DUBLIN, Oct. 13, 2020 /PRNewswire/ — The “Global Electric Bicycles Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2020 To 2028” report has been added to ResearchAndMarkets.com’s offering.
The electric bicycles market expected to be growing at a compounded annual growth rate (CAGR) of 7.2% from 2020 to 2028 and reach US$ 28.51 Bn in 2028.
COVID-19 crisis and an increasing need to maintain social distance have promoted the use of ecological means of transportation, such as the electrical bicycle.
In the last couple of decades, the popularity of e-bicycles has grown manifold and there were around 210 million such bicycles used daily in 2016. China holds a major share of the overall market and the trend is expected to continue in the years to come. One of the most prominent factors aiding the adoption of e-bicycles can be attributed to rising concern among people towards environmental preservation. The use of e-bicycles greatly reduces ecological footprints, air contamination, and carbon emissions. The fact that these bicycles are not very expensive, further aids its adoption among people.
Current Trends in the Electric Bicycle Market
With the e-bicycle market booming, people are becoming more and more demanding as per the features and looks are concerned. As per recent trends, e-bicycles are becoming lighter and better looking. Lighter weight bicycles are made up of light materials such as carbon or aluminum. Moreover, in order to give an attractive appearance, the manufacturers are integrating the battery into the frame. In the following years, additional batteries are expected to become a common trend in order to extend the range of the e-bicycle. A Germany based company, Haibike, already has a model with the same concept.
In the following years, a growing number of urban and suburban