoming lighter, thanks to the lithium ion batteries that is light on weight and high on range. Moreover, the manufacturers are also diverting their focus on launching electric bicycles with better looks. In order to do so, they are integrating the battery into the frame. Moreover, in coming years, an increasing number of people are expected to seek greener modes of transportation and electric bicycles in this context would a play a crucial role. Research and development activities in the coming years would revolve around battery improvements. These improvements would mostly focus upon 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.