In 2020, the market for electric bikes reached USD 46.28 Billion. The electric bike market is anticipated to be worth USD 95.48 billion by 2027, with a 10.9 percent CAGR between 2020 and 2027. Several significant investments in electric bikes were made during the epidemic, including a $150 million investment in Rad Power Bikes. Major investors such as Morgan Stanley Group contributed $150 million to the company's investment. Similarly, the renowned Harley-Davidson has entered the e-bike market, with a potential bike debut in 2020. Derby Cycle, Accell Group, Giant Manufacturing Co., Ltd, Fuji-ta Bicycle Co., Ltd, and Jiangsu Xinri E-Vehicle Co., Ltd are the world's largest electric bike manufacturers.
Critical Insights about the Electric Bikes Market
According to research published in the New York Times, e-bikes provide medium exercise, contrary to popular belief that they do not. In addition, the study followed bikers on a 3-mile journey. This distance is the average time spent commuting to work for most Americans. According to the survey findings, most bike commuters appreciated their commute, as it allowed them to get to work faster and with greater convenience. Additionally, e-bike travel assisted riders in burning 344 to 422 calories. Growing fitness demand, environmental sustainability, and increasing feasibility of utilizing an electric bike in real-world settings continue to be significant drivers of development in the electric bike industry. The original study was published in the American College of Sports Medicine's Translational Journal.
Trends and Developments in Electric Bikes
According to Brandessence Market Research's top analysts, "People's growing need to satisfy mobility demands while preserving social distance amid the covid-19 epidemic is a primary driver of development. Furthermore, this tendency is expected to continue as e-bikes incorporate the much-needed motor and battery assistance to welcome riders of various backgrounds and ages. This tendency reinforces the demand for micro-mobility, a critical indicator for many people to view a bike as a viable alternative to traditional modes of transportation such as automobiles ".
While issues such as inadequate support for e-bike infrastructure remain a crucial limitation in the global electric bike industry, bikers are also concerned about potential accidents and safety. Nonetheless, despite the worries, bike use is expected to skyrocket. On the one hand, different rental and financing options make it easier to buy e-bikes for business and personal use. Furthermore, e-bikes (with a range smaller than 20 miles) do not require registration, a driver's license, or insurance. These are also far less expensive than getting a new vehicle. As a result, increased demand for alternative modes of transportation, the newly added joy of riding bicycles for all bikers, and the growing market for environmental sustainability are projected to remain significant drivers during the 2020-2027 time period.