Folding e-Bike is becoming a popular choice among almost urban commuters. Major conventional bicycle manufacturers are also launching their e-bike with the latest technology and innovative design in the Indian market
The global e-bike market, as per a report by Research and Markets, is projected to grow to $70 billion by 2027. The same has been valued at $41.1 billion in 2020. The growth forecast represents a CAGR of 7.9 per cent.
“Government support and initiatives to increase the sale of e-Bike would drive the global e-Bike market,” read the report.
It continued, “Class-III e-bikes have a potential solution for car replacement to avoid traffic and reduce emissions. Therefore, the market for Class-III e-bikes is expected to grow during the forecast period. Class-III e-bikes currently don’t have in the Asia Pacific region.”
However, in Europe, Switzerland is the largest market for Class-III e-bikes, followed by Belgium and Italy. The North American region presently has a limited penetration of Class-III e-bikes, with only six states authorizing their operation. Also, Class-III e-bikes in both Europe and North America have a minimum age restriction of 16 years.
Class-III e-Bike estimated to be the fastest-growing e-Bike market globally
Class-III e-bikes, as the report mentions, have a potential solution for car replacement to avoid traffic and reduce emissions. Therefore, the market for Class-III e-bikes is expected to grow during the forecast period. Class-III e-bikes currently don’t have in the Asia Pacific region. Whereas, in Europe, Switzerland is the largest market for Class-III e-bikes, followed by Belgium and Italy.
The North American region presently has a limited penetration of Class-III e-bikes, with only six states authorizing their operation. Also, Class-III e-bikes in both Europe and North America have a minimum age restriction of 16 years.
“Folding e-Bike is becoming a popular choice among almost urban commuters. Major conventional bicycle manufacturers are also launching their e-bike with the latest technology and innovative design in the Indian market. For instance, in the 2020 Auto Expo, Hero Cycle its e-bikes lineup, which includes a folding bike (Easy Step, a straphanger), and an electric fat bike (Essentia),” read the report.
Presently, the market for folding and fat-tire e-Bikes is limited in Asia Pacific, Europe, and North America. However, we expect the market for folding and fat-tire e-Bike to be the fastest-growing e-Bike market globally over the forecast period.
Currently, the North American region has a minimal presence of e-bike manufacturers, resulting in a limited market for e-bikes. However, public awareness about e-bikes and the involvement/ interest of traditional bicycle brands towards e-Bike has created a buzz about e-bikes in the market. Pedego Electric Bikes and Trek Bicycle Corporation are the major manufacturers of e-bikes in North America. Therefore, over the forecast period, North America is expected to be the fastest-growing market.
