The market is expected to reach over $50 Bn by 2027. Asia Pacific is expected to lead the market growth alongside favorable government policies.
- Electric Bike Market projected to reach over $50 Bn by 2027.
- Factors driving growth: policy support, improved infrastructure, environmental awareness.
- Technological advancements making e-bikes more accessible and realistic.
- As per Ken Research estimates, Asia-Pacific market to lead the industry, followed by Europe and North America.
1. Electric Bike Market projected to reach over $50 Bn by 2027.
As per statistics, the electric bike market is expected to undergo substantial global growth in the upcoming years. Valued at $35.69 Bn in 2021, it is projected to reach over $50 Bn by 2027, showcasing a remarkable compound annual growth rate (CAGR) of 12.6%.
2. Factors driving growth: policy support, improved infrastructure, environmental awarenes.
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The growth of the electric bike market is influenced by multiple factors, including increasing policy support and the expansion of e-bike sharing programs. Furthermore, there is a notable improvement in cycling infrastructure, particularly in emerging economies and urban regions.
The rising environmental consciousness among individuals seeking eco-friendly transportation alternatives is also contributing to the market’s expansion. To foster this trend, several states have introduced tax incentives to enhance the affordability of e-bike purchases. Additionally, recent legislative efforts in the U.S. Congress aim to promote safer bike infrastructure and greater accessibility to e-bikes.
3. What about Regional Outlook?
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The Asia-Pacific market takes the lead in e-bike growth, fueled by improved bike infrastructure in China. Europe sees a rise in e-bike manufacturing, while North America anticipates significant expansion driven by increased e-bike use in bike shares and a pandemic-driven surge in sales. The region has already recorded a remarkable 145% surge in e-bike sales during the 2020 pandemic, which has significantly expanded the e-bike market in the region.
4. What does the Future hold?
The market’s growth is anticipated to be propelled by supportive Government initiatives promoting eco-friendly transportation. However, the lack of adequate infrastructure, including dedicated bike lanes and parking facilities, poses a challenge for accommodating the increasing number of e-bikes in urban areas, as highlighted in the report.