Albany, NY — (PRESS RELEASE JET) — 09/29/2017 — Future market insights on the global electric bike market
There is a lot of focus on research and development activities in the global electric bike market in order to bring improvisation in the product with a view to enhance the electric bike business and ultimately increase the market share. Electric bike manufacturers are involved in the reduction of the overall weight of the electric bikes with a view to enhance the performance, with the help of new techniques and by using alternative raw materials. The pedelec product segment is estimated to be the largest segment by product type and is expected to dominate the global market throughout the period of forecast.
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The rising health awareness among people is the main reason supporting the growth of the pedelecs segment. Asia Pacific excluding Japan (APEJ) region is expected to hold more than 4/5th of the global market throughout the period of forecast. The differentiating strategy that the manufacturers could apply is expansion of the product portfolio by enhancing the current product line; and expanding the product range with improved specifications with the help of NPD (new product developments).
The global electric bike market is expected to grow at a steady growth rate and is poised to register a CAGR of 3.1% during the period of forecast of 2017 to 2027. The global market will reflect a value of more than US$ 27 Bn by the end of 2027. Several opportunities, trends, restraining factors, etc., decide the fate of the market, its growth path and hence the future prospects within the market that could be exploited by the players present in the global electric bike market.
Electric bicycles to move faster than motorcycles
Pedelec (or electric bicycles) segment by product type is anticipated to grow at a higher growth rate as compared to other segments in the product category. The pedelec segment is expected to reach a value of more than US$ 14 Bn by the end of 2027 representing a CAGR of 3.2% during the period of forecast. The popularity of the pedelec category is rising owing to the health benefits pedelecs offer, such as lowering the risk of metabolic syndrome, obesity, as well as hypertension. With this growth rate, it can be inferred that the number of units of pedelecs manufactured in 2017 and 2027 are likely to be more than other segments, hence establishing dominance in the global electric bike market with respect to value as well as volume.
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Following the pedelec segment, the electric scooter segment is expected to show moderate growth – a shade less than the pedelec segment – and is more inclined towards high growth and moderate value in 2017. However, considering its growth rate, this trend is expected to change and it would shift towards high growth and high value throughout the period of forecast of the global electric bike market.
Drivers influencing the growth of the global electric bike market
Several drivers are expected to influence the growth of the global electric bike market in the coming decade.
Increasing government subsidies and incentives on the purchase of electric bikes, thereby attracting more customers
Silent operation, less sound emission, very less fuel requirement and hence less air pollution
Considered as an alternative to fuel operated vehicles, and considered as a clean technology in the automotive sector. This has spurred the consumption of electric bikes
Rising fuel prices due to never ending demand for fuel has triggered an increase in the adoption of electric bikes as a convenient and better alternative
Increasing purchasing power of consumers owing to rising disposable income
Reduction in the overall percentage of air pollutants as compared to conventional vehicles
Increased health consciousness among people that has spurred the use of pedelecs that serve transportation needs as well as offer health benefits
Better conservation of fuel along with better efficiency pushing the demand for electric bikes, thereby influencing the growth of the global electric bike market
APEJ remains the most lucrative regional market with a high market attractiveness for the electric scooter, electric motorcycle and mostly for the electric bicycles or pedelecs segments as compared to other regions. As far as product types are concerned, the APEJ region is favourable for the growth of the pedelecs segment, which is expected to grow at a higher CAGR of 3.3% as compared to the pedelecs segment in North America that is poised to register a CAGR of 2.7% during the period of forecast.
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