A Rise in Demand for Eco-Friendly E-Bikes to Expand the E-bike Battery Pack Market, With the aborning environmental concerns, safeguarding the environment represents a basic test on society and legislatures worldwide, given the shortage of natural resources. Subsequently, the rising interest in e-bicycles is an optimal answer for the test.
New York, United States, March 23, 2022 (GLOBE NEWSWIRE) -- If we look at the historical figures, the global e-bike battery pack market had generated a revenue of USD 6.1 Billion in 2017, as mentioned in the report by StraitsResearch. It is predicted to increase at a CAGR of 14.2% from 2022 to 2030. The battery is an instrumental and most expensive part of an e-bicycle. It is of utmost importance in deciding how long the bicycle can be utilized without charging. While choosing an electric bike, the relevance and performance of batteries are of prime importance for consideration.
With the ever-increasing Global environmental concerns, safeguarding the environment represents a basic responsibility on society and governments worldwide, given the shortage of natural resources. Subsequently, the rising interest in e-bicycles is an optimal answer for the test. Thus, the governments and global associations have established rigid outflow standards to diminish fossil fuel by-product levels. This has given rise to adoption of eco-friendly modes of transport and e-bike fulfils that in the micro-mobility space.
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The global e-bike battery pack market is categorized according to Battery Type, Position, and Regions.
Key Highlights
- According to the battery type, the market is divided into lithium-ion and lead-acid. The lithium-ion segment in e-bike battery pack, is expected to grow at a CAGR of 14.8 % till 2030, which is significant considering the global adoption of lithium-ion batteries in EV space too.
- By motor type, the market is segmented into mid-motor air suspension and hub motor. The mid-motor part segment acquired the largest market share in 2021 and is expected to grow at a CAGR of 14.1%
- In battery pack position, the rear carrier segment acquired ~60% of the market in 2021 and is expected to grow at a CAGR of 13.4%.
- Asia-Pacific is the largest market for e-bike battery packs and is predicted to grow at an elevated CAGR of 14.9% by 2030. A lot of new initiatives by the Chinese, Korean, Japanese and Indian governments have been taken in order to fulfil micro-mobility issues in public places and even encouraging shared micro-mobility vendors.
Increasing Usage of E-Bicycles for Micro-Mobility to Surge the Demand for E-Bike Battery Pack
Besides being a cleaner, greener, and feasible transport option for short distances, e-bikes have various applications in different sectors worldwide. Some travel agencies in Europe have introduced cycling tour packages that are becoming popular between tourists and localities. Since Europe houses multiple tourist attractions, people visit this destination in large numbers. Indeed, even travelers are charmed by this new and different experience and decide on e-bicycles to visit specific locales in the countryside.
The usage of e-bikes is comparatively increasing as urban areas in the United States, like Boulder, Colorado, and Madison, Wisconsin, are highly cycling-friendly urban regions. Additionally, the Federal highway spent USD 915.8 million for cycle and foot-related infrastructures, seemingly impacting the use of e-bikes in these areas. These factors prove to be the biggest drivers for the global e-bike battery pack market.
Due to the growing environmental concerns, people worldwide are shifting towards environment-friendly ways of transport. The depletion of fossil fuels at an alarming rate has paved the way for e-bikes in the market. Governments worldwide have come up with stringent norms regarding carbon emission, and hence the demand for these electric bikes is increasing worldwide.
Besides, e-bikes release no carbon emissions, save space, and guarantee great well-being. Consequently, e-bicycles are a viable method of transportation for brief distances (20–25 km) because of these benefits. In any case, because of the COVID-19 pandemic, individuals are picking e-bicycles for their long-range travel needs too, and the market is relied upon to witness fresher models with further developed reach and battery duration.
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Effect of COVID-19
The pandemic has affected the inventory network of e-bicycles, e-bicycle parts, and e-bicycle battery pack areas. Makers are likely to sell their items through different territorial providers. The chance of minor players offering parts at cutthroat rates is relied upon to limit the development of the enormous and laid out players on the lookout. Additionally, it is expected to urge providers to request a higher benefit share.
A need for supply and a production network hole will be prompting a cost increment to recuperate benefits and guarantee supportability. One more justification behind a cost climb is probably going to be the inclination of acquiring items from Europe, North America, and Southeast Asia instead of buying cheap Chinese materials. Nonetheless, this will probably be troublesome and unrealistic, remembering the innovative advances and the strong producing structure in China worked throughout the long term.
