The latest report Small Global Electric Bikes Market by Polaris Market Research added to its database and brings to light the comprehensive study and factual information of global market.
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Global electric bikes market is expected to grow to USD 26 billion by 2026, at a CAGR of 7.1% during the forecast period according to a study published by Polaris Market Research.
The global e-bikes market is driven by many significant parameters such as consumer awareness concerning less air & sound pollution. Some other favorable factors include increasing government incentives on the purchases, alternative to fuel-operative vehicles with the increasing fuel prices, and technological developments in the designing of electric vehicles.
Rising purchasing power of the customers in tandem with the increase in disposable income and more knowledge towards health consciousness have spurred the demand of the e-bikes.
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The number of consumers contributing towards fuel efficiency is also increasing steadily in many parts of the world where they use eco-friendly alternatives such as electric bikes for transportation.
Increase in the awareness of consumers concerning travel modes that alleviate pollution and transportation woes has been a major parameter for the growth of electrical bikes. Initially bikes with electric assist may have been foreign concepts, but now as the consumers become more familiar with these technologies, they are spreading fast across the world’s most crowded cities.
Technological advancement in the field is another crucial factor for the growth of this industry. Extensive research & development activities to improvise the products as per the consumer demand and growing modernization is an important consideration by the market players in this field.
Some of the improvisations that have lately been worked upon by the companies include making use of alternative raw materials and reduction of the overall product weight.
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The electric bikes are mounted with a small and rechargeable batteries and are available in different designs. As the e-bikes do not have fuel-engine system, these are an environmental-friendly alternative with lesser harmful emissions in the environment.
Thus, these contribute significantly towards climate change policies by reducing air and noise pollution. There have been many political trends in different parts of the world that have proliferated the growth of e-bikes.
The governments have provided subsidies and incentives with purchase of these bikes in many countries of different regions such as U.S., Germany, Netherlands, China, and India.
The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Global Electric Bikes or e-Bikes Market, 2017-2026. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA.
North America is further segmented into U.S., Canada. Europe is divided into Germany, UK, Italy, and Rest of Europe.
Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.
Asia Pacific is expected to be the major and the fastest growing regional market for the e-bikes. India and China are the major contributors towards the growth of this regional market.
This is on account of their large population, increasing consumer purchasing power for the modernized products, and stronger government incentives. The global electric bike market is moderately competitive and consolidated on account of presence of some large-scale market players.
Some of the major industry players for e-bike market include Accell Group N.V., Robert Bosch GmbH, Derby Cycle Holding GmbH, Giant Manufacturing Company Ltd., and Panasonic Corp.
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