Electric bikes are modern means of transportation which use electricity as fuel to propagate. These vehicles come in different types, few of which use both physical as well as electric power to gain momentum. Drivetrain, electric motor and batteries are the main components in electric bikes.
The different types of electric bikes have different capacities. For longer distances, typically electric moped or motorcycles are used, and for shorter distances, generally, pedal assists are used.
Electric bikes have undergone new technological developments in the recent past. High quality material and advanced batteries which have high power and improved life, are few of the many advancements that this market has witnessed. In metropolitan cities of Europe (typically in UK and Germany) and North America (US and Canada) common charging infrastructure for public has been developed. The trend of rental services has taken shape, which is encouraging the use of electric bikes in these regions. There has been significant contribution by the governments of various regions such as in the Asia-Pacific excluding (APEJ) region, to promote the use of electric bikes on a large scale. Several benefits of electric bikes, such as zero emission of harmful gases, eco-friendliness, reduction in greenhouse effect, reduction in tailpipe emissions etc., are supporting the consumption of electric bikes over the globe thus aiding the growth of the global electric bikes market. But certain aspects such as high initial price, less number of charging stations and high costs associated with maintenance of charging stations resulting in high charging prices are limiting the growth of the global electric bikes market.
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Persistence Market Research has analyzed the global electric bikes market and has revealed that the global market is likely to project a growth of 4.7% CAGR during the forecast period 2017-2022.
5 Key Highlights on Global Electric Bikes Market
- Asia-Pacific excluding Japan (APEJ) is a lucrative region and is expected to show high market share by the end of 2022. It is anticipated to grow at steady growth rate throughout the period of forecast. This region has higher potential and several players are setting up manufacturing plants in this region due to easy labor availability and low cost. Moreover, this region has experienced high government support, with the Indian electric bikes market receiving significantly favorable policies. China and India have highly contributed to the growth of the electric bikes market in the APEJ region
- Lithium ion batteries remain the preferred choice for manufacturing electric bikes. This segment is poised to register a CAGR around 5% throughout the period of assessment. The main features favoring the use of lithium ion batteries are their small size and high power delivery. On account of these factors, electric bike manufacturers are likely to shun other battery types in favor of lithium ion.
- Nickel metal hydride batteries account for the largest revenue share in the market. The status quo is likely to remain unchanged during the forecast period. However, nickel metal hydrides will face stiff competition from batteries that are durable and more effective, such as lithium ion.
- In the product type category, the class1: pedal assist segment is expected to lead the global market in terms of high market share. However, this segment is poised to show slow growth rate as compared to speed pedelecs segment in the coming years due to cleaner transportation and less noise
- HMCR remains the largest segment by conversion kits type; however, in the recent past, friction drives have gained traction among end-users. While HMCR will continue to lead in terms of high revenue share, friction drive segment is projected to grow at an impressive CAGR
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The research report has also profiled key companies operating in the electric bikes market. These include tier companies such as Prodeco Technologies Llc, Samsung SDI Co., Ltd., Mahindra & Mahindra Ltd., Bionx International Corporation, Panasonic Corp, Jiangsu Xinri E-Vehicle Co. Ltd., ., Derby Cycle Holding GmbH, Giant Manufacturing Co., Ltd., Accell Group N.V and Robert Bosch GmbH.