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  • EBike Market worth $71.5 billion by 2030

    (Transportation-News.com, July 10, 2024 ) The global ebike market size was valued at USD 48.7 billion in 2024 and is expected to reach USD 71.5 billion by 2030, at a CAGR of 6.6%, during the forecast period 2024-2030. The worldwide demand for e-bikes is growing rapidly as customers see them as an eco-friendly solution for commutes, with rising fuel prices supporting this inclination. Government bodies in various cities worldwide have undertaken initiatives to build bicycle highway lanes for e-bikes.

    Major drivers driving the e-bike market are government subsidies and incentives, growing micro-mobility services, technological advancements in e-bikes, and infrastructure development dedicated to e-bikes. The e-bike market has been declining in the last few years due to supply chain disruptions, economic tensions between countries, decreased consumer spending due to the rising cost of living, and the overstocked inventory of ebikes with manufacturers and suppliers. Additionally, frequent disruptions in electricity and gas supplies to factories have forced assemblers to delay the delivery of existing orders, contributing to a decline in e-bike sales in the export market. However, the market is expected to show steady growth in the coming years, even though it saw a decrease in 2023.

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    Class I e-bikes are expected to account for the largest segment during the forecast period.

    Many countries have regulations around e-bike motor power and speed. Class I e-bikes, typically with a motor assist up to 250 watts and a speed limit of 20-25 mph (32-40 km/h), often comply best with these restrictions. This makes them universally usable and avoids needing special licenses. Class I e-bikes provide a gentle power output that can make cycling convenient, especially for commuting or riding in hilly areas. They still need pedaling, so they retain the health benefits and exercise aspect of traditional cycling. Class I ebikes are less expensive than Class II or Class III ebikes. The market for Class I ebikes is expected to experience steady growth in the coming years. Some popular Class I ebikes include Trek Verve+2, Rad PowerBikes RadCity 5 Plus, and Specialized Como SL 4.0. Several factors contribute to increased demand for Class I e-bikes, particularly for short-distance urban travel. These include urbanization, health and wellness trends, and government incentives. Class, I e-bikes are anticipated to dominate the market in Asia-Oceania, especially in countries like China, Japan, South Korea, and Taiwan, where regulations specifically allow these e-bikes.

    In North America, the market for Class I e-bikes is expanding rapidly. The US has introduced various incentives, including a proposed 30% tax credit for new electric bicycle purchases, passed by the House of Representatives in February 2022. The North American Electric Bike Association noted a 40% increase in e-bike sales in 2022, primarily fueled by Class I models. These initiatives aim to make electric bikes more affordable and accessible, boosting their popularity worldwide.

    >650W battery capacity is forecast projected to be the fastest-growing segment during the forecast period.

    Ebikes with larger battery outputs are ideal for riders who require more power and range. E-MTBs and E-Cargo bikes are mostly equipped with batteries with a capacity of more than 650W. The larger batteries help tackle challenging terrain and provide the power to climb hills and navigate rough roads. Additionally, E-Cargo bikes are designed to carry heavy loads; larger battery packs benefit them by giving extended range. As online shopping grows, the need for efficient and sustainable last-mile delivery solutions has become paramount. Businesses recognize the benefits of eBikes and eCargo bikes for their cost-effectiveness, environmental friendliness, and convenience in navigating congested urban areas for timely deliveries. Recent developments in lithium-ion battery technology allow manufacturers to create high-voltage batteries with a better energy-to-weight ratio, resulting in large batteries without adding excessive weight to the bike. Hence, >650W battery capacity is expected to be the fastest-growing battery capacity segment during the forecast period. Some bikes with >650W battery capacity are Canyon (Germany) Strive: ON CFR Underdog is equipped with Bosch Performance Line CX, which has a 750Wh capacity, Canyon (Germany) Grand Canyon: ON 8 is equipped with Bosch Performance Line CX, which has a 750Wh capacity.

    Asia-Oceania is forecast projected to be the largest ebike market.

    Asia-Oceania is the largest e-bike market in terms of production and sales, with China being the largest contributor to the Asian and global markets. The City/Urban segment is expected to dominate the e-bike market in this region, while Cargo e-bikes are projected to be the fastest-growing segment. In 2023, the ebike market saw a decline in sales, but still, China remained the largest market for e-bikes and experienced steady growth during this period.

    There is a rise in demand for E-Cargo bikes due to their practicality and efficiency in urban environments. Cargo e-bikes offer a sustainable and cost-effective solution for transporting goods in congested urban areas, where traditional vehicles face challenges like traffic congestion and emissions. Cargo e-bikes can navigate crowded city streets more efficiently, leading to faster delivery times and potentially lower delivery fees for consumers.

    Key Market Players:

    Major players operating in the Asia Oceania e-bike market are Giant Manufacturing Co. Ltd (Taiwan), Hero Lectro (India), TAV Systems (Australia), Yamaha Motor Company (Japan), Merida Industry Co. (Taiwan), and Emotorad (India).

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    MarketsandMarkets

    Mr. Rohan Salgarkar

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    raviraj.tak@marketsandmarkets.com

    Source: EmailWire.Com

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