Electric bicycles, often known as e-bikes, are a relatively new technology that has gained widespread use in China and Japan. The worldwide e-bike industry, on the other hand, is still in its early phases of development, with lots of room for growth.
Demand for e-bikes is expected to grow rapidly in many countries between 2019 and 2024, according to new data from The Freedonia Group, a leading market research firm and division of MarketResearch.com. These countries include the United States, the United Kingdom, Italy, Spain, Switzerland, Brazil, and India, to name a few.
In this quickly increasing industry, there are a few crucial aspects to keep in mind.
Electric bicycles come in a range of designs.
An e-bike is a regular bicycle with pedals and an integrated electric motor that may both be used to propel the rider. There are four types of electric bicycles:
- E-mountain bike
- E-cargo bike
- Compact, foldable bike
The Impact of COVID-19 on the E-Bike Market
Despite long-term industry growth, the global e-bike market is expected to decrease in 2020 as a result of the COVID-19 epidemic’s economic effects. Consumer spending cutbacks, supply chain disruptions, and the closure of e-bike factories and stores will all have a short-term negative impact on the sector.
“However, when compared to other durable goods sectors, the e-bike business is going to fare rather well,” says Gleb Mytko, author of the study and an industry veteran. A rapid rebound is expected due to the rising popularity of e-bikes in many countries and the growing appeal of e-bikes as a mode of public transportation.
Many urban commuters who wished to socially separate themselves on their way to work during the COVID-19 epidemic changed to e-bikes. Commuters on e-bikes can go farther and quicker than those on regular bicycles. They’re also less expensive than electric scooters, motorcycles, and mopeds, and they usually don’t need insurance or a license to operate.
The World’s Largest Market for Electric Bicycles
E-bike technologies are widely used in China, which is by far the largest e-bike market in the world. Despite being a more mature market with a slower pace of development than the rest of the globe, China will account for more than half of all new product demand.
Market Factors to Consider
Outside of China, demand for e-bikes is predicted to grow fast year over year due to a variety of factors:
- E-bikes are becoming more popular among consumers, as is their availability.
- In developing nations, personal incomes are rising.
- E-bikes that are more capable and powerful are on the way.
Policies aimed at boosting the use of e-bikes in order to reduce pollution and climate change
E-Bike Companies to Watch
The following are some of the industry’s major players:
Aima Technology Group
Pedego Electric Bikes
Rad Power Bikes
Where can I learn more?
The complete report, Global E-Bikes with COVID-19 Market Impact Analysis, is available for purchase and covers the scope, size, and growth of the global e-bike market with targeted data for 19 countries in North America, Central and South America, Western Europe, Eastern Europe, Asia/Pacific, and Africa/Middle East.
In addition, the study explores the structure of the global e-bike industry and estimates market share for leading manufacturers.
The Freedonia Group is a well-known global industry research firm that produces more than 100 studies each year. It’s a MarketResearch.com subsidiary. Since 1985, we’ve conducted research for clients ranging in size from multinational enterprises to one-person consulting firms. Freedonia Group research is used by more than 90% of Fortune 500 industrial companies to guide their strategic direction.