Electric Bicycles Market Foresees Skyrocketing Growth in the Coming Years
Annual unit sales of electric bicycles in China are projected to decline over the forecast period, owing to increasing traffic disruption and accidents. 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, China is projected to retain dominance in the electric bicycles market over the forecast period due to significant demands for electric bicycles from other cities of economy.
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Electric bicycle also known as e-bike is modified bicycle with an electric motor, which offers pedal assistance to the rider. It has similar basic features as regular pushbike with electric assistance. 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 growth of the industry over the forecast period. Increasing urbanization and concerns regarding the environmental impacts of motor vehicles across the global economies are expected to further augment growth of market.
Increasing motor vehicle traffic and pollution levels are expected to drive growth of electric bicycles market
Increasing 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 report published by World Health Organization (WHO). Moreover, pollution levels across the globe have witnessed significant surge, 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 can be achieved by adopting eco-friendly electric bicycles that can drastically decrease traffic congestion along with negligible carbon emissions, which 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 is resulting into increasing adoption of eco-friendly vehicles by consumers. For instance, 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 the government initiatives which were focused on promotion of e-bike. These initiatives are expected to provide potential growth opportunities for the electric bicycles market throughout the forecast period.
Health benefits offered by electric bicycles such as cardiac rehabilitation and weight reduction are expected to fuel market growth
According to National Health Service (NHS), exercise-based rehabilitation programs can reduce deaths risks by 25% and adoption of these bikes provide less cardiac exertion for people with existing coronary problems. Patients suffering from obesity who are unable to exercise can comfortably use these bicycles, which allows them taking short breaks from pedaling. Moreover, biking on rough terrains and difficult slopes by bikers is also fueling growth of the market.
Sealed lead-acid (SLA) batteries held the largest share in the market
SLA batteries held largest industry share in market, owing to 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 projected to witness significant demand over the forecast period, primarily owing to relatively better performance characteristics and lower carbon footprints
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. Key players operating in electric bicycles market include Accell Group, Derby Cycle AG, Easy Motion, Jiangsu Xinri E-Vehicle Co. Ltd., Panasonic, Pedego, Stromer, and Yadea Technology Group Co. Ltd., BionX, Bosch, Electric Bike Technologies LLC, Giant Bicycles, GRACE, Superpedestrian, and Trek.
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