Electric Bike Market to Attain Worth of USD 78.48 Billion by 2031 | SkyQuest
Westford, USA, Aug. 23, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global electric bike market will attain a value of USD 78.48 Billion by 2031, with a CAGR of 6.9% over the forecast period (2024-2031). The implementation of government regulations to encourage the use of electric bikes, consumer preference for e-bikes as an efficient and environmentally friendly mode of transportation, rising fuel prices, and growing interest in cycling as a sport and leisure activity are all expected to drive market growth. Furthermore, the industry's ongoing technological advancements are another reason driving up e-bike sales. For instance, connected e-bikes feature a SIM module that allows them to send and receive data over the cloud even when not linked to a smartphone. These motorcycles have remote diagnostics, built-in navigation, anti-theft systems, social media integration, and automatic emergency calls.
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Browse in-depth TOC on the " Electric Bike Market "
- Pages - 223
- Tables - 62
- Figures – 76
Electric Bike Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $46.02 Billion |
| Estimated Value by 2031 | $78.48 Billion |
| Growth Rate | Poised to grow at a CAGR of 6.9% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Class, Speed Type, Battery Type, Motor Type, Mode, Component, Usage, Ownership, Battery Capacity, Weight and Motor Power |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | E-Bike and its growing demand |
| Key Market Opportunities | Technological Developments |
| Key Market Drivers | Environmental-friendly transportation |
How Lithium-Ion Batteries Are Shaping the Electric Bike Market by Being a Dominant Segment
Lithium-ion batteries have taken over as the primary source of power for electric motorcycles. It has higher performance, lifespan, and lower cost in comparison with other technologies. Higher energy density, bigger ranges, and less replacement frequency are related to lithium-ion batteries, so those are the favorites among electric bike manufacturers. This, in turn, helps the market grow and adoption increases.
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Mid-Drive Motors Segment is the Fastest-Growing Segment, Supported by Its Preference During Challenging Rides
It is for this reason that mid-drive motors have rapidly become the choice of many e-bike enthusiasts. Mid-drive systems increase their market share since they offer better power delivery, handling, and efficiency when pitched against their competition, the hub motors. Their seamless connection with the bike's gearbox provides a natural riding experience, making them appropriate for a wide range of terrains and riding styles. As consumers become increasingly demanding of e-bike performance, the market for mid-drive motors is expected to grow, especially in places with mountainous or tough riding conditions.
How Europe is Pedaling Toward Dominant Segment in the Electric Bike Market
Europe is expected to earn USD 25 billion at a CAGR of 10.9% during the forecast period. Electric bikes are becoming increasingly popular in Europe, with people utilizing them for transportation, recreation, and sports. The European government and environmental authorities are enacting strict emission rules and laws in response to growing environmental concerns, which is driving up demand for electric bikes throughout the continent.
Electric Bike Market Insights
Drivers
- Rise in Fuel Costs
- Technological Advancements
- Urbanization and Traffic Congestion
Restraints
- High Initial Costs
- Limited Range and Charging Infrastructure
- Regulatory and Legal Issues
Leading Players Operating in the Electric Bike Market
The following are the Top Electric Bike Companies
- BH Bikes
- Cowboy
- Mystromer AG
- Vanmoof
- Rad Power Bikes LLC
- Hero Lectro E-Cycles
- Merida Industry Co. Ltd.
- Pon.Bike
- Accell Group N.V.
- Yamaha Motor Company
Key Questions Covered in the Smart Retail Market
- What are the factors driving market growth?
- Which is the dominant region in the Electric Bike market?
- What are the opportunities present in the market?
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This report provides the following insights:
- Analysis of key drivers (advancements in technology and Rise in Fuel cost), restraints (high initial costs), opportunities (urbanization and traffic congestion), and challenges (regulatory and compliance issues) influencing the growth of the electric bike market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the electric bike market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the electric bike market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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Electric Vehicle Charging Infrastructure Market
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