Global electric bikes (e-bikes) market is anticipated to reach around US$ 26 billion by the year 2026, at 7.1 percent CAGR over the forecast period, according to the latest research available at Market Study Report LLC, report provides detailed segmentation of the electric bikes market based on product type, application, end user and region.
As per the latest data, the global electric bikes market is being stimulated by a number of significant parameters including consumer awareness concerning reduction in sound and air pollution. Other favorable factors include surging government incentives on purchase of these bikes, alternatives to fuel-operative vehicles with rise in fuel prices, along with technological enhancements in the design of electric vehicles. The demand for electric bikes has also been stimulated by increase in purchasing power of the consumers, coupled with increasing disposable income, and growing health consciousness. The report also mentions that the number of consumers who are contributing towards fuel efficiency has been growing at a fixed rate across many parts of the world where environment-friendly alternatives such as the e-bikes are widely used for transportation.
One of the major factors of the growth of the electric bikes market is the broadening awareness of consumers regarding travel modes that help lessen pollution & transportation woes. The adoption of electric bikes is exponentially spreading across the most crowded cities of the world as consumers are gradually becoming more acquainted with these technologies. Technological development is one of the most crucial factors for the upward trend of this market. The leading market players in this field are currently considering extensive research and development activities for improvisation of the products on the basis of growing modernization and burgeoning consumer demands. Several companies have lately been working the use of alternative raw materials and decrease in overall weight of the product.
The electric bikes are equipped with small & rechargeable batteries and are also available in various designs. As these bikes are deprived of the fuel-engine system, they are widely identified as an eco-friendly alternative for transportation causing much lesser dangerous emissions into the environment. Market analysts claim that the electric vehicles play a pivotal role in climate change policies, with substantial reduction in air & noise pollution. Also, several political trends prevailing globally have boosted the growth of the worldwide e-bikes market. The governments have also launched certain subsidies & incentives on purchase of these vehicles in many countries around the world including Germany, the Netherlands, the United States, India, and China.
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The latest report presents an extensive quantitative as well as qualitative analysis of the latest trends and growth prospects of the global electric bikes market. The report encompasses a detailed geographical segmentation of the market across Europe, North America, South America, APAC and MEA. European market is further bifurcated into the UK, Germany, Italy and Rest of Europe. The APAC region can be sub-divided into Japan, China, India, and Rest of Asia-Pacific. North American market segment is split into the U.S. and Canada.
Speaking of the regional landscape of the global e-bikes market, Asia Pacific is most likely to stand out as the fastest-growing regional market for electric vehicles, given the region’s large population, higher consumer purchasing power for modernized products, along with stronger government incentives.
In terms of the competitive spectrum, the distinguished players in the worldwide e-bikes market include Robert Bosch GmbH, Accell Group, Giant Manufacturing Co. Ltd., Panasonic Corporation and Derby Cycle Holding GmbH.