A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Asia-Pacific Electric Bicycle Market was worth USD 8.42 billion in the year 2021. It is estimated to grow at a CAGR of 13.5%, earning revenue of around USD 19.57 billion by the end of 2028. The lucrative growth of the Asia-Pacific Electric Bicycle Market is attributed to urbanization, rising health awareness, and increasing fitness trends. Also, an increasing number of cycling events and favorable government as well as employer initiatives are expected to drive the market growth. Furthermore, Asia-Pacific Electric Bicycle Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies like the Internet of Things (IoT), artificial intelligence (AI), cloud computing, and others. However, the technological challenges and high-cost of electric bicycles are the major restraining factor for the growth of the Asia-Pacific Electric Bicycle Market.
Based on mode, the Asia-Pacific Electric Bicycle Market is categorized into Battery / Pedal Assist, and Throttle. The Battery/Pedal Assist segment accounts for the largest market share owing to Pedal-assisted e-bikes offering power from the motor to help the rider pedal easily and move faster. The increasing demand for e-bikes among the young population could contribute to promising market growth opportunities in the region. Moreover, the use of pedal-assisted e-bikes on hills and steep routes is anticipated to support the overall market growth. Furthermore, based on class, the Asia-Pacific Electric Bicycle Market is categorized into Class I, Class II, and Class III. The Class I segment accounts for the largest market share owing to its 20 miles per hour speed and it works only when the rider is pedaling. Additionally, Class II and Class III are restricted in some Asia-Pacific countries due to their high-speed.
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Geographically, the Asia-Pacific Electric Bicycle Market is segmented into Japan, China, India, South Korea, Australia, Indonesia, and the Rest of Asia-Pacific. India dominates the market owing to the government initiatives, and various technological advancements with an ever-developing charging infrastructure in the country supporting the market growth. The sudden outbreak of COVID-19 positively impacted the growth of the Asia-Pacific Electric Bicycle Market. The nationwide lockdown imposed by the government to curb the virus’s spread declined public transportation. People shifted their preference toward electric bicycles for day-to-day transportation as well as for fitness. The increasing fitness trend, cycling, exercising, and health awareness during the pandemic surge the demand for electric bicycles. All these factors reinforce the Asia-Pacific Electric Bicycle Market during the forecast period (2022-2028).
The leading market players in the Asia-Pacific Electric Bicycle Market are Accell Group, Derby Cycle, JIANGSU XINRI E-VEHICLE CO.LTD., Karbon Kinetics Ltd, ITALJET SPA, Riese & Müller GmbH, M1-Sporttechnik, F.I.V. E. Bianchi S.p.A., Kawasaki Motors Corp., U.S.A., WUXI YADEA EXPORT-IMPORT CO. LTD., Giant Bicycles, Trek Bicycle Corporation, myStromer AG, and Specialized Bicycle Components, Inc. The market is highly competitive and fragmented with the presence of various global as well as regional industry participants. The companies constantly launch new products with advanced features to gain a competitive edge over the market. Multinational corporations also invest in expanding their production capacities to meet the growing demand and boost their market penetration. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
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