Market intelligence and consulting firm, Future Market Insights (FMI), has predicted the global e-bike market value to increase by a compound annual growth rate (CAGR) of 3.1% during 2017-2027.
FMI’s report estimates the global market for e-bikes to be worth $6.1 billion by 2027, with the Asia Pacific excluding Japan (APEJ) sector accounting for 81% of the market value share during the forecast period.
Throughout the report, FMI throws light on the drivers and restraints likely to impact the e-bike market during the forecast period (2017-2027).
The report highlights a lean by government agencies towards the adoption of clean technology as a boost for the e-bike markets, due to an increased focus on electro-mobility and reducing pollution. This in turn has led to an enhanced concentration on e-bikes and, in turn, a significant increase in sales.
The report attributes rising fuel costs and reduced crude oil reserves to a move towards vehicles running on alternative energy sources, such as e-bikes. These factors, FMI says, will have a significantly positive impact on e-bike sales over the coming years.
Pedelecs are expected to be the most prominent segment in terms of volume and value over the forecast period, estimated to grow at a CAGR of 3.2% in value, FMI says. The pedelec sub-segment of the e-bike market is estimated to present an incremental opportunity of $3.9 billion by 2027, while e-scooter and e-motorcycle sub-segments are projected to grow at a comparatively low CAGR.
While these projections are, of course, just that, the report gives a clear indication of the growth potential the e-bike market has globally, with many companies getting on board with this electric shift.
In an example of this is Bosch eBike Systems, which launched a new range of urban and e-MTB product innovations for model year 2020 earlier this week. Bike share schemes are also integrating e-bikes into their fleets to allow customers to ride further for longer.
A sample of FMI’s report titled ‘Electric Bike Market: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2027’ can be requested here.