E-Bike Market worth $70.0 billion by 2027 - Exclusive Report by MarketsandMarkets
CHICAGO, Dec. 1, 2020 /PRNewswire/ -- According to the new market research report "E-Bike Market by Class (Class-I, II & III), Battery (Li-Ion, Li-Ion Polymer, Lead Acid), Motor (Mid, Hub), Mode (Throttle, Pedal Assist), Usage (Mountain/Trekking, City/Urban, Cargo), Speed (<25 & 25-45 kmph) and Region - Global Forecast to 2027", published by MarketsandMarkets, the global Electric Bike Market size is projected to grow to USD 70.0 billion by 2027 from USD 41.1 billion in 2020, at a CAGR of 7.9%.
Government support and initiatives to increase the sale of e-Bike would drive the global e-Bike industry.
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133 – Tables
54 – Figures
184 – Pages
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The mountain e-Bike segment is estimated to hold the largest share in the E-Bike Market by 2027
Till 2024, the city Electric Bike Market is expected to be the largest, by usage, globally. However, the popularity of mountain e-bikes is increasing due to their robustness and suitability for mountain/trekking as well as commuting for work and shopping. Therefore, from 2025, mountain/trekking bikes' demand is expected to be greater than the city/urban e-bikes.
Cargo and folding electric bikes are expected to be the fastest-growing market segment.
Technological advancements and innovative designs have resulted in the introduction of folding and fat-tire e-bikes, which are visually attractive and appealing. The folding e-bikes are flexible, compact, and lightweight. They can be folded while traveling in metros and subways. Therefore, the market for folding and fat-tire e-bikes is expected to grow at a significant rate.
Asia Pacific: The largest E-Bike Market
In Asia Pacific, China was the largest market for e-bikes in 2019, followed by Japan, India, South Korea, and Taiwan. The COVID-19 pandemic has boosted the sale of e-bikes in countries such as Japan, India, South Korea, and Taiwan, resulting in a sale increase of 13%, 54%,34%, and 21%, respectively in 2020 compared to 2019. However, China is estimated to witness a decline in e-bike sales in 2020 by ~2% due to new regulations on e-bikes introduced by the government, which will increase their cost. Despite the decline in sales, China is still expected to lead the Asia Pacific E-Bike Market during the forecast period.