E-bike Attraction compels Market Players to embrace Innovation

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E-bike At raction compels Market Players to
embrace Innovation
Mobility plays a pivotal role in todays
fast-paced world. There is an increasing concern
for developing sustainable mobility options for
the coming generations, especially due to the
growing environmental concerns. Electric bikes or
e-bikes have emerged as the perfect choice in
this regard. They are an eco-friendly and
reliable mode of transportation. Moreover, with
the help of electric motors, these bikes allow
riders to maneuver through otherwise difficult to
navigate rough terrains. Besides, they are
noiseless, space-saving, and most importantly,
ensure good health. These numerous benefits have
increased their sales.
Our study estimates the global e-bike market to
evolve with 10.12 (by revenue) and 9.97 (by
volume) of CAGRs during the forecast period, 2022
to 2028. Key factors pedaling the market towards
growth are Increased Investments for
Infrastructure Development E-bikes are more
affordable than fuel-based vehicles, do not
mandate a license, and can be used on existing
bicycling infrastructure. With the rising
consumer inclination towards these bikes,
governments across key markets are focusing on
building a suitable infrastructure for their
smooth usage, such as tracks and public charging
stations. In November 2017, Ola Electric
partnered with IOCL to set up the
first fast-charging station for electric vehicles
at a fuel station in Nagpur, India.
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Focus on Innovation To gain a higher market
share, manufacturers are trying to attract
buyers attention with innovative product
launches and strategies. For instance, in April
2021, Netherlands-based SunRider launched a
solar-powered, self-charging e-bike. Whereas, in
January 2020, VanMoof, another Dutch company,
introduced a first-of-its-kind virtual buying
experience for its products, by integrating a new
augmented reality tool into its website. Hurdles
in the Growth Path The cost of an e-bike majorly
depends on its grade and quality. Electric bikes
are becoming more expensive than traditional
motorbikes. For example, a mountain e-bike costs
nearly 4,150 on average, with some models
9,000. Moreover, the high cost of electric bike
batteries also hinders their adoption. For
instance, US-based Bosch E-Bike Systems offers a
500 Wh lithium-ion battery pack at around
900. Further, in 2018, users reported injuries
due to the malfunctioning of the brakes of Ubers
dockless pink Jump bikes. The company thus had
to retract this product range from the market to
repair the defective front brakes. The rise in
recall incidents owing to the malfunctioning of
e-bikes is significantly restraining the markets
growth. Regional Market Roundup Europe is
estimated to show the fastest growth rate over
the forecast period The key growth enabler for
this market is the presence of a well-developed
infrastructure. Further, in some European
nations, electric bikes are outselling
conventional bikes. France has a national
incentive scheme encouraging e-bike purchase,
which supplements the market growth in this
region. Cargo e-bikes are considered an effective
solution for logistics problems. Recent trends,
such as the e- commerce boom, have surged the
demand for transport, which reinforces a positive
outlook for electric cargo bike sales. In
Germany, the Pon Bike Group launched a cargo
e-bike with a 100 kg load capacity, called
Gazelle D10, in collaboration with DOCKR and
Aluca. Asia-Pacific is the leading region in the
global scenario Government incentives promoting
e-bike adoption largely drive the market growth
in this region. China dominates the e-bike
market, not just in the APAC, but also globally.
In its highly populated cities, e- bikes serve as
an ideal commute mode. Moreover, the Indian
market holds immense potential, owing to an
increase in the number of startups working in
this space. E-scooters are equipped with storage
holders or a seat compartment. Also, their energy
requirements are significantly lower than those
of other EVs, which helps save on monthly
electricity bills. In October 2020, Hero Electric
launched upgraded versions of its Nyx B2B
electric scooters, starting from INR 63,990. The
Road to Opportunities E-bike sharing can be an
ideal solution to reduce transportation costs,
especially for cycling enthusiasts with low
budgets or usage. In fact, it has emerged as a
lucrative business model in several countries. For
instance, a 3-day bike-share pass costs 17 in
Washington, D.C. Also, with the rising fuel
prices, rapid
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urbanization, and growing traffic congestion,
electric bikes seem a feasible option, globally.
All these factors present innumerable
opportunities for the expansion of the e-bike
market. Frequently Asked Questions Q 1) Which
are the segments covered in the e-bike market
report? Product, application, drive mechanism,
power, and battery are the key segments covered
in the market report. Q 2) What are the global
e-bike market estimates in terms of revenue and
volume? In terms of revenue, the global e-bike
market was valued at 25239.55 million in 2021,
and is estimated to reach 49731.01 million by
2028. In terms of volume, it accounted for 31411
thousand unit sales in 2021, and is anticipated
to reach 61161 thousand unit sales by 2028.