An electric bike is a bicycle, scooter, or motorcycle with an incorporated electric motor for momentum. It is either partly supported by peddling or entirely propelled through the electric power. It is deliberated as a worthwhile transportation option because to its power capacity, long distance range, and reasonable speed and comes in several classes, such as pedelec/pedal assist (torque sensor, cadence drive), throttle on necessity (twist grip, thumb & push button), and scooter/motorcycle.
According to the report analysis, ‘Global E-Bike Market to reach USD 42 billion by 2026’ states that in the global E-Bike market there are several corporates which presently operating more successfully for leading the maximum market growth and governing the handsome value of market share around the globe while transporting the better consumer satisfaction, diminishing the linked prices, engaging the young work force, implementing the profitable strategies, analyzing the strategies and policies of the government as well as competitors, establishing the several research and development programs, advancing the applications of such and improving the specifications of the production technologies includes Yamaha Motor Company Limited,Specialized Bicycle Components, Inc.,Giant Manufacturing Co. Ltd., Accell Group N.V., Pedego Electric Bikes, Aima Technology Group Co. Ltd., Yadea Group Holdings Ltd, Merida Industry Co. Ltd, Trek Bicycle Corporation, and several others.
However, the speedy urbanization, augmenting the concerns connecting traffic congestion, growing the bicycle tourism industry and augment in government initiatives to decrease the emission level are the few aspects accountable for growth of the market over the review period. For instance: according to the arXiv, the annual traffic congestion cost across UK will reach 33.4 billion USD by 2030, mounting by over 50% from the 2014 levels of 20.5 billion USD. Not only has this, as per Ministry of Tourism, the amount of tourists in India was 500 million in the year 2001 and has higher to 2700 million of tourism around the country during 2018. However, unintentional infrastructure in underdeveloped countries is the foremost factor limiting the growth of global E-Bike market throughout the forecast during.
Although, the area analysis of wide-reaching E-Bike Market is considered for the crucial regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Whereas, the North America is the important/significant region around the world in terms of market share due to the speedy urbanization and customer desire to move away from the cars to alternative mobility such as e-bikes. However, the Asia-Pacific region is probable to exhibit greatest growth rate / CAGR over the calculated period of 2020-2026.
Furthermore, international E-Bike Market is valued nearly at USD 23 billion in 2019 and is anticipated to rise with a healthy growth rate of more than 9% over the review period 2020-2026. the Asia-Pacific is projected to account the worldwide market. In Asia-Pacific, China registered the regional market. The extreme consumption of electric bikes was across China, which improved the sales figure, and thus impelling the growth of the wide-reaching market for E-bikes. Owing to the COVID19 pandemic outbreak and the lockdowns and limitations that followed, the introduction of e-bikes observed a decline, but the market is again gathering up pace due to the increasing demand as more people are exploring choices of travel over public transport. Therefore, in the near years, it is predicted that the market of E-bike will increase around the globe more actively over the inflowing years.
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Ankur Gupta, Head Marketing & Communications