Major players in the electric bikes market are Yamaha Motor Corporation, Giant Manufacturing Co., Ltd, Accell Group N.V, Trek Bikes, Mahindra & Mahindra Ltd., BionX International Corporation., JIANGSU XINRI E-VEHICLE CO., LTD., Robert Bosch GmbH, Derby Cycle Holding GmbH, and Panasonic Corp.
The global
electric bikes market is expected to grow from USD 18.88 billion in
2019 and to USD 19.17 billion in 2020 at a growth rate of 1.54%. The slow
growth in 2020 is mainly due to the economic slowdown across countries owing to
the COVID-19 outbreak and the measures to contain it. The market is then
expected to grow and reach USD 24.52 billion in 2023 at CAGR of 8.56%.
The electric bikes market consists
of sales of electric bikes and related services for transportation purposes.
The electric bike has an integrated electric motor, pedals and rechargeable
batteries for forwarding propulsion. Rechargeable batteries vary according to
the voltage, total charge capacity (amp hours), weight. Depending upon motor
and rechargeable battery used in E-bikes its prices vary accordingly.
Asia Pacific was the largest region in the electric bikes market in 2019.
The companies operating in the
electric bike market have started implementing artificial intelligence to
increase the efficiency of electric bikes. Artificial intelligence is being
used to provide features such as swipe start, geotagging, real-time battery
checking and antitheft features. Following the trend, in 2019, Revolt launched
its RV 400 electric bike in India equipped with AI capabilities. The bike when
charged for 4 hours can travel up to a distance of 156km.It allows connectivity
with android and IOS phones to enable the user to check the range, total riding
hours and real-time diagnostics. Thus, the major players in the industry are
investing towards the trend of implementing AI in e-bikes.
High purchase cost and maintenance
cost of electric bikes (E-bikes) are expected to limit the growth of the
E-bikes market. E-bike has an integrated electric motor and rechargeable
batteries for forwarding propulsion. E-bikes are expensive because of their
battery and motor installed in it. According to eBikesHQ article, E-bikes range
in cost between USD 600 to over USD 8000 which is not an affordable option for
a lot of people in developing countries. Moreover, E-bikes average battery
replacement cost is between USD 350- USD 450. This increases the overall
operating cost of E-bikes making it hard to be maintained by users. Therefore,
high purchase costs and maintaining the cost of E-bikes are expected to limit
the growth of the E-bikes market.
Government subsidy on the sale of
Electric bikes (E-bike) is acting as a major growth driver for the E-bike
market. E-bike has an integrated electric motor and rechargeable batteries that
reduces pollution by eliminating carbon dioxide emissions in the environment.
Therefore, various government and non-governmental agencies are augmenting the
sales of electric bikes by providing incentives and subsidies on the purchase
of E-bikes. For instance, in 2015 the Indian government announced an incentive
scheme named Faster Adoption and Manufacturing of Hybrid and Electric Vehicles
(FAME). Under the incentive scheme of FAME II, in 2019, government provides a
subsidy of up to INR 10,000 for the purchase of electric scooters/electric
bikes buyer. Thus, government subsidies and incentives are increasing the
growth of the E-bikes market.
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Ankur Gupta, Head Marketing & Communications
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