New Delhi, June 14, 2022 (GLOBE NEWSWIRE) — The e-bike market in Asia-Pacific is growing at a steady pace owing to increasing technological advancements, growing adoption of environmentally friendly transportation as well as the growing trend of fast rechargeable batteries and lightweight e-bikes…
A recent study conducted by the strategic consultancy and market research firm, BlueWeave Consultingrevealed that the Asia-Pacific e-bike market was worth USD 8.42 billion in 2021. It is expected to grow at a CAGR of 13.5%, generating revenue of approximately USD 19.57 billion by the end of 2028. The lucrative growth of Asia-Pacific electric bicycle market is attributed to urbanization, growing health awareness, and increasing fitness trends. Additionally, an increasing number of cycling events and favorable government and employer initiatives are expected to boost the market growth. Furthermore, the Asia-Pacific electric bicycle market is one of the most emerging markets that is continuously growing with the rapid integration of new technologies such as Internet of Things (IoT), Artificial Intelligence ( AI), cloud computing and others. However, technological challenges and high cost of e-bikes are the major restraining factor for the Asia-Pacific e-bike market growth.
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Based on mode, the Asia-Pacific e-bike market is categorized into battery/pedal assist and throttle. The Battery/Pedal Assist segment accounts for the largest market share with pedal-assisted e-bikes offering motor power to help the rider pedal easily and move faster. Growing demand for e-bikes among the young population could contribute to promising market growth opportunities in the region. Additionally, the use of pedal-assisted e-bikes on hills and steep roads is expected to support the overall market growth. Further, based on class, the Asia-Pacific e-bike market is categorized into Class I, Class II, and Class III. The Class I segment accounts for the largest market share due to its speed of 20 miles per hour and it only operates when the rider is pedaling. Additionally, Class II and III are restricted in some Asia-Pacific countries due to their high speed.
Geographically, the Asia-Pacific e-bike market is segmented into Japan, China, India, South Korea, Australia, Indonesia, and Rest of Asia-Pacific. India dominates the market through government initiatives and various technological advancements with an ever-evolving charging infrastructure in the country supporting the growth of the market. The sudden outbreak of COVID-19 has had a positive impact on the growth of the Asia-Pacific e-bike market. The nationwide lockdown imposed by the government to curb the spread of the virus has diminished public transport. People have shifted their preference to e-bikes for everyday transportation as well as fitness. The growing trend of fitness, cycling, exercise and health awareness during the pandemic is increasing the demand for e-bikes. All these factors are boosting the Asia-Pacific e-bike market over the forecast period (2022-2028).
Please see the Asia-Pacific e-bike market press release: https://www.blueweaveconsulting.com/press-release/apac-electric-bicycle-market-to-grow-at-over-13-during-2022-2028
The major players in the Asia-Pacific e-bike market are Accell Group, Derby Cycle, JIANGSU XINRI E-VEHICLE CO.LTD., Karbon Kinetics Ltd, ITALJET SPA, Riese & Müller GmbH, M1-Sporttechnik, FIVE Bianchi SpA, Kawasaki Motors Corp., USA, WUXI YADEA EXPORT-IMPORT CO. LTD., Giant Bicycles, Trek Bicycle Corporation, myStromer AG, and Specialized Bicycle Components, Inc. The market is highly competitive and fragmented with the presence of various global and regional players. industry participants. Companies are constantly releasing new products with advanced features to gain a competitive advantage in the market. Multinational corporations are also investing in expanding their production capacities to meet growing demand and boost their market penetration. Moreover, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also important in this market.
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The in-depth analysis of the report provides insights into the growth potential, upcoming trends, and statistics of the Asia-Pacific Electric Bicycle Market. It also highlights the factors driving the forecast of the total market size. The report promises to provide Asia-Pacific Electric Bicycle market recent technology trends and industry insights to help decision-makers make sound strategic decisions. In addition, the report also analyzes market growth drivers, challenges, and competitive dynamics.
- In 2021, Hero Motor (HMC), the parent company of Hero Cycles, has formed a joint venture with Yamaha, a Japanese two-wheeler manufacturer, to produce electric motors for e-bikes for the global market. The joint venture is the next step in the strategic alliance between Hero and Yamaha to collaborate in the e-bike product segment, which was established in September 2019.
- In 2020, Indian mainstream bike brand, AlphaVector, has launched a new range of KTM bikes in the Indian market. AlphaVector becomes the exclusive distributor of KTM bikes in the Indian market.
|Years considered||Historical data – 2018-2020|
|Base year – 2021|
|Forecast – 2022 – 2028|
|Facts Covered||Revenue in billions of dollars|
|Market coverage||Japan, China, India, South Korea, Australia, Indonesia and Rest of Asia Pacific|
|Product Service/Segmentation||By battery type, by engine type, by mode, by sales channel, by class, by use, by country|
|Key players||Accell Group, Derby Cycle, JIANGSU XINRI E-VEHICLE CO.LTD., Karbon Kinetics Ltd, ITALJET SPA, Riese & Müller GmbH, M1-Sporttechnik, FIVE Bianchi SpA, Kawasaki Motors Corp., USA, WUXI YADEA EXPORT-IMPORT CO. LTD., Giant Bicycles, Trek Bicycle Corporation, myStromer AG and Specialized Bicycle Components, Inc.|
By battery type
- Lithium Ion
- Nickel-metal hydride
By engine type
- Battery / Pedal assist
- Throttle Lever
By sales channel
- Mountain/touring bikes
- South Korea
- Rest of Asia-Pacific
Please find a related report below:
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