Electric Bicycles Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017
Electric bicycles are the largest selling electric vehicles in the world, and are estimated to cross 36 million mark by 2025. Reduction in weights aided by integration of Li-ion batteries, low cost, wide availability, and minimal environment impacts are expected to be the major factors fueling the industry growth through the forecast period. Increasing urbanization and concerns regarding the environmental impacts of motor vehicles across the global economies is expected to further expected to create a highly conducive environment for growth of the market.
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Increasing motor vehicle traffic and pollution levels are expected to drive the consumer motivation towards adoption of electric bicycles
Global motor vehicles traffic levels have led to increased road accidents over the past decade, accounting for over 1.25 million deaths in 2015 (according to WHO). Moreover, pollution levels across the globe have witnessed significant surge over the years, primarily owing to increasing vehicle traffic. According to Union of Concerned Scientist, one fifth of the U.S. emissions responsible for global warming are generated due to trucks and cars. Reduction in emissions and traffic levels, which can be achieved through various measures, including preference for eco-friendly electric bicycles that can drastically decrease traffic congestion and also have negligible carbon emissions. This is a major factor that is expected to propel growth of the electric bicycles market over the forecast period.
Increasing awareness and government initiatives to promote use of battery operated vehicles are expected to provide the necessary boost to the consumer motivation. FAME-India scheme in India, electric bike grant scheme in states of Jersey, and grants offered for EVs purchase by Office for Low Emissions in UK are few instances of the government initiatives that will promote the adoption. Such initiatives will provide potential growth opportunities for the electric bicycles market through the forecast period.
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Electric Bicycles Market Taxonomy
On the basis of component, the global electric bicycles market is classified into:
Motors & drivetrains
Controllers
Batteries
Li-ion Batteries
SLA batteries
Others (NiCad and NiMH)
Others (bicycle costs)
On the basis of control systems, the global electric bicycles market is classified into:
Throttle control
Pedal assist
On the basis of consumer applications, the global electric bicycles market is classified into:
Kids
Commuters
Professional
Health benefits such as cardiac rehabilitation and weight reduction programs will cement growth prospects
According to NHS Choices, exercise-based rehabilitation programs can reduce deaths risks by over 25%, and utilization of these bikes provide less cardiac exertion for people with existing coronary problems. People with injuries or excessive weights that have problems in exercising can have comfort of taking short breaks from pedaling. Moreover, biking on rough terrains and difficult slopes for hobbies will also find considerable demands over the forecast period.
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Sealed lead-acid (SLA) batteries held the largest electric bicycles market share
SLA batteries held largest industry share, owing to their low costs and large consumer base in China. Batteries utilized in the bikes vary on the basis of voltage, amp hour capacity, life and reliability. However, Li-ion batteries are expected to witness highest traction over the next few years, primarily owing to its relatively better performance characteristics and lower carbon footprints.
China has the largest consumer base accounting for over 80% of the overall electric bicycles market share
Annual unit sales in China is expected to witness flat decline over the next few years, owing to increasing traffic disruption and accidents due to fast speeding cyclists. In 2009, around 10 cities that included Guangzhou, Changsha, Shenzhen, Changzhou, Foshan and Dongguang, had either imposed restrictions or banned usage of e-bikes. However, the country is expected to continue its dominance in the electric bicycles market share over the forecast period with significant demands in other cities and regions of the country.
Major industry participants include Accell Group, Derby Cycle AG, Easy Motion, Jiangsu Xinri E-Vehicle Co. Ltd., Panasonic, Pedego, Stromer, and Yadea Technology Group Co. Ltd. Some other participants include BionX, Bosch, Electric Bike Technologies LLC, Giant Bicycles, GRACE, Superpedestrian, and Trek. Industry is characterized by large number of number of entrants participating in the competition, primarily owing to introduction of new crowd funded projects to reduce the carbon footprints and increasing demands in Germany, India, Netherlands and the U.S.
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