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DUBLIN--(BUSINESS WIRE)--Nov 1, 2022--
The "Electric Bikes and Scooters Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global electric bikes and scooters market.
The global electric bikes and scooters market is expected to grow from $20.71 billion in 2021 to $23.38 billion in 2022 at a compound annual growth rate (CAGR) of 12.9%. The market is expected to grow to $30.27 billion in 2026 at a compound annual growth rate (CAGR) of 6.7%.
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Reasons to Purchase
The electric bikes and scooters market consists of sales of electric bikes and scooters and related services.
The main types in the electric bikes and scooters market are electric bikes, electric scooters. An electric bike is a bicycle equipped with an electric motor that is activated to assist with or replace pedaling. The battery types involved are lead-acid, lithium-ion (li-ion), nickel-metal hydride (NiMH), and others. The voltage capacity involved is 48-59V, 60-72V, 73-96V, above 96V. The drive mechanism types involved are hub motor, mid-drive, and other mechanisms.
Asia Pacific was the largest region in the electric bikes and scooters market in 2021. This region is expected to remain the largest during the next five years. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Increasing awareness about pollution is a key driver of the electric bikes and scooters market. This is because more people are now understanding the importance of reducing pollution, and this awareness has led them to look for more environmentally friendly modes of transportation that minimize and control pollution.
The lack of infrastructure for battery charging is a major restraint on the electric bikes and scooters market. This is mainly because a lack of sufficient bike or scooter charging stations leads to a scarcity of battery charging, and discourages people from purchasing electric bikes or scooters.
For instance, according to express drive data 2021, electric two-wheelers, are popular in India. However, the sales of electric two-wheelers remain way lower than conventional petrol ones. We don't have an appropriate EV ecosystem and the charging stations are in very few numbers. So, in a bid to encourage people to buy EVs and to develop the EV ecosystem in India, eBikeGo has announced that they will install one lakh smart IoT-enabled charging stations in seven Indian cities.
Improving battery technology is an emerging trend in the electric bikes and scooters market. One such technological improvement of batteries includes the growing use of graphene batteries in electric bikes and scooters. The graphene batteries use electrolytes based on a super-thin material called graphene, which enables faster charging time, higher capacity, and lighter weight of the vehicles. In this regard, Earthday, a startup based in Barcelona, Spain is working towards further enhancing the efficiency of graphene batteries, to charge electric bikes and scooters in around five minutes.
The electric bikes and scooters market is regulated by the U.S. Congress enacted Public Law sections 107-319. This law pertains to the amendments required for the consumer product safety act and defines stern regulations to be followed retrospect to the speed of electric bikes.
According to this law, the electric motor of the vehicle must be less than 750 watts and the maximum speed of the bike driven by a person weighing 170 pounds should not exceed 20 mph. To comply with this law, the U.S. Consumer Product Safety Commission (CPSC) considers, approves, and certifies bikes that meet this definition for manufacture and sale at the federal level. Hence, regulations such as these regulate the electric bikes and scooters market.
The countries covered in the electric bikes and scooters market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
For more information about this report visit https://www.researchandmarkets.com/r/pdxsio
View source version on businesswire.com:https://www.businesswire.com/news/home/20221101005813/en/
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/01/2022 07:21 AM/DISC: 11/01/2022 07:21 AM
http://www.businesswire.com/news/home/20221101005813/en