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The global e-bike market size is expected to increase by 9.7 million units from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.81%.
This electric bike (E-bike) market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the e-bike market segmentation by type (SLA batteries and Li-ion batteries) and geography (APAC, Europe, North America, South America, and the Middle East and Africa).
The declining cost of Li-ion batteries is notably driving the electric bike (E-bike) market growth, although factors such as product recalls due to possible failures may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the electric bike (E-bike) industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
One of the key factors driving the global electric bike market is the declining cost of Li-ion batteries. The expanding use of EVs in the global automotive sector has provided Li-ion battery manufacturers with economies of scale, thereby lowering the cost of Li-ion batteries and making them viable for use in e-bikes. As a result, Li-ion batteries are increasingly being used in e-bikes, particularly by bike-sharing firms. For instance, Yulu Bikes Pvt. Ltd. (Yulu Bikes), an Indian bike-sharing firm, employs domestically manufactured Li-ion batteries in its e-bikes. Furthermore, the cost of Li-ion batteries is declining as the volume of production increases and manufacturing efficiency improves. Between 2010 ($1,160/kWh) and 2019 ($156/kWh), the average cost of Li-ion battery packs per kWh fell by more than 86.55%. By the end of the forecast period, it is predicted to drop by around 35%. The cost of Li-ion batteries is decreasing as the price of battery-grade lithium carbonate and lithium hydroxide declines. During the projected period, the cost of Li-ion batteries is predicted to drop, propelling the global electric bike market forward.
The rising popularity of connected e-bikes is another factor supporting the global electric bike market growth in the forecast period. The introduction of ride-sharing, ride-hailing, and car rental services has aided in the adoption of connected automobiles. The global popularity of e-bike-sharing services has resulted in the development of connected e-bikes. Both e-bike-sharing firms and users can track the real-time location of connected e-bikes. Connected e-bikes allow service providers to track the state of charge of batteries, allowing for more timely repair. Furthermore, connected e-bikes have the potential to improve and expand the e-bike-sharing business model, making it an important aspect of urban transportation. Furthermore, e-bikes have the potential to become an element of the seamless Mobility-as-a-Service (MaaS) technology with the incorporation of connected elements. A smartphone application can monitor, book, and pay for an e-bike once it is connected to a service network. Seamless connectivity with public transportation systems will also enable connected e-bikes to become a critical solution in last-mile connectivity. During the forecast period, the popularity of connected e-bikes is likely to propel the growth of the global electric bike market.
Product recalls due to possible failures will be a major challenge for the global electric bike market during the forecast period. Vehicle recalls can be caused by product flaws or the probable breakdown of systems. Formerly, producers were responsible for the overall cost of product recalls. However, as vendor relationships and partnerships with suppliers have improved along the value chain, suppliers and manufacturers have been urged to share the cost of product recalls. Vehicle manufacturers, tier-1 suppliers, and other stakeholders in the value chain have benefited from this cost-sharing approach. It does, however, have a negative influence on their profit margins. As a result, product recalls are a challenge for all stakeholders involved. For instance, in December 2019, Trek Bicycle Corp., which is the parent company of Electra Bicycle Co., recalled 2,840 e-bikes after receiving two reports of the use of wrong bolts to secure the front fender to the fork crown. Similarly, in July 2019, Faraday Bicycles Inc. recalled about 4,450 e-bikes owing to the possible failure of seat posts. Such recalls incur additional expenses for the manufacturers of e-bikes, which is a challenge for the growth of the global electric bike market during the forecast period.This electric bike market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
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53% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for the E-bike market in APAC. Market growth in this region will be slower than the growth of the market in other regions.
The declining cost of Li-ion batteries will facilitate the electric bike market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
In 2020, the outbreak of the COVID-19 pandemic in APAC led to a temporary shutdown of e-bike manufacturing units. The stay-at-home measures resulted in a decline in electric vehicle sales and a significant decline in the demand for e-bikes. The restrictions on trade between China and a few other countries, such as the US, compelled Chinese manufacturers to reduce their production volumes in 2020. This hampered the growth of the market in focus in the region in 2020. Since Q4 2020, various regional e-bike manufacturers have been focusing on increasing production and reducing supply chain bottlenecks. In addition, various countries have been taking initiatives to boost automobile production. Furthermore, with the lifting of lockdowns and the resumption of operations in e-bike manufacturing units in Q4 2020 due to the initiation of large-scale vaccination programs, the market started to recover gradually, and the demand for e-bikes will rise during the forecast period.
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The electric bike market share growth in the SLA batteries segment will be significant during the forecast period. SLA batteries, also known as gel cells, are a type of lead-acid battery with coagulated sulfuric acid electrolyte. These batteries are partially sealed and equipped with vents to release gases formed during overcharging. They are widely available and offer high output efficiency, particularly at lower temperatures. Due to their lower cost compared to Li-ion batteries, SLA batteries are commonly used in low-power EVs like e-bikes and e-scooters. However, the decreasing cost of Li-ion batteries and the limitations of SLA batteries are expected to reduce their market share in the global e-bike market. SLA batteries require strong mounting solutions as they are heavy and have low energy density, leading to reduced mileage and performance in e-bikes. They also have a shorter lifespan, losing effectiveness after around 100-110 charge cycles. Moreover, SLA batteries pose environmental concerns due to their lead content and the pollution associated with their manufacturing, usage, recycling, and disposal. Despite these drawbacks, SLA batteries are expected to maintain their dominant position in the e-bike market due to their affordability and easy availability. However, the segment's growth may be impacted, leading to a slight decline in the overall market share of SLA batteries as Li-ion batteries gain more traction in the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the electric bike market size and actionable market insights on the post-COVID-19 impact on each segment.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the electric bike market encompasses successful business strategies deployed by the key vendors. The e-bike market is fragmented, and the vendors are deploying growth strategies such as new product launches, increasing geographic presence, and introducing online platforms to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The electric bike market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the electric bike market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global household durables market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
China E-bike market - The market share will grow at a CAGR of 3.94 % over the period 2014-2019.
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E-bike Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.81% |
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Market growth 2022-2026 |
9.7 million units |
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Market structure |
Fragmented |
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YoY growth (%) |
4.39 |
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Regional analysis |
APAC, Europe, North America, South America, and the Middle East and Africa |
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Performing market contribution |
APAC at 53% |
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Key consumer countries |
US, China, Japan, Germany, and The Netherlands |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
Accell Group NV, BH BIKES EUROPE SL, BP Lumen sro, Cycling Sports Group Inc., Electra Bicycle Co., emTransit SRL, eZee Technosys Pvt. Ltd. Co., Georg Fritzmeier GmbH & Co. KG, Giant Manufacturing Co. Ltd., Hero Cycles Ltd., Kalkhoff Werke GmbH, Klever Mobility Europe GmbH, RGNT Electric AB, Riese & Muller GmbH, SCOTT Sports SA, SHIMANO INC., TVS Motor Co. Ltd., Yadea Group Holdings Ltd, Yamaha Motor Co. Ltd., and Zhejiang Luyuan Electric Vehicle Co Ltd |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Battery Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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