An e-bike is a bicycle with an electric motor and batteries that provide extra power to assist the rider in pedaling. With the formulation of energy-saving and environmental protection policies, electric bicycles have received more and more attention as an environmentally friendly way of travel.
The e-bike, also known as an electric bicycle, is a bicycle with an electric motor and a battery that provides extra power to assist the cyclist in pedaling. With the development of energy-saving and environmental protection policies, e-bikes are gaining more and more attention as an environmentally friendly way to travel, and many countries have formulated policies to promote their development. According to Reportlinker.com's "Electric Bicycle Market - Growth, Trends, COVID-19 Impact and Forecast (2022 - 2027)", published on December 15, 2022, the current electric bicycle market size is USD 35,408.58 million and is expected to reach USD 61,869.48 million in five years. After five years, it is expected to reach USD 61,869.48 million, growing at a CAGR of 6.96% over the next five years. The e-bike industry has experienced significant growth in recent years, especially in the Asia Pacific, with a market size of USD 24.78 billion in 2021.
Trends in the electric bicycle market
Electric bicycles are popular as a mode of transportation because of their convenience and environmental friendliness, and shared-use and rental-use e-bikes are also popular for commuting in urban areas.
In Europe, which is a tourist destination, many tour companies offer packages called "cycling holidays". This has attracted many tourists to try this new sightseeing experience. In addition, government incentives have further boosted the growth of the e-bike industry.
Increasing demand for cycling among the youth-oriented group. In recent years, the popularity of e-bike sports has increased with the growing awareness about health and healthy lifestyle, and according to the analysis, the mountain biking and trekking market are expected to grow at an accelerated rate of 10% in the coming years from 2020 to 2027 due to the growth of biking adventure sports and tourism.
The hub motor segment, which integrates the motor into the hub, accounts for 70% of revenue in 2021 as it provides a lighter, longer-lasting power source for electric bikes.To comply with future development, Lunyee has been researching and developing the electric bike market for the past two years, and after long research and sufficient preparation, it has now launched the new e-bikes, which has an aluminum alloy body and can travel up to 40KM per charge, with a maximum speed of 25km/h.
In summary, the e-bike industry is experiencing strong growth and is expected to continue to grow in the coming years due to the growing popularity of e-bikes as a convenient, eco-friendly, and cost-effective mode of transportation. The growth of the e-bike market will be further driven by the development of new technologies and designs, as well as government initiatives and policies aimed at promoting sustainable transportation.