April 24, 2020
As per the report titled ‘Global Electric Bikes (Wheels With Diameter Of 20’’) Market Research Report 2020’, available with Market Study Report LLC, global electric bikes (wheels with diameter of 20’’) market amassed USD 249.2 million in 2020 and is expected to reach USD 371.3 million by the end of 2026, growing with a CAGR of 5.8%.
Electric bike also known as e-bike is a bicycle which utilizes an electric motor for propulsion. Growing consumer inclination towards eco-friendly commuting solutions and rising fuel costs across the globe are propelling the growth of global electric bikes market. Moreover, increasing health conscious among population is adding to the demand for electric bikes. However, high cost of e-bikes as compared to regular bicycles may hamper the market growth over the forecast timeline.
Based on the type, the industry is split into regular e-bike and folding e-bike. Regular e-bikes are more popular as compared to folding e-bikes owing to their cost-effectiveness. On the other hand, demand for folding e-bike is expected to escalate on account of its portable design.
Speaking of the application spectrum, global electric bikes market is bifurcated into distribution and direct sale, wherein the distribution segment account for 80% market share. Direct sale segment is also expected to see decent growth over the estimated timeframe.
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Considering the regional outlook, global electric bikes (wheels with diameter of 20’’) market is divided into North America, Europe, Asia Pacific, and Latin America. Electric bikes industry in North America is slated to register a sizeable growth during 2021-2026. Rising adoption of e-bikes for commuting to avoid traffic and extend environmental contributions is supporting the regional market expansion.
Prominent players in global electric bikes market are Accell Group, E-Joe, Yadea, AIMA, Incalcu, Alton, BESV, VOLT, XDS, Solex, SOHOO, Gonow, Ancheer, and JIVR.
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