Global E-Bike Market
Global Electric Bikes Market Size By Product Type, By Drive Mechanism, By Battery Type, By Geographic Scope And Forecast
According to Verified Market Intelligence, The Global Electric Bikes Market was valued at USD 16.88 Billion in 2018 and is projected to reach USD 32.83 Billion by 2026, growing at a CAGR of 8.9% from 2019 to 2026.
Electric bikes, also known as e-bikes, e-bicycles, pedelecs, and power-assisted (bi)cycles, are standard bicycles that are equipped with an electric motor, a battery, and a drivetrain. These bikes can be moved through pedaling or can run on rechargeable batteries. The rechargeable batteries are made up of three types: Lead Acid, Lithium-ion (Li-ion) and Nickel-metal hydride (NiMH). Lead-acid batteries are most commonly used and can cover long distances with a single charge. These bikes are simple to operate, convenient for all age groups and are an economical alternative as an environment-friendly means of transportation, in comparison to motored vehicles. Large variations of e-bikes are available in the market in terms of design and performance.
In the report, the market outlook section mainly encompasses the fundamental dynamics of the market which include drivers, restraints, opportunities, and challenges faced by the industry. Drivers and Restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
Owing to its low cost, easy maintainability and easy operability, especially in congested traffic, have traditionally been a very popular mode of transport worldwide. Apart from mobilizing individual people, electric bikes are also used for carrying additional people and cargo. These bikes are claimed to be “greener” and more sustainable transport options resulting in rapid adoption and expansion at a global level. The factors such as accelerating urbanization, increasing demand and income for transportation, traffic congestion, and environmental pollution, as well as underdeveloped public transport system are expected to drive the market. However, Despite the growing popularity of electric bikes, the cost of these bikes has limited their attractiveness thereby restraining the market for e-bikes.
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