Global E-Bikes Market To Reach USD34.7 Billion By 2026.
Malaysia is seeing a boom in two-wheel ownership, for both motorcycles and bicycles. The take up rate of bicycles, as a form of exercise is rising faster than ever and it crosses all age groups and gender. Cycling groups have also mushroomed all over our big cities and this has ‘forced’ the authorities to look at new traffic laws to keep both the cyclists and also car drivers safe.
There was a small surge in demand for electric scooters a few years ago and that slowly diminished as the asking pricesagainst its usability was not worth the effort.
Now it seems that electric bicycles will be making an impact as urban Malaysians starts looking at cheaper, more effortless travel to work and back. Yes, there is humidity, rain and uneven pavement to deal with in our cities. But with some effort from the town councils we might see designated lanes and stricter enforcement of vehicles moving into the city center in the coming years.
PRESS RELEASE: The bike boom can be attributed to confluence of various favorable factors. While shutdown of gyms prompted people to explore other options for physical workouts, various workers started searching for alternatives to inner city trains and buses.
In addition, stay-at-home mandates drove families to look for options to keep children stay active, including leisure family-oriented bikes. Families are investing in bikes to support kids who were unable to go to swimming pools. Bicycles have provided families with the option to stay active and engage in physical exercise during pandemic. The scenario is driving demand for electric-assist bikes.
The strong demand for commuter electric bikes has created shortage of these bikes across stores in the US and UK. Leading manufacturers of these bicycles are finding it challenging to ramp up demand for addressing demand, leading to longer delivery times. The pandemic is anticipated to bring a long-term change in consumer preference and considerably benefit the global e-bikes market in the coming months and years.
Amid the COVID-19 crisis, the global market for Electric Bikes estimated at USD23 Billion in the year 2020, is projected to reach a revised size of USD34.7 Billion by 2026, growing at a CAGR of 7.1 percent over the analysis period.
Pedal Assist, one of the segments analyzed in the report, is projected to grow at a 7.3 percent CAGR to reach USD32.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Throttle segment is readjusted to a revised 5.4 percent CAGR for the next 7-year period. This segment currently accounts for a 12.3 percent share of the global Electric Bikes market.
Manufacturers are continuously investing in research and development to create improved technologies for electronic bicycles so as to improve efficiency and increase share in the market. The increased costs related to the purchase of electronic bicycles and the restricted driving range of such vehicles are some of the concerns that are constricting the e-bike current market size.
Limited charging infrastructure and long charging sessions for e-bikes are some of the factors that further impede growth in the market. Nevertheless, market players are responding to the concerns by installing fast-charging technologies in e-bikes so that riders can charge bikes much quicker and ride longer distances.
Governments throughout the world have enacted several e-bike related regulations and policies for better safety. For example, the Federal Motor Vehicle Safety Act limits e-bikes with a 500-watt motor to a top speed limit of 32km/h. The law helps riders shun over-acceleration and hence safeguard the riders as well as the surroundings
