Categories: AutoTravel

Electric Bike Market Size to Grow USD 118,657 Million by 2030 at a CAGR of 10.5% | Valuates Reports

Electric Bike

BANGALORE, India, July 4, 2022 – The Global Electric Bike Market is Segmented by Product (Pedelecs, Speed Pedelecs, Throttle on Demand, and Scooter & Motorcycle), Drive Mechanism (Hub Motor, Mid-Drive), Battery Type (Lead Acid, Lithium-Ion): Opportunity Analysis and Industry Forecast, 2022–2030.

The global electric bike market was valued at USD 40,312 Million in 2019 and is projected to reach USD 118,657 Million by 2030, registering a CAGR of 10.5% from 2020 to 2030.

The major factor driving the growth of the electric bike market

The electric bike market is anticipated to grow as a result of factors including the implementation of government regulations to promote the use of electric bikes, consumer preference for using e-bikes as an eco-friendly & efficient commute solution, an increase in fuel costs, and a rise in interest in cycling as a fitness & recreational activity.

Due to their reduced size, ability to go at a higher pace with less effort, and the health advantages of pedaling, electric bikes are a flexible, adaptable, eco-friendly, and fashionable means of transportation that helps reduce traffic congestion. These elements contribute to the growth of the electric bike market.

TRENDS INFLUENCING THE GROWTH OF THE ELECTRIC BIKE MARKET

Government regulations are being implemented to promote the use of electric bikes. Because people are becoming more aware of the dangers associated with driving fossil fuel-powered vehicles, governments around the world are taking steps to reduce their carbon footprints by promoting the use of electric bikes, electric vehicles, and bicycles. Additionally, governments are building bicycle-friendly streets and lanes, which are enticing people to use bicycles as their primary form of transportation. Many governments are paying close attention to electric bicycles, scooters, and motorbikes as dependable, effective types of light motor vehicles (LMVs) that contribute to lowering carbon emissions. This factor is expected to drive the growth of the Electric bike market.

Change in the trend toward the adoption of a healthy lifestyle is expected to further fuel the e-bike market. According to a Brigham Young University study that was published in the Journal of Medical Internet Research, riding an electric bike provides almost as much exercise as riding a mountain bike without making you feel like you’ve worked out hard. The fact is that cyclists still have to pedal even with pedal assistance, which results in calorie burning. It’s a fantastic cardiovascular workout that can support muscle growth and endurance.

People are more likely to cycle because it is easier and provides a similar workout with fewer effort thanks to e-bikes. Riding an e-bike helps people who might otherwise lead sedentary lives get outside and exercise. This physical activity, change in scenery, and exposure to fresh air assist to elevate mood, lower stress, promote more restful sleep, and boost productivity. These factors are expected to drive the growth of the electric bike market.

The COVID-19 pandemic has most commuters staying away from public transportation. E-bikes are regarded as a reliable, practical, and inexpensive substitute for public transit. This is expected to further fuel the electric bike market.

ELECTRIC BIKE MARKET ANALYSIS

Based on type, Throttle on demand is projected to be the most lucrative segment. The throttle system is the greatest option for quicker riding on country roads with switchbacks or navigating hectic traffic because you can easily and swiftly pull out of traffic at intersections and lights and feel much safer.

Based on region, LAMEA is expected to hold the highest CAGR of 14.00% during 2020-2030.