Global Electric Bikes Market Generated Around USD 45 Billion in 2021 and is Expected to Grow with a CAGR of ~8% During 2022-2030; Market to Grow on Account of Growing Awareness Regarding Flexible and Eco-friendly Mode of Transportation
New York, June 21, 2022 (GLOBE NEWSWIRE) -- People all over the world are affected by a serious environmental issue known as global warming. The major contributors to this rising problem of global warming are the excessive use of fossil fuels for transportation, and the rising emissions from the transportation industry, which according to the statistics by the International Energy Agency (IEA), recorded emissions of 8.5Gt in the year 2019. As a result, there is a growing effort to find sustainable alternatives to fossil fuels. According to a survey conducted in early 2022, about 45 percent of consumers globally preferred to walk, cycle, take public transportation or adopt green transportation methods instead of driving a vehicle to reduce their carbon footprint.
Kenneth Research recently published a study on the "Global Electric Bikes Market" which provides a summary of market dynamics, such as growth drivers, restraint factors, recent market trends, and market potential possibilities in the next years. The market research study, which covers the forecast period, i.e., 2022-2030, contains a complete analysis of COVID-19's impact and its influence on the end-users. Aside from that, the research study examines the product portfolios of the leading market competitors as well as their market growth strategies.
With the rising concerns about the growing emissions worldwide, 196 parties worldwide adopted the Paris Agreement at the 2015 United Nations Climate Change Conference near Paris, France to limit global warming below 2°C or preferably 1.5°C compared to pre-industrial levels. According to the United Nations, emissions are needed to be reduced by 45% by 2030 and reach net zero by 2050. In the transportation industry, where CO2 emissions from two/three-wheelers, according to the statistics by the IEA, reached 0.2 GtCO2 per year in the year 2020, up from 0.1 GtCO2 per year in the year 2000 in the Sustainable Development Scenario (SDS), there has been a rise in the shift towards alternative transportation modes, thereby contributing significantly to the adoption of electric bikes. Aside from the cost-saving feature of e-bikes, these vehicles have shown greater promise as an effective and environment-friendly transport solution. Moreover, folding electric bikes are far more portable, easier to store, and take up very little room.
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The global electric bikes market generated a revenue of approximately USD 45 Billion in the year 2021 and is further expected to grow with a CAGR of ~8% over the forecast period. The growth of the market can be credited to growing awareness regarding flexible and eco-friendly modes of transportation and increasing government initiatives towards the adoption of green and sustainable energy to reduce carbon footprint. For instance, the Intergovernmental Panel on Climate Change (IPCC), in the year 2018, stated that human activity had already caused 0.8 to 1.2°C of warming and that this temperature is expected to touch 1.5°C between 2030 and 2052. To regulate the current rate of rising in global temperature as well as limit the negative impact of the temperature change, the government of nations worldwide are continuously monitoring the progress of the sustainable development goals (SDGs), specifically, the 13th goal, which aims at taking urgent action to combat climate change. However, according to the UN, the global emissions are set to grow by about 14% during the rest of the decade as per the current national commitments.
On the other hand, with recent fluctuations in the price of conventional fuels, which include crude oil, and refined crude oil, such as ethanol, gasoline, petrol, diesel, and others, the demand for battery-powered scooters has skyrocketed. In the other statistics by the IEA, the average key crude oil spot prices globally from the North Sea, Dubai, and WTI touched USD 71.5 per barrel, USD 70.6 per barrel, and USD 70.2 per barrel respectively on June 1, 2021, up from USD 18.6 per barrel, USD 21.3 per barrel, and USD 16.5 per barrel respectively on April 1st, 2020. On the other hand, the fluctuating prices of conventional fuel is expeted to raise the operational cost of two-wheelers that run on these fuels, which in turn, is projected to drive the demand for e-bikes. For instance, India, which is known to be one of the largest purchasers of conventional fuel-run two-wheelers, witnessed an increase in the annual fuel cost of these vehicles, which was about USD 170 in the year 2021. Moreover, the annual cost of operation of these vehicles in the same year landed at about USD 340. Such factors are therefore anticipated to enhance the demand for electric bikes and thereby help the growth of the global electric bikes market.
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The global electric bikes market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst the market in these regions, the market in the Asia Pacific region is expected to hold the largest share and witness growth over the forecast period. Factors such as the rising demand and sales for e-bikes, backed by rapid urbanization, increased traffic congestion, and stringent regulations to curb carbon emissions are expected to drive the market growth in the region. Besides this, the surge in exports of these vehicles from the region is also projected to contribute to the market growth. According to the statistics by the International Trade Center (ITC), China was recorded to be the largest exporter of e-bikes by witnessing a growth in sales from USD 3704885 thousand in the year 2017 to USD 13108103 thousand in the year 2021.
The electric bikes market in Europe, on the other hand, is expected to witness the highest growth during the forecast period, particularly in countries, such as Netherlands and Germany. One of the major factors contributing to the demand for electric bikes in the region is the presence of a dedicated ecosystem for individuals to travel with their two-wheelers. In the other statistics by the ITC, the value of imports in Germany, Netherlands, and France increased from USD 711587 thousand, USD 241652 thousand, and USD 212496 thousand respectively in the year 2017 to USD 1984101 thousand, USD 1430923 thousand, and USD 718136 thousand respectively in the year 2021.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global electric bikes market is segmented on the basis of product into pedelecs, throttle on-demand, scooter, or motorcycle, out of which, the pedelecs segment is anticipated to witness significant growth during the forecast period and also hold the largest share of the market in the coming years. One of the major factors anticipated to drive the growth of the segment is the numerous advantages associated with these types of e-bikes, such as better battery life, high mobility, and lower servicing needs. Moreover, the surge in sales of pedal support e-bikes, which is estimated to be approximately 40 million units by 2023, is also anticipated to drive the growth of the segment in the coming years.
Furthermore, the global electric bikes market is segmented on the basis of battery into lead-acid, lithium-ion (Li-ion), nickel-metal hydride (NiMH), and others. Owing to the characteristics such as low cost and ease of recycling, the lead-acid category had the biggest market share in the year 2021. However, on account of variables such as higher power-to-weight ratio, efficient battery chemistry and charging, and long battery life, the lithium-ion (Li-ion) segment is expected to witness the highest growth over the projected period. For instance, the cumulative demand for the lithium-ion technology in electric vehicles is expected to reach about 9500 gigawatt-hours by the end of 2030. This was an increase from around 500 gigawatt-hours in the year 2020 and about 0.4 gigawatt-hours in the year 2010. Further, the cost of Li-ion battery pack in the year 2020 reduced to around USD 137 per kilowatt-hour and is further expected to drop in the future.
The global electric bikes market is further segmented on the basis of drive mechanism.
Global Electric Bikes Market, Segmentation by Drive Mechanism:
- Hub Motor
- Mid Drive
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Some of the prominent industry leaders in the global electric bikes market that are included in our report are Accell Group, Derby Cycle, Giant Bicycles, Mahindra & Mahindra Ltd., Trek Bicycle Corporation, Yamaha Motor Co., Ltd., Jiangsu Xinri E- Vehicle Co., Ltd., Riese & Müller GmbH, Tianjin Golden Wheel Group Co., Ltd., MERIDA Bikes, and others.
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