CHICAGO, Oct. 5, 2021 /PRNewswire/ -- According to the new market research report "E-Bike Market by Class (Class-I, II & III), Battery Type (Li-Ion, Li-Ion Polymer, Lead Acid), Motor Type (Mid, Hub), Mode (Throttle, Pedal Assist), Usage (Mountain/Trekking, City/Urban, Cargo), Speed, Component and Region - Global Forecast to 2026", published by MarketsandMarkets™,the E-Bike Market is projected to reach USD 79.7 billion by 2026 from USD 47.0 billion in 2021, at a CAGR of 11.1%.
Government support and initiatives and positive impact of Covid-19 pandemic on sales of e-bikes will drive the Electric Bike Market.
Class-I segment is expected to be the largest segment during the forecast period
Class-I segment, by class type in e-bikes is expected to be the largest segment during the forecast period as Asia Pacific countries. which is a major market for e-bikes, such as China, Japan, South Korea, and Taiwan allow only Class-I e-bikes. This results in the Class-I e-bikes occupying the largest market share in the Asia Pacific region.
The mountain/trekking e-bike segment by usage is expected to be the fastest-growing market
The demand for mountain/trekking e-bikes is growing rapidly as consumers increasingly show interest in trekking and recreational activities. There is a growing interest in performance-based adventurous sports, which, in turn, increase the demand for mountain/trekking e-bikes. Sports and physical activities are becoming more adaptable through electric motors. In many countries, mountain e-bikes are not only used for mountain trekking but also for daily commutation. The main reason for the growing popularity of mountain e-bikes is their robustness.
Asia Pacific is estimated to be the dominant regional market
Asia Pacific is anticipated to lead the Electric Bike Market during the forecast period due to the high sales of e-bikes in the region. According to MarketsandMarkets™ analysis, in terms of volume, Asia Pacific contributed about ~88% to the global E-Bike Market in 2020 by volume. Key e-bike manufacturers in this region include Yadea Group Holdings Ltd., AIMA Technology Group Co., Ltd., and Merida Industry Co., Ltd. Class-I e-bikes accounted for the largest market in Asia Pacific, as government regulations permit only Class-I e-bikes, except for India where the market for Class-II e-bikes exists due to lack of strict regulations.
Accell Group N.V. (Netherlands), Pon.Bike (US), Merida Industry Co., Ltd. (Taiwan), Giant Manufacturing Co., Ltd. (Taiwan), and Yamaha Motor Corporation (Japan). are the leading manufacturers of e-bikes in the global market. These companies adopted new product development, and expansion strategies to gain traction in the E-Bike Market.
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