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Owing to growing urbanisation and the increasing amount of vehicular traffic on the road, the use of electric bikes is increasing. Thanks to their power capability, long distance range, and moderate speed, electric bikes are now considered a viable transportation alternative.
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Global eBike Market The global electric bike (e-bike) market size is USD 41 billion in 2020 and is projected to grow to USD 70 billion by 2027 exhibiting a CAGR of around 8% during the forecast period. Government funding and stringent regulations for electric bikes are significant factors that are anticipated to accelerate the growth of the market size of electric bikes. In addition, the growth of the global electric bicycle industry is motivated by the rising willingness of consumers to use e-bikes as an eco-friendly and reliable alternative to commuting and the fuel costs.
Global eBike Market The Government's Stringent Emission Standards are projected to fuel growth in the size of the electric bike industry. Strict restrictions have been imposed on manufacturers to manufacture zero-emission cars by the governments of various countries. Key OEMs have invested heavily in R&D in order to develop environmental-friendly vehicles. Governments in developing countries have proposed different subsidies, such as tax-free electric bicycle purchases. One of the factors projected to boost the market for e-bikes over the forecast period is rapid urbanisation and traffic congestion in cities. Shared versatility for transportation is unlikely to be favoured because of the COVID-19 pandemic. E-bikes are considered an alternative to mass transit that is clean, comfortable and inexpensive.
Global eBike Market The engine and battery are the two most important components of the e-bike. One of the problems for e-bike manufacturers is regulating the motor's speed and torque over a wide variety of speed and load conditions. Given the limited amount of energy contained in a battery available, the power of the battery must be used as effectively as possible. Numerous research and development works on electric bikes and their batteries have been carried out in recent years. One of the big issues is charging and servicing of the battery. The development of the market could be hindered by numerous technological problems, such as the fast discharge of the battery after a short trip and the slowdown of the battery of the bike at freezing temperatures.
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