The e-bike market was valued at USD 23.89 billion in 2020, and it is expected to witness a CAGR of 11.86 %, during the forecast period, 2021-2026.
Due to the COVID-19 pandemic outbreak and the lockdowns as well as restrictions followed, the production of e-bikes witnessed a decline, but the market is again picking up pace owing to the growing demand as more people are exploring options of travel over public transport.
Apart from the increasing consumer preference toward recreational and adventure activities, the adoption of e-bike applications in several sectors, like logistics and e-bike rental services, is expected to drive the market studied, during the forecast period.
The market has been segmented by propulsion type and application type. In 2020, by propulsion type, pedal-assisted e-bikes dominated the market and accounted for a significant share of the global market. By application type, city/urban e-bikes dominated the market.
Asia-Pacific is expected to dominate the global market. In Asia-Pacific, China dominated the regional market. The largest consumption of electric bikes was in China, which boosted the sales figure, and thus influencing the growth of the global market for electric bikes.
Some of the major players in the e-bike market are Giant Bicycles, Merida, Trek Bikes, Riese & Muller, and M1 Sporttechnik.
Key Market Trends
Growing Demand for Eco-Friendly Transportation
- Mobility plays a vital role in the current society that we live in.With the growing concern for preserving and sustaining it for future generations, mainly because of the increasing scarcity of natural resources and environmental concerns, protecting the environment poses a great challenge to both the society and governments, worldwide.
As a result, the rising demand for e-bikes is proving to be an ideal solution to the challenge.
- With the continually growing environmental and health concerns, due to the increasing emission levels, the governments and international organizations worldwide are enacting stringent emission norms to reduce carbon emission levels.
- Additionally, the depletion of fossil fuel levels at an alarming rate has been creating concerns for sustainability for future generations. This factor is posing a huge challenge for governments and society. Thus, e-bikes are proving to be an ideal solution for the challenge.
Europe – the -Fastest Growing Market
The European region accounted for approximately 39 % of the e-bike market. The European region was dominated by Germany, followed by France and Italy.
In Germany, the e-bike is a preferred mode of mobility, as well as for sports and leisure, also as a clean, quiet, and space-saving alternative for city logistics, in the country.
Some of the major factors driving the sales of the e-bike market are innovative characters of the product, fully-integrated batteries, and drives, appealing designs, as well as the use of high-quality materials.
The major players in the region are introducing latest products to capture the growing market. for instance,
- Gazelle, one of the subsidiaries of Pon Bike Group, developed a cargo e-bike Gazell D10 model with joint-partners, namely Aluca and DOCKR (mobility as a services (MaaS) start-up). The new cargo e-bike known as light electrical freight transporter (LEFT), accommodates up to two standard carriage boxes with Euro Pallet dimensions (1,200*800*1,100 millimeter), capable of carrying a volume of one cubic meter and load capacity of 100 kg.
Apart from Germany, countries, like France, Italy, the Netherlands, and Spain, also witnessed a high demand for e-bikes. Some of the major reasons considered for adopting e-bike are the health benefits, environmental benefits, reduction in expenditure, avoidance of traffic congestion, and the increase in demand for e-bikes as sports equipment among youth. In the Netherlands, a quarter of all Europeans were found to be willing to commute by e-bikes.
The e-bike market is extremely fragmented, with the major players holding a low share of the total market share. Some of the major market players are Giant Bicycles, Merida, Trek Bikes, Riese & Muller, and Fritzmeier Systems GmbH & Co. Kg (M1 Sporttechnik).
Giant Bicycles is expected to be the largest player in this market.
The company’s presence is majorly concentrated in China, with Europe and North America being the other important markets. The companies are diversifying their product portfolio through innovations and new launches and is aiming to continue its spot as the market leader.
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1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Current Market Scenario
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Technology Trend
4.6 Government Regulations, Incentives, and Manufacturing Standards
4.7 Market Perspective
4.7.1 Component Supplier (Battery, Motor, etc.)
4.7.2 Bicycle Manufacturer
4.8 Pricing Analysis
5 MARKET SEGMENTATION
5.1 Propulsion Type
5.1.1 Pedal Assisted
5.1.2 Throttle-assisted (Power-on-demand)
5.2 By Application
5.2.2 Trekking (E-mountain Bikes/e-MTB)
5.3.1 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
5.3.3 Asia Pacific
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 E-bike Manufacturers
188.8.131.52 Giant Bicycles Co. Ltd
184.108.40.206 Merida Industry Co. Ltd
220.127.116.11 Riese & Muller
18.104.22.168 Fritzmeier Systems GmbH & Co. KG (M1 Sporttechnik)
22.214.171.124 Yamaha Bicycles
126.96.36.199 Trek Bikes
188.8.131.52 Cannondale Bicycle Corporation
184.108.40.206 VanMoof BV
220.127.116.11 Ampler Bikes
18.104.22.168 Tron X-Motors
6.2.2 Component Suppliers
22.214.171.124 Brose Fahrzeugteile GmbH & Co. KG
126.96.36.199 BMZ GmbH
188.8.131.52 Panasonic Corporation
184.108.40.206 Samsung SDI Co. Ltd
220.127.116.11 LG Chem
18.104.22.168 Robert Bosch GmbH
22.214.171.124 Shimano Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 SUPPLIER INFORMATION
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.