E-bike Industry future forecast indicates impressive growth rate

Posted by rohit on November 13th, 2020

Market Overview

E-bike, also referred to as, electric bikes, is a bike that has an integrated electric motor aligned to the pedals of the bike, which supplies differential force that used for forward movement of the bicycle to gain momentum. The integrated electric motors in electric bicycles (or e-bikes) can be used for propulsion. E-bikes use rechargeable batteries, which can travel up to 25 to 32 km/h, depending on a country’s government regulation. E-bike makes use of chargeable batteries, which have different capacities that depend upon their size. The electric bikes majorly uses Li-ion chargeable batteries, which have a range of maximum 99.4 miles (160 km) in a single charge. These E-bikes are available with battery type of either 8, 12, or 18-amp hour batteries. Electric bikes are classified on the basis of the power of electric motor such as, peddle assist, speed pedelec throttle on demand and electric moped are the different categories of electric bikes.

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Market Dynamics

The Asia Pacific region is estimated to be the largest electric bike market, as this region comprises some of the fastest emerging economies of the world such as India and China. The governments of these emerging economies have recognized growth potential of E-bikes and hence, governments have taken several initiatives to attract major original equipment manufacturers (OEMs) to manufacture E-bikes in their domestic markets. For instance, in December 2018, the Government of India announced financial support and a scheme called Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME). Under this scheme, there is a subsidy of up to INR 22,000 (US$ 319) for electric scooters or E-bikes. Thus, such government promotions and schemes have led to an increase in sales of E-bikes during the forecast period.

Asia Pacific region is expected to be the largest market, in terms of size during the forecast period, owing to high presence of key players and high purchasing power of consumers. According to China Bicycle Association (CBA), in 2015, China was one of the world’s largest manufacturer of electric bicycles and electric vehicles, with sales of up to 80,000,000 units, which accounted for the major revenue share of global E-bike market turnover. Key players in the global E-bike market are focusing on inorganic growth strategies, in order to expand their presence in the Asia Pacific E-bike market. For instance, in October 2016, Giant Bicycle announced partnership with one of the financial services player ‘Affirm’. Through this partnership, Giant Bicycle’s shoppers can pay for their bicycle purchases over time with Affirm. The company has also added online shopping capabilities to its website for online buyers.

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Key players operating in the global E-bike market includes Yamaha Motor Co., Ltd., Giant Bicycles, AIMA TECHNOLOGY CO., LTD, Accell Group, WUXI YADEA EXPORT-IMPORT CO., LTD., Trek Bicycle Corporation, Fuji-ta Bicycle Co., Ltd., GenZe by Mahindra, BionX International Corporation, ProdecoTech, goldenwheelgroup.com, and Jiangsu Xinri E-Vehicle Co., Ltd. (SUNRA) among others.

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rohit

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rohit
Joined: February 6th, 2020
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