Electric Bike Market to Attain a Valuation of USD 21.1 billion by 2034: Transparency Market Research
The global electric bike industry was valued at US$ 50.5 billion in 2022, with projections indicating a steady growth trajectory. It is estimated to expand at a compound annual growth rate (CAGR) of 7.1% from 2023 to 2031, reaching a valuation of US$ 95.5 billion by the end of 2031.
Analysts attribute this growth to consistent innovation in battery technologies, which play a pivotal role in powering electric bikes. These bikes predominantly utilize lithium-ion batteries, known for their high energy density, extended energy output, and compact storage capabilities. This continuous advancement in battery technology is anticipated to fuel the expansion of the electric bike market in the coming years.
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Electric bikes, commonly known as e-bikes, offer a dependable and environmentally friendly means of transportation, characterized by their affordability and sustainability. These vehicles not only save space and eliminate carbon emissions but also contribute to the promotion of health and wellness, along with alleviating traffic congestion in urban settings.
With their extended range and enhanced speed capabilities compared to traditional bicycles, e-bikes cater to various needs such as traversing hilly terrains, embarking on long-distance leisure rides, and facilitating daily work commutes.
Prominent Ventures:
Johammer e-Mobility GmbH, Harley Davidson, Govecs AG, Giant Group, Energica Motor Company S.p.a, Douze Factory SAS, Kalkhoff Werke, Butchers & Bicycles, BMW Group, AIMA Technology, and Accell Group
Market Segmentation:
Mode
Pedal Assist ModeThrottle Mode
Class
Class-1Class-2Class-3
Usage
Mountain & TrekkingCity/UrbanCargoOthers
Motor Type
Mid MotorHub Motor
Battery Type
CargoCargo PolymerLead AcidOthers
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Key Developments:
In November 2023, Honda announced plans to introduce 30 new electric bike models by the year 2030. The company also aims to launch several specialized electric bike manufacturing plants across the world in order to cut its assembly line length by 40%.
In November 2023, Revolt Motorcycle, a leading electric bike manufacturing company, received an order from Adani Green Energy Ltd. to supply electric bikes for its corporate fleet. The deal is a testament to the sustainability ideals of the company, which embraces corporate responsibility toward society and the environment.
Regions Covered:
North America(USA, Canada and Mexico)Europe(UK, Germany, France and the Rest of Europe)Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)South America(Brazil, Argentina and the Rest of South America)Middle East and Africa(GCC and Rest of the Middle East and Africa)
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