Electric Bike Market Trends

Growth Drivers

• Worldwide Increasing Air Pollution - Air pollution is the release of contaminants into the atmosphere that are harmful to human health and the environment on a global scale. The health issue caused by air pollution has mostly gone unnoticed for many years. According to the World Bank statistics, pollution is responsible for over 11 million premature deaths worldwide. But now from government to individuals are more concerned regarding the planet’s air quality. Thus, various kind of initiatives and electric vehicles adoption have started to regulate the air pollution level.

• Expansion in Motor Fuel Prices – As per the data provided by the Bureau of Transportation Statistics, in the United States, regular motor gasoline prices increased by 49% from January to June 2022, while diesel fuel prices increased by a slightly higher rate of 55%.

• Upsurge in Traffic Congestion - In 2021, worldwide congestion level was reached around 11%.

• Enhanced Energy Efficiency Compared with Other Vehicles - In a study, electric bikes were discovered to be more energy efficient. The energy use was around 7.3 ± 3.0 kW h 100 km-1 for electric bikes vs. 57 ± 15 kW h 100 km-1 for motorcycles and 36 ± 9 kW h 100 km-1 for buses.

• Increasing Urbanization - As per the World Bank, currently, more than 50% of the world's population resides in cities. The number of people living in urban areas is estimated to upsurge more than double to 6 billion by 2045.

Challenges

• High Cost of Electric Bikes
• Lack of Good Road Network
• Lack of Infrastructure in Emerging Nations

The global electric bike market is segmented and analyzed for demand and supply by battery type into lithium-ion, lithium-ion polymer, nickel metal hydride, lead acid, sealed lead acid, and others. Out of these, the lithium-ion segment is expected to significantly grow over the forecast period owing to the superior quality of lithium-ion battery chemistry, efficient and fast charging, good battery life, zero maintenance requirements, and ease of portability. For instance, compared to the average lead acid battery's 86% efficiency, lithium batteries charge with a nearly 100% efficiency.

Global Electric Bike Market Regional Synopsis

Regionally, the global electric bike market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033 backed by the rising introduction of advanced technologies, significantly growing stances of traffic congestion, upsurge in carbon emission regulations, and growing urbanization in the region. For instance, in 2021, Mumbai's congestion level was accounted nearly 54%, which represents that it took 54% longer time to get from one point to another than in a free flow scenario. In comparison, the congestion level in Wellington and Singapore was reached nearly 28% in 2021.

The global electric bike market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook