Global Electric Bicycle Market is predicted to grow at approximately 10.11% CAGR by 2024

Pune, India, Jan 8, 2017 /MRFR Press Release/- Market research future published a cooked research report on global electric bicycle market. The electric bicycle market is expected to grow over the CAGR of around 10.11% during the period 2017 to 2024.

Market Highlights

Electric bicycle contains integrated electric motor that provides power to the bicycle for operation. There are different types of electric bicycles such as pedal assist or pedelecs, power on demand, and pedal assist with power on demand. There are different motor used for the operation such as hub motor mid drive electric. They use rechargeable battery that can travel up to the limitation demonstrated by the government of the country. Cycling has become extremely popular in many parts of the region such as Europe and North America. The market has been performing outstandingly for the past five years. There are many reasons for its success but one of the most important factors is the ease of riding-bikes require less physical effort than traditional bicycles, and they are fun to ride. It also helps in improving the personal health and well-being. They are popular, especially among women. Because of e-bikes, cyclists can get to enjoy fresh air and country side holiday without breaking a sweat. Riding an e-bike can be less exhausting than a traditional cycle. This comfort of riding enables people to adopt this type of bicycles. This increase in the demand for riding e-bicycle, will result in the growth of global e-bicycle market. The electric bicycle market is expected to grow over the CAGR of around 10.11% during the period 2017 to 2024.

On the basis of region, the market is segmented based on North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific has dominated the market during the forecast period. In Asia Pacific, China is the largest market due to increase in demand for the parking space. According to statistics from ‘Make in India’, India is the seventh largest producer of automobiles in the world. The increasing disposable income of the middle-class population and the propensity of buyer’s towards high end-luxury products are propelling the growth of electric bicycles in the country. Moreover, the support of government in the form of lower excise duties, automotive mission plans, and the constitution of NATRiP (National Automotive Testing and R&D Infrastructure Project) among others are also acting as key drivers for the growth of this market. Europe is the second largest market due to growing tourism sector. Cycle tourism is increasingly becoming synonymous with active tourism. People indulge in cycling activity to experience nature and also enjoy it as a sporting activity. The e-bikes are extremely popular among older female cycle tourist, especially over the age of 50. They are evidently becoming an important choice of holiday destinations in Europe. Due to this the market is expected to grow during the forecast period. Germany is the largest bicycle market in Europe. The country has the largest bicycle ownership in the continent with an estimated 70 million bicycles for 82 million people. Cycling is increasingly seen as a predominant choice for transport and an important part of German holiday activity. Furthermore, it leads to an active and health-conscious lifestyle. Germany is one of the popular destinations for international as well as European travelers. With 2 million years of history, the country has huge landscapes of forests, mountain ranges, rivers and North Sea Beaches. This will enable the region to grow at the highest CAGR during the forecast period. 

Drivers:

Source: MRFR AnalysisGlobal Electric Bicycle Market Size, 2017-2024(CAGR)

Source: MRFR Analysis

Scope of the Report

This study provides an overview of the global electric bicycle market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global automotive electric drivetrain systems market by its type, battery type, motor type, and region

• Pedal Assist or Pedelecs


• Power on Demand


• Pedal Assist with Power on Demand

• Sealed Lead Acid


• Li-Ion Battery

• Hub Motor


• Mid Drive Electric

• North America


• Europe


• Asia Pacific


• Rest of the World 

Key Players

The key players in electric bicycle market are NYCeWheels (U.S.), Accell Group (Netherlands), Derby Cycle (Germany), Easy Motion USA (California), Moustache Bikes (France), Jiangsu Xinri E-Vehicle Co., Ltd. (China), myStromer AG (Switzerland), Karbon Kinetics Limited (KKL) (U.K.), Pedego Electric Bikes (California) and A2B Electric Bikes (U.K).

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Electric Bicycles Market

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