Electric bicycle is a modified bicycle with an electric motor, also known as e-bike. It offers pedal assistance to the rider. It has similar basic features as regular bicycle with electric assistance. It uses rechargeable batteries and lighter ones can travel up to 25 to 32 km/h depending on local laws, while more high-powered varieties can often do more than 45 km/h. The key benefits are additional power for long distance commute at higher speeds, ability to carry additional cargo, better time usage, and thrift as compared to the other modes of transport.
According to study, “Global Electric Bicycle Market Research Report, by Type (Pedal Assist/ Pedelecs, Power on Demand, Pedal Assist with Power on Demand), Battery Type (Sealed Lead Acid, Li-Ion Battery), Motor Type (Hub Motor, Mid Drive Electric), Regions- Forecast till 2023” the key companies operating in the global electric bicycle market are Easy Motion USA, NYCeWheels, Moustache Bikes, Accell Group N.V, Jiangsu Xinri E-Vehicle Co., Ltd., Derby Cycle, Pedego Electric Bikes, Giant Manufacturing Co. Ltd., Merida Industry Co. Ltd., Karbon Kinetics Limited (KKL), myStromer AG, A2B Electric Bikes, Ideal Bike Corporation, Cannondale Bicycle Corporation, Leader 96, Zhonglu Group Co. Ltd., Riese & Muller, Yamaha Bicycles, Fritzmeier Systems GmbH & Co. KG (M1 Sporttechnik), Trek Bikes, Kalkhoff, BH Bikes, Prodeco Technologies. The key companies have strong distribution networks at the global level. The basic strategies adopted by the companies to sustain their market position are innovative product developments, collaborations, and contracts & agreements.
Based on bicycle type, electric bicycle market is segmented into fat fire electric bicycle, standard electric bicycle, mountain electric bicycle and cargo electric bicycle. Based on propulsion type, market is segmented into power on demand, pedal assist/ pedelecs and pedal assist with power on demand. Pedal assist bicycles have different levels of assistance for instance low, medium, and high. Depending on the level of assistance, rider can experience the comfort of ride. Based on battery type, market is segmented into li-ion battery and sealed lead acid. Based on motor type, market is segmented into mid drive electric and hub motor. Based on usage type, market is segmented into municipal services, transport, exercise and other usage. Based on age group, market is segmented into below 15 years and above 15 years. Based on sales channel, market is segmented into online channel and offline channel. In addition, based on end-use, market is segmented into trekking (e-mountain bikes/e-MTB), city/urban and cargo.
The electric bicycle market is driven by increase in concerns about traffic congestion, followed by rise in government initiatives to reduce emission level, rapid urbanization and growth in bicycle tourism industry. However, technological challenges, underdeveloped aftermarket services and unplanned infrastructure in developing countries may impact the market. Moreover, expand in transport projects in emerging nations is a key opportunity for market.
Based on geography, the Asian-Pacific region holds major share, followed by European region in electric bicycle market owing to rise in consumption of electric bicycle, surge in fuel prices and growth in young population in the region. The North-American region is expected to witness higher growth rate due to rise in number of electric bicycle manufacturers over the forecast period. It is estimated that the future of the market will be bright on account of rise in interest in cycling as a fitness & recreational activity during the forecast period.
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Ankur Gupta, Head Marketing & Communications