Global E-Bike Market 2020–2024 | Declining Cost of Li-Ion Batteries to Boost the

The e-bike market is expected to grow by 8118.92 thousand units during 2020–2024 according to the latest market research report by Technavio.

Batteries are key contributors to the cost of e-bikes. Lead-acid batteries are widely used in e-bikes across the world, owing to the high cost of Li-ion batteries, which are otherwise more efficient. However, industrial and technological advances, such as improvements in mining practices and the optimal utilization of resources is resulting in the cost reduction of Li-ion batteries. Furthermore, the growth in the adoption of electric vehicles has enabled economies of scale benefits to Li-ion battery manufacturers, which has helped to reduce the cost of these batteries and made them feasible for adoption in e-bikes. Thus, the declining cost of Li-ion batteries will drive the growth of the market during the forecast period.

As per Technavio, the growing popularity of connected e-bikes will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020–2024.

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E-Bike Market: Growing Popularity of Connected E-Bikes

The growing popularity of e-bike sharing services across regions has led to the advent of connected e-bikes. The real-time location of connected e-bikes can be tracked by e-bike sharing companies as well as users. Connected e-bikes enable service providers to monitor the SoC of batteries, which facilitates timely maintenance. These e-bikes can also enhance the bike sharing business model making it an integral part of urban mobility. With the integration of connectivity features, e-bikes have the potential to become a part of the seamless Mobility-as-a-Service (MaaS). Once a bike is connected to a service network, it can be tracked, booked, and paid for via a smartphone application. Thus, the growing popularity of connected e-bikes will drive the growth of the market during the forecast period.

“Factors such as the development of ABS for e-bikes and the introduction of technologically advanced, lightweight e-bikes will have a positive impact on the growth of the e-bike market during the forecast period,” says a senior analyst at Technavio.

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E-Bike Market: Segmentation Analysis

This market research report segments the e-bike market by battery type (SLA batteries and Li-ion batteries), and geographic segmentation (APAC, Europe, MEA, North America and South America).

The APAC region led the e-bike market in 2019, followed by Europe, North America, South America and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as increasing popularity of shared mobility and growing acceptance of micro mobility.

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Technavio Joined: September 19th, 2019