Globally, the demand for electric bike has grown at a large scale as it provides pedal assistance to the riders. The popularity of electric bike is increasing due to growing urbanization and growing number of vehicular traffic on streets. Electric bikes are now being considered as viable transportation option due to its power capacity, long distance range, and moderate speed.
Some of the other reasons that helps in increasing the demand for electric bike are rising fuel prices and supportive government initiatives. Moreover, health conscious people are also preferring electric bike, as it will help in reducing harmful gasses like other vehicle that works on petrol or diesel. However, electric bikes are costly and developing economies do not have adequate environment for these bikes to which might hamper the growth of the electric bike market.
The global electric bike market is categorized on the basis of battery type, electric bike mode, and conversion kits. Based on conversion kits hub motor conversion kit, all in one wheel kit, mid drive conversion kit, and others. Among these conversion kits segments, all in one kit segment is projected to lead the market in the coming years and it comprises of battery, motor, and controller into a single hub. The use of these kits is growing as they provide more power in minimum time as compared to other kits and rely on 48 volts and 1000-watt motor.
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The report give the complete analysis about the electric bike market. It covers various aspects affecting the market growth such as drivers, restraints, trends, and opportunities. The report also expounds on the regional growth and focuses on the different countries that have the potential for electric bike. It is segmented according to the various factors affecting its growth that are dependent on various facts.
Global Electric Bike Market: Trends and Opportunities
The trend present in the electric bike market is because of the pedal assists in bikes is boosting growth of the market and expected to remain influence positively on the growth of the market. The pedals works as assistance to the electric vehicle. Additionally, it offers benefits such as assistance in the fitness goals due to pedaling. Numerous health conscious people are adopting the paddles to their vehicle to maintain their health. Nonetheless, numerous players operating in the electric bike market are focusing on the development and improvement of battery pack in order to improve their running time and support to the vehicle. Some of these players are encoring the exploration activities for improvement of the battery pack.
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Global Electric Bike Market: Regional Analysis
The key regions studied in the report are Europe, Middle East & Africa, North America, Asia Pacific, and Latin America. Out of these regions, Europe and North America. Out of these, Asia Pacific is projected to lead the market during the forecast tenure. In this region, China plays crucial role by contributing largely in terms of revenue. This is because China has launched various initiatives for green transportation and has strict regulations regarding emissions that drives the electric bike market. On the other hand, the rising demand for electric bike in countries like Germany, France, Netherlands, and the UK. are also expected to increase the demand in Europe and the Middle East and Africa. Thus, triggering the demand in the electric bike market.
Global Electric Bike Market: Competition
The vendor landscape on the global electric bike market present crucial information about the key players in the market. The insights present in the report are likely to help players change their business development strategies according to future scenario or help in making changes on the current ground. To mention some of the prominent players in the global electric bike market are Mahindra & Mahindra Ltd., Giant Manufacturing Co., Ltd, BionX International Corporation., Prodecotech, LLC, and JIANGSU XINRI E-VEHICLE CO., LTD.
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