Electric
bicycles (E-Bikes) are bicycles that have a small electric motor and
rechargeable batteries to assist the power provided by the rider. Electric
bicycles Market are to witness a significant growth over the forecast
period owing to new technology developments and the increasing affordability
and availability of product offerings.
Innovative
technologies emerging in the e-bikes market is expected to drive the market
growth over the forecast period. For example, throttle-control, pedal-assist
models, all-in-one retrofit kits and wheels, and electric cargo bicycles. The
use of these bicycles in police patrol and various other security industries
has contributed to a growing market with strong potential. These bicycles emit
a lot less carbon than a car would. A study from Transportation Alternatives found
that if 10% of New York City commuters biked to work just once a week instead
of driving or taking public transit, they could cut back on 120 million pounds
of CO2 emissions per year that is equal to the amount of CO2 released
by 25,000 New York homes per year. These bicycles can take individuals to
longer distances with less effort in a shorter period of time. The combination
of motor with batteries gives the freedom to ride for 90 km or two to five
hours in a single charge.
These
e-bikes help one to climb steep hills with little efforts. Electric bicycles
help in pedal assistance that does not stop an individual’s exercise and allows
them to go on work without sweating. A throttle on some e-bikes provide extra
boost. These bikes use nickel metal hydride or lithium ion batteries.
Innovative technologies introduced by some companies are to boost the market
growth over the forecast period. For example, OHM electric power bikes have an
intelligent mobility system that links an LCD command console with the motor
and battery which allows setting riding preferences, view one’s speed, distance
travelled and battery charge levels. Also, it gives a feature of regenerative
braking that produces extra battery life by regenerating the battery when
applying brakes.
However,
these bikes run for 15-40 km on a single charge and take hours to recharge
which to hamper the growth of the market. It is difficult to pedal uphill
manually when the battery dies. These bikes are comparatively heavy than the
regular bikes. Also, laws regarding their use and different licensing
requirements in different countries pose a threat to market growth. For
example, they are banned in Shezhen, China but allowed in Beijing. In Europe
and North America, electric bicycles are prohibited in bicycle lanes and any
bicycle paths specifically marked for "non-motorized vehicles
only".
The market
can be segmented on the basis of product type, battery type and end-use
segments. E-bikes are used being used by policeman for patrol, the office
people to reach early at work due to traffic, the pizza delivery boy, the speed
sicker, mountain climber, senior citizen, students and rare car drivers.
E-bikes use batteries of different chemistries, the most common being
lead-acid, nickel metal hydride (NiMH) or lithium ion (Li-ion), to store power
to supplement the power provided by the rider. In the lowest cost versions of
e-bikes the battery employed is typically a sealed VRLA (Valve Regulated Lead
Acid) battery. In more expensive e-bikes, the battery may be a nickel metal
hydride or lithium ion battery. The types of electric bicycles available in the
market are electric foldable bikes, hybrid electric bikes, electric city bikes,
electric mountain bikes, electric road bikes, electric recumbents, electric
tandems, electric choppers, electric tricycles, electric unicycles and electric
mopeds.
China
dominates the electric bicycle market in terms of revenue currently. Western
Europe and North America are beginning to increase their market share of
electric bicycles as they have largely been treated as a novel type of sporting
equipment rather than a vehicle for transportation.
Key players
in this market are Bem Ltd., Hero Eco Limited, Indiegogo, Inc., Aerobic
Cruiser, riel Rider Ebikes, Electron Wheel, Darfon Innovation Corp., Xiaomi-mi,
Benelli, Haibike, Derby Cycle Werke GmbH and Electra Bicycle Company.
In June
2016, Xiaomi-mi launched folding electric cycle as part of their
differentiation strategy.
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