Compared to $14.4 billion in 201 in 2019, the e-bike market is expected to generate $25.9 billion by 2025, growing at a 10.3% CAGR between 2020 and 2025. During the past year, the pedal-assist category of the propulsion type had the biggest volume share of the market. The increasing integration of mobile phones into these vehicles is a big development in the e-bike. Riders can see behind them and get real-time information on the battery’s level, speed, location, and route, among other things.
The growing amount of pollution in many nations, which has been a major source of worry for citizens and governments, has increased the demand for green technology-powered automobiles for commuting. As per the Our World in Data, air pollution accounted for 11.65% of deaths worldwide. Low-speed electric vehicles, particularly pedal-assist e-bikes, are more popular in Germany, Japan, Belgium, the Netherlands, and numerous other nations. Furthermore, elderly individuals are increasingly choosing these bikes to alleviate health issues and for short-distance commuting, fueling the demand for the e-bike.
During the projection period, lithium-ion batteries are predicted to develop at a faster pace, by value, in the e-bike market. This is because these batteries are lighter and have a higher energy density, allowing riders to travel further with each charge. Furthermore, the rapidly decreasing costs of lithium-ion packs are predicted to sustain the market’s fastest growth in this segment. Similarly, there is one more category ‘Lead Acid’ based on battery which is also used in e-bikes.
Thus, the demand for e-bikes is advancing day by day due to the growing environmental awareness and rising pollution levels around the world.