The major factors driving the growth of the e-bike market are increasing concerns about traffic congestion, rapid urbanization, government initiatives to reduce emission levels, and growth of the bicycle tourism industry.
The global E-Bike Market is projected to grow at a CAGR of 9.01% from USD 21.1 billion in 2018 to USD 38.6 billion by 2025.
The major market players include Yamaha Motor Corporation (Japan), Giant Manufacturing Co., Ltd (Taiwan), Accell Group N.V (Netherlands), Aima Technology Group Co., Ltd (China), and Yadea Group Holdings Ltd (China).
1 Government Initiatives to Regulate electric bikes & Improve Infrastructure for electric bikes
2 Bike Sharing
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The Asia Pacific is expected to account for the largest market size during the forecast period
The Asia Pacific region is estimated to be the largest electric bike market by 2025. The region comprises some of the fastest developing economies of the world such as China and India.
The governments of these developing economies have recognized the growth potential of electric two-wheelers and, hence, have taken several initiatives to attract major OEMs to manufacture electric two-wheelers in their domestic markets. For instance, the Government of India announced financial support and a scheme called Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME).
Under the scheme, there is a subsidy of up to INR 22,000 for electric scooters/electric bikes. Government promotions and schemes have led to an increase in sales of electric two-wheelers over the years.
The governments of many countries in the Asia Pacific region are focusing on electric two-wheelers. For instance, China’s electric bikes have gained popularity in the European market due to their good quality and technological edge.
- In July 2018, Yamaha introduced 600Wh multi-location in tube battery for Electrically Power Assisted Bicycles (EPACs), which offer a 20% capacity increase.
- In June 2018, Yamaha Motor Corporation introduced the PW series TE system (Quadra sensor System). This provides an automatic support mode in which the motor delivers appropriate power for every particular mode of driving.
- In June 2016, Accell Group N.V. introduced a new product Sparta M8i and the Haibike eConnect in 2016. It was the first addition of connected bicycle models to the portfolio. Sparta (Accell Brand) and Conneqtech partnered to develop the software to allow the Track&Trace system to communicate using the Internet. Haibike eConnect is developed by Haibike for certain sDuro 8.0 models, which links eBike to the digital world with the help of a GPS control module inside the bike.
- In October 2015, Yadea Group Holdings Ltd partnered with Gi FlyBike to produce an innovative smart bike in China and make the complex design of the FlyBike a reality.
- In December 2015, AIMA Technology Group Co. Ltd. launched the AIMA flagship store in Switzerland as it continued to promote the reputation, popularity, and loyalty of its brand, and finally increase its brand influence worldwide.
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