The year 2020 seems to have shown the largest growth and significant increase in the value of the electric bike industry. This major growth in the e-bike industry is attributed to the wide range of electric bike choices, ranging from cheap and basic e-bikes to expensive and top-of-the-range e-bikes with high capacity batteries, performance components, and frames.
To this end, the electric bike industry reached a global e-bike market value reaching $20.1 billion in 2020. Even with a record-breaking performance in 2020, the e-bike industry is still expected to have more significant growth by the end of 2021. In fact, e-bike market analysis by Data Bridge Market Research suggests that the e-bike market grows with a CAGR of 10.1%. As such, the e-bike industry is forecasted to reach a value of $59.43 billion by 2027.
The global E-Bike Market is divided into various categories by;
Battery Type
- Lithium-Ion
- Lithium-Ion Polymer,
- Nickel Metal Hydride,
- Lead Acid,
- Sealed Lead Acid, and Other,
Hub Motor Location
- Mid Drive Hub Motor
- Rear Hub Motor
- Front Hub Motor
Mode
- Pedal Assist
- Throttle
Battery Power
- Under 500W
- Over 5000W
Class
- Class I (Pedal Assist/Pedelec)
- Class II (Throttle)
- Class III (Speed Pedelec)
Usage
- Commute/Touring
- Cruise
- Mountain/Trekking Bikes
- Racing
- Cargo, and Others
Why Electric Bike market is Booming
The increase in popularity of cycling as a fun and recreational activity is one of the major factors that drive the growth of the electric bike industry. Cycling as an activity has both mental and physical health benefits like reduced risk of depression and stress, improvement of muscle strength, flexibility, and cardiovascular fitness. These health benefits have surely encouraged both the young and old to take cycling as a hobby hence improving the sales of e-bikes. Cycling being a very adventurous sport has also seen an influx of the young population participating in it, hence boosting the sales of e-bike.
Another factor that contributed to the booming of the electric bike industry is the tourism industry. The prosperity of the tourism industry has had a positive effect on the Ebike industry. A lot of tourists now opt for electric bicycles as a self-driving option to commute due to economical reasons and ease of operation.
That’s not all, the increase in environmental consciousness has also led a lot of people to switch to various electric automobiles including electric bicycles. Electric automobiles are now a new trend among environmentally conscious individuals to reduce the rising urban air pollution. As a result, there’s been an increase in the demand for hydrogen-powered bikes, pedal-assisted bikes, and
Smart E-Bike Monitoring System (SEMS) has contributed to the global market growth of the e-bike industry.
Another obvious reason for the booming electric bike market is the COVID-19 pandemic outbreak. With life and social activities coming back to normalcy, a lot of people are still not ready to risk getting infected with the deadly virus. As a result, commuting through public transport is not fancied by many, rather a comfortable electric bike that offers enough safety distance is preferred for commuting.
Why Are People Turning to Electric Bikes?
Generally, Electric bikes are a versatile, trendy, flexible, and eco-friendly means of transport. A lot of people consider these power-assisted bikes as an ideal substitute for smart cars and public transport. Thanks to their smaller size, these electric bicycles help to avoid traffic congestion and reach higher speeds with the smallest effort. That’s not all, as mentioned earlier, a lot of health benefits such as improved muscles and cardiovascular fitness, reduced risk of stress and depression, and improved flexibility also comes with peddling these E-bikes. Therefore it makes it a great alternative for commuting.
The use of electric bikes is also highly encouraged thanks to consumers’ preference to use efficient and eco-friendly solutions to commute. Aside from using an efficient and eco-friendly solution to commute, the government in many countries also influences consumer preference by offering incentives and discounts in the purchase of e-bikes. This generally motivates more consumers to opt for KBO electric bicycles compared to other alternatives.
Also looking at various economic considerations, electric bicycles offer more benefits compared to fossil automobiles. Economically, electric bicycles are relatively cheaper compared to fossil automobiles which makes them more available to the larger population. Not just that, the continuous increase in fuel price has also made e-bikes a cheaper option to fossil automobiles since it makes use of rechargeable batteries.
It is also worth mentioning that the Covid 19 pandemic has played a major part in people turning to electric bikes. Since the Covid 19 pandemic, bicycles have become the ideal means of transport as countries emerge from quarantine. E-bikes are comfortable, fast, convenient, and enable individuals to socially distance themselves while commuting.
When equipped with a powerful motor engine, electric bicycles can commute very long distances offering a sweat-free and relaxing experience. Electric bikes also assist in maintaining the dramatic air quality advancements witnessed in various cities across the world since the Covid-19 pandemic began.
What’s an Electric Bike
An electric bike in simple terms is a bicycle that is integrated with a battery and an electric motor drive mechanism that generates power and energy for inducing and assisting propulsion. There are several types of e-bikes that are available globally. It ranges from e-bikes with small motor engines to help the pedal power of the cyclist to Ebikes with powerful engines that are used to completely drive the bicycle using a throttle.
Designed with a simple operation mechanism and comfort in mind, and with unisex frames, electric bicycles make riding fun and easy. This is especially true for individuals who want to enjoy cycling without having to deal with any physical strain. With an electric bike, cycling trips across the globe become a possible adventure irrespective of one’s level of fitness.
If you’re concerned about your fitness and physical capabilities, buying an electric bicycle is a great solution to keep you fit and agile. Electric bicycles afford people the opportunity to cycle together regardless of their cycling experience, health, and level of fitness.
Conclusion
It’s quite evident that the E-bike industry still has a long way to go with vast potentials yet to be tapped. With many product developments being initiated by various companies across the globe, the growth of the e-bike market is bound to accelerate. So if you’re looking to invest in the industry, now is the right time to do that.