New York, US, Feb. 27, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Electric Bicycles Market Research Report Information by Type, by Battery Type, by Motor Type, and by Region – Market Forecast Till 2030.”, The market for electric bicycles is anticipated to increase from USD 28.21 billion in 2022 to USD 55.58 billion by 2030, growing at a CAGR of 10.17% over the forecast period (2022 - 2030).

Electric Bicycles Market Research Insights

Applications for connection like V2X (vehicle-to-everything), which can alert drivers if a scooter or bicycle is in danger, can keep drivers safe. For instance, Tome stated that he and SAE Industrial Technologies, together with nine other members, were developing a standard for bicycle-to-vehicle (B2V) communication. The B2V board is made up of GM, Ford, and cycling companies including Trek Bicycle, Specialized, and Subaru. During CES in January 2021, a number of new B2V prototypes and models were showcased. On its Ride App, for instance, Specialized is seeking to include B2V technology.

Thus, it is projected that more bicycle connections would benefit the market. The electric bicycles market top key Players listed below:

• Accell Group N.V. (Spain)
• Merida Industrial Co. Ltd. (China)
• Giant Manufacturing Co. Ltd. (Taiwan)
• Derby Cycle
• Easy Motion (United states)
• Yamaha Motor Corporation (Germany)
• Mustache
• Bikes Bike (United states of america)
• NYCeWheels
• Among others.
  
  

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E-bikes have been swiftly welcomed by municipal bike sharing schemes all around the world. Due to the need for more accessible and safe public transit choices as well as needs for social distance, locals and visitors are utilizing e-bikes more regularly. In Honolulu, Hawaii, 80% of users of the Biki bike-sharing system reported cycling as their preferred and most secure form of public transportation. For instance, Madison (Wisconsin) switched to electric-powered bike-share vehicles in 2019. Since then, use has more than doubled. By 2022, Chicago hopes to increase the 3,500 electric bicycles it started using in its Divvy bike-share programme to 10,000.

Shared micro mobility is part of the public transportation ecosystem. Shared electric micro-mobility is a flexible mode of transportation that provides mobile services for several trips at a lower cost per user, enhancing more frequent fixed-route transit services. The North American Bikeshare and Scooter Share Association (NABSA) recently increased the electric bicycles market CAGR internationally with the release of its annual report on the shared micro-mobility industry in August 2021.

Electric Bicycles Market Report Scope:

Report Metrics	Details
Market Size 2030	USD 55.58 billion
CAGR during 2022-2030	10.17% CAGR
Base Year	2021
Forecast	2022-2030
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, Battery Type, Motor Type, and Region
Key Market Opportunities	Growing preference for bicycles as an eco-friendly vehicle
Key Market Dynamics	Rapidly increasing fuel costs Rising interest in cycling activity as a fitness activity

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In order to turn the wheels on an electric bicycle in pedal-assisted mode, the rider must actively depress the pedals.

Another factor boosting the growth of the electric bicycles market revenue is the benefits, which include longer battery life, less maintenance needed, and the ability for users to choose among three to five pedal assist modes depending on the model. These features are anticipated to attract new customers and are likely to improve the market's overall growth throughout the forecast period.

Electric Bicycles Market Segmentation

Pedelecs, power on demand, and pedal assist with power on demand make up the type-based segments of the electric bicycles industry.

Li-ion and sealed lead acid batteries are included in the market segmentation for electric bicycles depending on battery type. Over the projection period of 2022–2030, the sealed lead acid battery sector, which dominated the market in 2021, is expected to increase at a quicker rate. The growth of the market may be attributed to the various benefits that lead-acid batteries provide, such as their low cost and long lifespan. The usage of these batteries is predicted to decline over the next few years, which will favorably affect market growth because they are heavy and drain fast.

Hub motor and mid-drive electric bicycles are the two motor types used to segment the market for electric bicycles. The hub motor category led the market in 2021 and is anticipated to expand at the fastest rate from 2022 to 2030.

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Electric Bicycles Market Regional Analysis

The second-largest market share for electric bicycles is held by Europe. Electric bicycle sales are primarily influenced by the product's innovative nature, completely integrated batteries and motors, appealing designs, and use of premium materials. The European Commission's anti-dumping and anti-subsidy measures against Chinese electric bicycles have played a significant role in the market's remarkable growth since 2018. Also, the UK electric bicycle market had the quickest rate of growth in the European area, while the Germany electric bicycle market had the greatest market share. From 2022 to 2030, the electric bicycle market in North America is anticipated to expand at the quickest rate. The rise of the regional market is predicted to be propelled by the region's developing urban and tech-savvy population, as well as the region's growing number of manufacturing facilities and IT firms. Moreover, the US electric bicycle market had the biggest market share, while the fastest-growing market in North America was the electric bicycle market in Canada.

Electric Bicycles Market Competitive Analysis

Leading industry companies are investing a lot of money in R&D to expand their product offerings, which will spur further growth in the electric bicycle market. The significant market developments include the introduction of new products, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. Market participants are also undertaking a variety of strategic activities to expand their reach. In order to grow and remain in a market that is becoming more and more competitive, electric bicycle competitors must provide affordable products.

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Leading industry companies are investing a lot of money in R&D to expand their product offerings, which will spur further growth in the electric bicycle market. The significant market developments include the introduction of new products, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. Market participants are also undertaking a variety of strategic activities to expand their reach. In order to grow and remain in a market that is becoming more and more competitive, electric bicycle competitors must provide affordable products.

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