ReportsnReports added E-bike Market analysis by Hybrid and Electric Bike Vehicles from Class-I, Class-II and Class-III e-bikes known as speed pedal-assisted electric bicycle. The firm projects the E-bike market to reach USD 38.6 billion by 2025, at a CAGR of 9.01%. Many countries across globe are facing problem of traffic congestion, especially in crowded cities are main drivers of E-bike market growth said the report.
E-bikes segment is estimated to be the largest of the global market in 2019 .According to the report the market growth of electric motors can be attributed to factors such as high torque, increased power, and provision of better vehicle handling to both new and existing vehicles. For instance, the Government of India announced financial support and a scheme called Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME).
ReportsnReports states that governments of many countries in the Asia Pacific region are focusing on electric bikes. For instance, China’s e-bikes have gained popularity in the European market due to their good quality and technological edge. The governments of these developing economies have recognized the growth potential of electric two-wheelers and, hence, have taken several initiatives to attract major OEMs to manufacture electric two-wheelers in their domestic markets. The increasing support from governments in France and Norway and the OEM’s efforts to improve existing electric two wheelers models are expected to drive the sales of electric bikes during forecast period, which, in turn, would boost the demand for hub motors for electric bikes.
Class-I e-bike is anticipated to be the largest segment of the e-bike market. Class-I e-bike provides assistance only when the rider is pedaling and stops providing assistance when the bicycle reaches 20 mph. This type of e-bike can operate on any paved surface. Also, class-I e-bikes are compatible with e-bike laws of most of the countries. Thus, class-I e-bikes are expected to hold the largest market share during the forecast period.
The region comprises some of the fastest developing economies of the world such as China and India. China, which is the largest market in the Asia Pacific, holds about 98% market share of the region. Most of the Asian economies have recognized the growth potential of e-bikes and, hence, are taking several initiatives to attract major OEMs to manufacture e-bikes in their domestic markets. For instance, the Government of India announced financial support and a scheme called Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME). Under the scheme, there is a subsidy of up to Rs.22,000 for electric scooters/e-bikes.