The pedelec market will surpass US$ 26 billion to record a healthy 3.1% y-o-y in 2019, reveals the latest market report published by Fact.MR. The study finds that consumer mindset inclined towards adopting sustainable modes of transportation will provide a fillip to growth of the pedelec market in the upcoming years. The study thoroughly assesses growth parameters of the pedelec market to provide actionable insights for market players to plan salient business strategies for the coming future.
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Some of the key findings of the Fact.MR report on pedelec market include
- Consumers becoming extremely conscious about the environment and their physical fitness is auguring well for pedelec market players.
- Pedelecs are proving to be a space-effective, cost-effective, and faster way to commute in urban areas. This is expected to play a pivotal role in developments in the pedelec market.
- Recent technological advancements in batteries and fuel cells are bringing in new varieties and improved efficiencies of electric motors used in pedelecs, thereby, enabling pedelec market players to launch more energy-efficient models.
- Low awareness about the availability of pedelecs – electric bikes that run on human energy as well as electric energy – is the primary reason why cycling enthusiasts are refraining to shift from conventional cycles to pedelecs.
- Stringent regulations being imposed on manufacturing and marketing of pedelecs are exhorting manufacturers in the pedelec market to make significant changes in their conventional business strategies. This may make it challenging for pedelec market players to launch competitive prices of pedelecs in the market.
- Growing adoption of various types of electric bikes in the tourism industry is boosting growth of the pedelec market.
The Fact.MR study offers a holistic analysis of each macro and microeconomic factor that is instrumental in shaping the future of pedelec market and provides readers with valuable insights.
APEJ Region Holds More than 86% Volume Share in the Pedelec Market
According to the Fact.MR study, the Asia Pacific region excluding Japan (APEJ) is expected to lead the market securing the largest volume share in the pedelec market. The study finds that the pedelec market in the APEJ region is gaining momentum on account of burgeoning production of batteries, ongoing R&D by pedelec market leaders, and favorable regulatory framework in the region.
China and India are among the developing countries in the APEJ region carry potential for growth for pedelec market players. Especially in China, over 200 million consumers have registered their electric bikes and approximately 30 million new electric bikes are sold each year, according to statistics published by the Ministry of Industry and Information Technology (MIIT). Manufacturers in the pedelec markets in China and India are launching innovative designs and styles of pedelecs to attract more consumers and envisage incremental growth in the APEJ pedelec market.
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Furthermore, the Fact.MR study predicts that despite the hegemony of the APEJ region in the pedelec market, developed countries, including Japan, will witness fastest growth in the pedelec market in the upcoming years. Developed regions such as Europe and North America are likely to generate more lucrative opportunities with growing environmental and health concerns among consumers. In addition, leading manufacturers in the pedelec market are introducing space-effective pedelecs to bolster pedelec sales in the developed regions.
The Fact.MR study provides actionable insights for stakeholders in the pedelec market with the help of comprehensive information on how the pedelec market will grow in the coming future. The study predicts that the global pedelec market will envisage a healthy 5.5% value CAGR through 2027.