Amping Up Your Ride with Electric Bicycles!
According to a report by Kings Research, the global Electric Bicycle Market was valued at USD 48.99 billion in 2023 and is projected to reach USD 146.89 billion by 2031, growing at a CAGR of 14.90% from 2024 to 2031.
The surge in the electric bicycle market is driven by the increasing focus on sustainable transportation and heightened environmental awareness. Governments around the globe are actively promoting electric bicycles to reduce carbon emissions and ease urban traffic congestion. Incentives like subsidies, tax rebates, and infrastructure improvements are significantly boosting the adoption of electric bicycles.
Furthermore, the rising health consciousness among consumers is leading to greater demand for electric bicycles as a convenient and eco-friendly means of exercise and commuting. This trend is especially noticeable in regions with high pollution levels and heavy traffic. Advancements in battery technology and the inclusion of smart features are also enhancing the appeal of electric bicycles, making them attractive to a wider range of consumers.
Key Insights:
By Application: The city segment held the largest market share at 64.56% in 2023.
By Battery Type: The lithium-ion segment generated the highest revenue, amounting to USD 35.44 billion in 2023.
By Type: The pedal-assisted segment is expected to reach a value of USD 108.30 billion by 2031.
By Region: The Asia-Pacific region is projected to garner USD 9.08 billion by 2031.
GEF Capital Signs Partnership Agreement to Expand MURF Electric Bikes Product Innovation
In January 2023, MURF Electric Bikes, a manufacturer of rugged adventure e-bikes, partnered with GEF Capital Partners, a global private equity firm focused on sustainable investments. Throughout 2023, MURF launched a new storefront, introduced two new products, and a limited-edition collaboration model, securing growth capital from GEF to support its expansion plans.
Emergence of Subscription and Rental Services to Offer Potential Opportunities for Electric Bicycle Market Development
The rise of subscription and rental services for e-bikes is significantly enhancing market accessibility, particularly in urban areas where storage is a concern. These services lower the barriers to ownership, such as upfront costs and storage issues, making e-bikes more accessible. This model appeals to individuals hesitant to invest in an e-bike, providing a flexible transportation solution for short-term needs while promoting sustainable mobility through shared usage.
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Proliferation of Electric Bicycle Types to Present Lucrative Opportunities for Electric Bicycle Market Expansion
The diversification of e-bike types is creating significant market opportunities. With an increasing variety of options like folding bikes, fat-tire bikes, and luxury e-bikes, consumers can choose models that fit their specific needs and lifestyles. This trend is driving innovation and competition among manufacturers, leading to product development and technological advancements.
North America to Witness Substantial Growth, Registering?a CAGR of 14.86% Between 2024 and 2031
North America is expected to witness substantial growth in the electric bicycle market, registering a CAGR of 14.86% between 2024 and 2031. The region is seeing an increase in cycling participation rates, driven by health and environmental concerns. E-bikes are emerging as a popular option for active commuting and recreational activities, supported by investments in cycling infrastructure across North American cities.
Companies Launch Cutting Edge Products to Expand Their Market Reach
The global electric bicycle market is highly fragmented, with key players including Accell Group , Rad Power Bikes Inc., Hero Lectro E-Cycles (A Division of Hero Cycles Ltd) , VanMoof , Aventon Bikes, Trek Bicycle , Shimano ., Giant Group 巨大集團 , MERIDA BIKES INTERNATIONAL , Yamaha Motor Corporation, USA ., Ltd., and others. Companies are employing strategies such as acquisitions, mergers, partnerships, product launches, and collaborations to expand their global presence and enhance their competitive position.
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