PUBLISHER: Allied Market Research | PRODUCT CODE: 1414799
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414799
According to a new report published by Allied Market Research, titled, "Electric Bike Kit Market," The electric bike kit market was valued at $1.1 billion in 2022, and is estimated to reach $2.9 billion by 2032, growing at a CAGR of 10.5% from 2023 to 2032 due to the government incentives and policies promoting the adoption of electric vehicles.
An increase in government support for electric bicycles, and the implementation of stringent laws toward CO2 emission drive the growth of the global electric bike kit market. For instance, the government of Canada implemented the 2030 Emissions Reduction Plan with $9.1 billion in new investments to reach emissions reduction target of 40 to 45 % below 2005 levels by 2030 and put on a path to achieve net-zero emissions by 2050. Moreover, consumer inclination toward using e-bicycle as an eco-friendly and efficient solution for commute and increase in fuel costs supplement the market growth. In addition, rise in interest in cycling as a fitness and recreational activity and improvement in cycling infrastructure & battery technology fuel the market growth. Moreover, the flourishing tourism industry has prompted a rise in number of tourists to opt for e-bikes as a self-driving alternative to commuting due to their effortless riding experience. These bikes are also extensively used for various adventure sports, increasing their popularity among the younger generation. In July 2020, Yamaha Motor Corporation, USA, revealed the all-new YDX-MORO and YDX-MORO Pro all-mountain e-bikes with a new motor and quad sensor system. The YDXMORO and YDX-MORO Pro models deliver a new balanced power, performance, and handling for riders on all types of e-mountain bike (e-MTB) trails.
The electric bike kit market is segmented on the basis of usage, battery, speed and region. Depending on the usage, the market is segregated into mountain bicycle, road bicycle, cargo bicycle and others. By battery, it is categorized into lithium-ion, lead acid and other. Based on the speed, it is fragmented into up to 25 kmph, 25-45 kmph, and above 45 kmph. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players covered in the report include Bafang Electric (Suzhou) Co., Ltd., Cyzle Bike Store (Falco eMotors Inc,), Dillenger E-Bikes USA, E Bike Tuning Shop, eBikeling, EUNORAU E-BIKE, Hilltopper, Rubbee, Suzhou Tongsheng Electric Appliances Co., Ltd and Swytch Technology Ltd.
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