The market study covers the present scenario and growth prospects of the global e-bike market for 2017-2021. The report also lists sealed lead-acid battery e-bikes and Li-ion battery e-bikes as the two major segments based on the type of battery used in the e-bike.
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Technavio automotive analysts highlight the following three market drivers that are contributing to the growth of the global e-bike market:
- Government initiatives
- Growing demand for eco-friendly transportation
- Reduced cost of lithium-ion batteries
Various countries have passed laws that encourage the adoption of green technologies such as electric bikes. For instance, China's government has adopted laws to support e-bike users and manufacturers. Moreover, the government decided to stop issuing new licenses for pedal assisted bicycles that produced emissions and issues licenses only for e-bikes.
An e-bike helps reduce the emission of carbon dioxide and other greenhouse gases. It also reduces noise pollution and other types of environmental pollution. Presently, more than 40 e-bike brands are being produced in Shanghai.
“Though governments encourage the adoption of e-bikes of all categories, they emphasize on the adoption of e-bikes with lead-acid batteries. This is because it is possible to recycle up to 95% of the lead content, which can then be used to manufacture newer lead-acid batteries,” says Siddharth Jaiswal, a lead analyst at Technavio for automotive manufacturing research.
Growing demand for eco-friendly transportation
Preserving the environment for future generations, especially due to the growing scarcity of natural resources is one of the greatest challenges for society and the government, because of which the demand for eco-friendly modes of transportation such as e-bikes is growing.
E-bikes are gradually becoming the bicycle of the future. They are considered eco-friendly, reliable, and recreational modes of transportation as they offer both the fun and health benefits of cycling and some of the advantages of automobiles.
“E-bikes allow the riders to ride with ease on rough terrains, which are difficult to ride without the aid of electric motors. Moreover, e-bikes are noiseless and emission-free, and require minimal space for parking,” says Siddharth.
Reduced cost of lithium-ion batteries
The cost of e-bikes in comparison to other non-electric bikes is high because of the expensive nature of the Li-ion batteries used in these bikes. However, the market has been witnessing a decline in the cost of e-bike batteries since 2010 owing to a larger increase in production than in demand. According to the US Department of Energy, the cost of Li-ion batteries declined from USD 1,000/kWh in 2008 to USD 485/kWh in 2012. The department expects the battery cost to decline further during the forecast period due to further increase in production.
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