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(USGovernment-News.Com, April 03, 2019 ) The global E-Bike Market is projected to grow at a CAGR of 9.01% during the forecast period, to reach USD 38.6 billion by 2025 from an estimated USD 21.1 billion in 2018.
The major factors driving the growth of the e-bike market are increasing concerns about traffic congestion, rapid urbanization, government initiatives to reduce emission levels, and growth of the bicycle tourism industry. An electric bike, often known as an e-bike, has an electric motor aligned to the pedal for propulsion. These bicycles use chargeable batteries of different capacities. E-bikes are equipped with a mid or hub motor and can be classified on the basis of the power of the electric motor. Pedal assist and throttle-on-demand are the two different modes of electric bikes.
Recent Developments:
• In July 2018, Yamaha introduced 600Wh multi-location in tube battery for Electrically Power Assisted Bicycles (EPACs), which offer a 20% capacity increase.
• In June 2018, Yamaha Motor Corporation introduced the PW series TE system (Quadra sensor System). This provides an automatic support mode in which the motor delivers appropriate power for every particular mode of driving.
• In June 2016, Accell Group N.V. introduced a new product Sparta M8i and the Haibike eConnect in 2016. It was the first addition of connected bicycle models to the portfolio. Sparta (Accell Brand) and Conneqtech partnered to develop the software to allow the Track&Trace system to communicate using the Internet. Haibike eConnect is developed by Haibike for certain sDuro 8.0 models, which links eBike to the digital world with the help of a GPS control module inside the bike.
• In October 2015, Yadea Group Holdings Ltd partnered with Gi FlyBike to produce an innovative smart bike in China and make the complex design of the FlyBike a reality.
• In December 2015, AIMA Technology Group Co. Ltd. launched the AIMA flagship store in Switzerland as it continued to promote the reputation, popularity, and loyalty of its brand, and finally increase its brand influence worldwide.
The Asia Pacific is expected to account for the largest market size during the forecast period
The Asia Pacific region is estimated to be the largest e-bike market by 2025. The region comprises some of the fastest developing economies of the world such as China and India. The governments of these developing economies have recognized the growth potential of electric two-wheelers and, hence, have taken several initiatives to attract major OEMs to manufacture electric two-wheelers in their domestic markets. For instance, the Government of India announced financial support and a scheme called Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME). Under the scheme, there is a subsidy of up to INR 22,000 for electric scooters/electric bikes. Government promotions and schemes have led to an increase in sales of electric two-wheelers over the years.
Class-I is the largest segment of the e-bike market
Class-I e-bikes are the most widely used e-bikes across the globe. These e-bikes are equipped with a motor that provides assistance only when the rider is pedaling and stops providing assistance when the bicycle reaches 20 mph. These e-bikes can operate on any paved surface. The class-i segment is expected to hold the largest share of the e-bike market as this e-bike category meets the e-bike laws and regulations of most of the countries.
Class-III is the fastest growing segment during the forecast period
The class III e-bike segment is expected to be the fastest growing market during the forecast period. This class is popular among the youngsters as it offers higher speed than the other two classes i.e class-I and class-II. Also, this e-bike segment is expected to help replace cars with bikes across the globe. Class-III e-bikes, which are also called speed pedal-assisted e-bikes, are equipped with a motor that provides assistance only when the rider is pedaling and stops providing assistance when the bicycle reaches 28 mph. Operators of Class-III e-bikes must be 16 years or older and wear a helmet. Class-III e-bikes are prohibited from entering Class-I multi-use bike paths unless specifically authorized by a local ordinance.
Key Players:
The major market players include Yamaha Motor Corporation (Japan), Giant Manufacturing Co., Ltd (Taiwan), Accell Group N.V (Netherlands), Aima Technology Group Co., Ltd (China), and Yadea Group Holdings Ltd (China). These companies have strong distribution networks at a global level. The key strategies adopted by these companies to sustain their market position are new product developments, collaborations, and contracts & agreements. For instance, in October 2016, Giant Bicycle partnered with financial services player Affirm. Through the tie-up, Giant’s shoppers can pay for their bicycle purchases over time with Affirm. The company added this payment flexibility to its website for online buyers.
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