An electric bicycle also known as an e-bike is a bicycle with an integrated electric motor which can be used for propulsion. Many kinds of e-bikes are available worldwide, from e-bikes that only have a small motor to assist the rider's pedal-power (i.e. pedelecs) to more powerful e-bikes which are closer to moped-style functionality. All retain the ability to be pedalled by the rider and are therefore not electric motorcycles.
The e-bike market accounted to US$ 35,862.5 Mn in 2018 and is expected to grow at a CAGR of 23.6% during the forecast period 2019 – 2027, to account to US$ 224,014.2 Mn by 2027.
E-bikes use rechargeable batteries and the lighter ones can travel up to 25 to 32 km/h (16 to 20 mph), depending on local laws, while the more high-powered varieties can often do more than 45 km/h (28 mph). In some markets, such as Germany as of 2013, they are gaining in popularity and taking some market share away from conventional bicycles, while in others, such as China as of 2010, they are replacing fossil fuel-powered mopeds and small motorcycles.
Adoption of E-Bike to Reduce Traffic Congestion is expected to boost the e-bike market
The most alarming issue commuter’s face these days is “Traffic,” which consumes time along with the huge amount of money on fuel. As per the data given in the Inrix Global Traffic Scorecard in 2018, 60 urban areas in the US are considered among the most traffic-congested cities, wherein the repercussions of traffic congestion cost billions of dollars each year to the Americans. With the increasing investment of government and manufacturers toward the adoption of e-bikes, traffic congestion can be minimized, this increased demand is expected to fuel the growth of the global e-bike market.
Battery Type Segment Insights
The e-bike market on the basis of battery type is segmented into lithium-ion, lithium-ion polymer, and lead-acid. The e-bike manufacturers have undertaken several initiatives to boost the adoption of these across developing countries such as India. In 2016, Hero Electric introduced vehicles powered with lithium-ion batteries. The company has approached logistics service providers in India to replace petrol bikes with their new lithium-ion battery-powered vehicles. However, the inclination of e-bike manufacturers toward transforming the scenario of automotive mobility into a sustainable mode of transportation, to reduce its impact on the environment is anticipated to create significant market space for e-bike market players operation worldwide.