Increasing consumer preference toward recreational activities and the proliferation of electric bike rental platforms push the market for e-bikes to record a valuation of $ 50 billion by 2027.
According to a recent study by Global Market Insights Inc, the market is also expected to show significant growth owing to the increasing adoption of e-bikes due to rising fuel costs.
The COVID-19 pandemic positively impacted the e-bikes market across the globe. In addition, rising health insecurities and concerns related to the spread of the virus in public transport, such as subways and buses, drove the consumer shift toward e-bikes. As a result, the market is expected to witness an upward trend through the coming years, global market research and consulting service provider said.
Some of the key players operating in the e-bikes market include Van Moof, Schwin, Trek Bicycles, Nakto EBikes, Pedego, Lectric eBikes, Giant Manufacturing, Aventon, Electric Bike Technologies and Alta Cycling Group.
The availability of established players and increasing youth interest in trekking & recreational activities are driving the market growth for e-bikes in North America.
Established players focusing on entering the e-bike segment will provide a positive outlook for the electric bike in the US. For instance, in September 2021, Harley-Davidson announced to launch its first e-sell bike Serial 1, by 2021 end. Moreover, in September 2021, Cowboy, an electric bike manufacturing company, expanded its operation in the US with the launch of the new model C4. This model is equipped with various technologies such as crash detection, theft detection, and wireless phone charging systems, the research firm said.
Industry players in the e-bikes market adopt various business and market strategies, including partnerships, new product launches, acquisitions, and advertisements, to accelerate their product sales. For instance, in July 2021, Stealth Electric Bikes partnered with Vmoto Soco International subsidiary Vmoto Soco Italia to increase its sales in Italy. With this partnership, both the companies will outline the advertising & sales strategies and establish aftersales service centres for e-bikes in the region.
Major Findings
Supportive government initiatives and increasing consumer preference toward e-bike usage as personal mobility services drive the market growth in North America. In addition, the COVID-19 pandemic has created the importance of using private transport to curb virus transmission, further driving the industry's growth.
Rising cycling tourism and stringent government regulations against fuel-powered vehicles create market expansion opportunities in Europe. Additionally, governments are providing incentives and tax concessions on purchasing new e-bikes, creating a favourable environment for e-bikes in the region, Global Market Insights said.
The proliferation of e-bike startups and the increasing number of two-wheeler users are fueling e-bikes sales in the Asia Pacific region. Furthermore, OEMs are expanding their new offline stores in the region to increase their net sales, contributing to industry growth.
The availability of customisable e-bikes and OEM initiatives, such as partnerships & collaborations, to strengthen their market position accelerates e-bike demand in the MEA region. In addition, appealing designs and growing off-road activities in desert areas will propel e-bike adoption in the region.
Moreover, rising fuel costs and increasing e-commerce automotive companies accelerate the e-bike sale at a significant pace in Latin America. Additionally, technical advancements in e-bikes will create robust growth opportunities for the market in the region, the global market research and consulting service company noted.
Courtesy: Global Market Insights. NB: Photo is representational; courtesy: Lectric & Brick Lane Bikes.