Favourable incentives by the Government to promote e-bikes, increased demand for eco-friendly transportation, and a growing number of people preferring e-bikes propel the global e-bike market to register a CAGR of 10.12% between 2022 to 2028.
However, the high cost of e-bikes, the increasing number of product recalls in recent times, and problems related to distribution are likely to hamper this progress, a recent report by Research and Markets noted.
On the other hand, the increased usage of electric bikes for delivery services has created a growth opportunity for the market. Also, with the rise in fuel prices, e-bikes have emerged as an efficient solution. This is expected to aid the market in reaching the projected growth.
The leading companies in the e-bike ecosystem include Robert Bosch, LG Chem, Giant Manufacturing Co, Trek Bicycle, BMZ, Brose Fahrzeugteile SE, Samsung SDI, Jiangsu Xinri E-Vehicle, Derby Cycle, Hero Electric, Accell Group, Stromer, QWIC, Yadea Group, Vmoto, Shimano, Golden Wheel Group, Vanmoof, Fuji-ta Bicycle, Silence Urban Ecomobility, Riese & Muller, NIU International, and Panasonic.
According to a recent report, the global market for e-bikes spans across the Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa.
The Asia-Pacific accounts for the largest share of the e-bike market globally. The users in this region increasingly prefer electric bikes over conventional transportation modes, as they are eco-friendly, lightweight, cost-effective, and require less power.
Also, a rise in supportive Government initiatives for environment-friendly vehicles and bikes is expected to add to the market's growth. However, a matter of concern is the lack of well-developed transport infrastructure, such as separate lanes for bikers and cycle stands, to accommodate their vehicles, the report noted.
Courtesy: Research and Markets. Photo is representational. Courtesy:Trek Bicycle