Quest for Sustainable Commuting propelling Demand for E-bike Subscription Platform to exhibit 3.6x Growth Through 2031
NEW YORK, Nov. 11, 2021 /PRNewswire/ -- The global e-bike subscription platform market is estimated to accelerate a high CAGR of 15.2% over the forecast period (2021-2031). As such, the market is set to expand around 3.6X and close in on a valuation of US$ 4.2 Bn by 2031.
Environmental issues are major concerns that have been taken up seriously by the governments of many countries. Reduction in the sales of conventional vehicles and switch to encourage consumers into buying electric vehicles has been one of the major challenges faced by many countries. Therefore, governments of a few countries such as the U.S., Canada, and Germany have started offering incentives, subsidies, and tax reductions to consumers boost the sales of electric vehicles. Other countries in the South Asia & Pacific region are also on course to offer incentives to consumers, providing an opportunity for growth of the market.
With the concept gaining immense popularity, developments in this space and more frequent that ever:
- In April 2021, Zoomo introduced the Zoomo Sport e-bike. This e-bike comes with intelligent features such as GPS tracker, Zoomo recovery, intelligent traction control that auto detects wet roads, and reduction in wheel slippage.
- In November 2019, Bolt Bikes, an Australia-based startup, launched flexible subscriptions for electric bikes on a week-to-week contract for US$ 39. Additional facilities on the platform include fleet management, financing, and servicing of e-bikes.
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Key Takeaways from Market Study
- Demand for the pay-as-you-go revenue model is estimated to surge. However, the monthly revenue model is estimated to continue to hold a significant market share through 2031.
- The e-scooter segment is expected to emerge as a high-growth pocket in the market. However, the e-bicycle segment is estimated to dominate market share through 2031.
- By end user, the commercial sector is currently leading the market. However, demand from the e-Commerce sector is likely to surge at a robust CAGR of nearly 19% through 2031.
- The South Asia & Pacific market is expected to register a high CAGR owing to growing demand for e-bikes due to promotions and offers provided by market players in the region.
- The market for e-bike subscription platforms in Japan and South Korea is expected to surge at CAGRs of around 19% and 17%, respectively.
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"E-bike subscription platform providers should focus on offering e-bikes with intelligent features such as GPS tracking, traction control, remote locking, and crash detection," says a Persistence Market Research analyst.
Rise in Fuel Prices to Propel Market Growth
Electricity used in electric vehicles is stored in the form of chemical energy in the batteries. These batteries are recharged by the transmission of electricity from an outside source. The main source of electricity for recharging batteries is the overhead lines of grid networks that are mainly produced from coal and renewable sources.
Growth in the transportation sector has severely depleted non-renewable petroleum reserves, causing fuel prices to rise. This rise will be exponential over the coming years as crude oil reserves will further reduce, leading to higher demand, paving the way for the growth of vehicles running on alternate sources of energy.
As such, high price of fuel is increasing the adoption of e-bikes across various countries. E-bike usage is increasing for avoiding traffic in big cities and for reducing carbon footprint. Businesses are subscribing to e-bikes on various subscription platforms, as this is an affordable way to own an e-bike.
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More Valuable Insights
Persistence Market Research's report on the e-bike subscription platform market is segmented into four major sections – revenue model (monthly, quarterly, annually, pay-as-you-go), bike type (e-bicycles, e-scooters), end user (individuals, commercial), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate the lucrative opportunities in the market.
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