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.The market trends and analysis report covers an in-depth analysis of market growth factor like the increasing sustainability and environmental concerns, the popularity of connected e-bikes. However, product recalls due to possible failures of e-bikes hinders the market growth.
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Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Accell Group NV: The company offers e bikes under its brands Haibike, Winora, Ghost, Batavus, Koga, Lapierre.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Avon Cycles Ltd., BH BIKES Europe SL, Cortina Bikes, Giant Manufacturing Co. Ltd., Greenwit Technologies Ltd., Hero Cycles Ltd., Hero Ecotech Ltd., Kalkhoff Werke GmbH, Klever Mobility Europe GmbH, myStromer AG, PEDEGO Inc., PIERER Mobility AG, Riese and Muller GmbH, SCOTT Sports SA, SHIMANO INC., Trek Bicycle Corp., TVS Motor Co. Ltd., Yamaha Motor Co. Ltd., and Zhejiang Luyuan Electric Vehicle Co. Ltd.
Qualitative and quantitative analysis of market growth and trends of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, market growth and forecasting it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is the increasing sustainability and environmental concerns. The growing awareness about environmental issues and the desire to minimize carbon footprints drive the demand for eco-friendly transportation alternatives. In addition, they offer a green mode of commuting that does not rely on fossil fuels.
Moreover, eco-friendly transportation options that produce zero emissions while in use. In addition, as people become more conscious of the environmental impact of traditional vehicles, present a cleaner alternative for short- to medium-distant travel, contributing to air quality improvement in urban areas. Furthermore, e-bikes align with the global push toward sustainable transportation solutions. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the market growth is the popularity of connected e-bikes. The emergence of ride-sharing, ride-hailing, and vehicle rental services has played a key role in fuelling the adoption of connected vehicles. In addition, the popularity of e-bike-sharing services across regions has led to the advent of connected. Furthermore, the real-time location of a connected can be tracked by E-Bike-sharing companies as well as users.
Moreover, connected vehicles can enhance the bike-sharing business model and evolve it to make it an integral part of urban mobility. In addition, with the integration of connectivity features, have the potential to become a part of the seamless Mobility-as-a-Service (MaaS). Furthermore, seamless connectivity with public transportation systems will also enable connected bikes to become a last-mile connectivity solution. Hence, such factors are driving the market growth during the forecast period.
Product recalls due to possible failures of e-bikes are one of the key challenges hindering market growth. Product defects or the potential failure of systems can result in the recall of vehicles. In addition, in the past, manufacturers bore the complete cost of product recalls. For example, in September 2022, the US Consumer Product Safety Commission announced the recall of 3,300 due to fire and burn hazards.
Moreover, in October 2022, about 22,000 sold by retailers, including Amazon, Sears, and Walmart, were recalled due to fire, explosion, and burn hazards. In addition, improvements in company relationships and collaborations with suppliers across the upstream of the value chain have encouraged suppliers and manufacturers to share the cost of product recalls. However, it hurts their profit margins, which, in turn, will hinder the growth of the global market during the forecast period.
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The SLA batteries segment is estimated to witness significant growth during the forecast period. SLA batteries segment refers to a type of rechargeable e-bike battery commonly used in various applications, including electric bikes (e-bikes). In addition, they have been widely used for their affordability, reliability, and ease of maintenance, although newer models often utilize more advanced lithium-ion battery technology due to their higher energy density. Furthermore, SLA batteries are sealed and do not require regular maintenance, such as adding water or electrolytes. The SLA batteries segment was the largest segment and was valued at USD 21.93 billion in 2018. Moreover, SLA batteries, also known as gel cells, are a type of lead-acid battery with coagulated sulfuric acid electrolyte. In addition, these batteries are partially sealed and have vents to eliminate gases that are accidentally formed while overcharging. Furthermore, SLA batteries generally have lower energy density and capacity compared with lithium-ion batteries. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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Based on propulsion, the market has been segmented into pedal assist and throttle assist. The pedal assist segment will account for the largest share of this segment.
APAC is estimated to contribute 50% during the forecast period.
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. China, Vietnam, Japan, and India are key countries contributing to the markets in APAC. In addition, China is the largest contributor to the market in the region. Moreover, the sales of electric bikes market, in terms of unit shipment, have registered tremendous growth in the country. In addition, this increase in sales was triggered by the Chinese government initiatives to restrict motorcycles in city areas to avoid traffic disruption and accidents. Furthermore, this led to the rapid adoption in the country for short-distance commutes. In addition, the increasing popularity of shared mobility and growing acceptance of micro-mobility, especially in India, is expected to further fuel the market in the region. Hence, such factors are driving the market growth in APAC during the forecast period.
The market is experiencing remarkable growth globally, driven by several factors and key players. Governments across the world are encouraging the use of e-bikes, offering incentives and implementing regulations to promote this low-emission mode of transportation. The market is witnessing advancements in technological innovation, including motor drive technologies like hub motors and mid-drive motors. E-bike types and categories, such as electric mountain bikes (e-MTB), city/urban e-bikes, and cargo e-bikes, cater to diverse consumer demographics and trends.
The rise of e-bikes addresses various concerns, including health benefits, congestion, air and noise pollution, energy security, and cycling popularity. The market also faces challenges, such as a lack of infrastructure, legal road use regulations, and the need for bike paths and lanes. Intelligent and omniscient bikes, equipped with data-gathering capabilities, contribute to the growing trend. Despite facing headwinds like the decline in e-bike sales due to factors like build quality, performance, and pricing incentives, the electric bike industry continues to evolve and capture the interest of riders worldwide.
E-bike Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2023 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.95% |
Market growth 2024-2028 |
USD 16.48 billion |
Market structure |
Fragmented |
YoY growth (%) |
6.7 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 50% |
Key consumer countries |
US, China, Japan, Germany, and The Netherlands |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Accell Group NV, Avon Cycles Ltd., BH BIKES Europe SL, Cortina Bikes, Giant Manufacturing Co. Ltd., Greenwit Technologies Ltd., Hero Cycles Ltd., Hero Ecotech Ltd., Kalkhoff Werke GmbH, Klever Mobility Europe GmbH, myStromer AG, PEDEGO Inc., PIERER Mobility AG, Riese and Muller GmbH, SCOTT Sports SA, SHIMANO INC., Trek Bicycle Corp., TVS Motor Co. Ltd., Yamaha Motor Co. Ltd., and Zhejiang Luyuan Electric Vehicle Co. Ltd. |
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, Market condition analysis for the forecast period |
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. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Battery Type
7 Market Segmentation by Propulsion
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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