Electric Bikes Market, Future Scope Detailed Analysis to 2024
Posted: Nov 23, 2018
Our latest research report entitled Electric Bikes Market (by product type (pedelec, throttle on demand and scooter or motorcycle), drive mechanism (hub motor, mid drive and other drive mechanisms), battery type (lead acid, lithiumion (li-ion), nickel metal hydride (NiMH) and others)) provides complete and deep insights into the market dynamics and growth of Electric Bikes. Latest information on market risks, industry chain structure Electric Bikes cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential Electric Bikes growth factors.
The forecast Electric Bikes Market information is based on the present market situation, growth opportunities, development factors, and opinion of the industry experts. An in-depth analysis of the company profiles, Electric Bikes on global and regional level and applications is conducted. The analysis of downstream buyers, sales channel, raw materials, and industry verticals is offered in this report. According to report the global Electric Bikes Market is projected to grow at a CAGR of 4.5% over the forecast period of 2018-2024.
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Electric bikes, also called e-bikes, are a special type of bikes that are driven or propelled by rechargeable batteries. Electric bikes are similar to regular bikes with slight modification. It primarily contains three important components: motor, battery, and drivetrain. Electric bikes are driven by employing different type electric motors. The drivetrain provides necessary torque and power for the electric bike, and most of the drivetrain provides flexibility to riders in order to shifts gears according to the road situation. Electric bikes are gaining popularity among consumers due to growing awareness about environmental awareness, fluctuation of fuel prices, increasing disposable income among consumers, are the factors boosting the electric bike's market. Electric bikes are becoming a viable transportation option owing to their power, moderate load carrying capacity, long-distance range, and moderate speed. Additionally, increasing government subsidies to manufacturers and a tax incentive to purchasers, continuously rising fuel prices across the globe, and increasing health consciousness among people are driving the electric bike market during the forecast period. However, the high cost of an electric bike, lack of awareness among consumers about electric bikes, its efficiency compared to conventional bikes are hindering the growth of the electric bike market.
Everyday fossils fuel price is increasing, which is forcing the consumers to switch to the cheaper alternative for commuting purpose. In recent time there is high growth in the price of petroleum-based fuel, which is making driving a costly affair. But, electric bikes only consume electricity, and electricity is available through several medium as hydro, air, thermal energy, and convention coal-based. Electricity is cheaper than fossils fuel. Hence, now people are preferring electric bikes instead of conventional motorbikes. As per one study of new brain monitoring, scientists found that Electric vehicles reduce stress for drivers. This study found that drivers are more focused, calmer, and happier when driving the electric version of the taxi, compared to a conventional taxi. Additionally, growing awareness about the health benefits of driving electric bikes/vehicles is helping to grow this market. An electric vehicle has far fewer moving parts than a conventional gasoline-powered vehicle. There’s no need for liquid fuels or oil changes. Hence, no polluting elements are released during the application of electric bike. It is environmentally friendly, which help to protect the environment from several toxic elements as carbon monoxide(CO), Sulfur etc.
North America is leading the E-Bike market globally, due to the presence of e-bike manufacturing companies in this area, more consumer awareness about environmental degradation, government focus on the environmental protection technique and measures. The Asia Pacific holds a major share and is expected to dominate the global electric bike market during the forecast period. China is a major revenue contributor to the market in the Asia Pacific. Stringent regulations regarding emissions and strong imitative for green transportation drive the electric bike market in China.
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