Based on battery the e-bike market is categorized into lithium ion (Li-ion), lead-acid, and nickel-metal hydride (NiMh). The lithium ion batteries are anticipated to witness a significant growth in the market owing to its higher capacity and lower weight structure compared to the counterparts. The higher energy density coupled with reduced maintenance requirements and self-discharge rate are expected to positively influence the market growth.
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Based on class, the e-bike market is segmented into pedal and throttle assisted. The growth in the pedal assisted e-bike can be attributed to the availability of both pedals and motors for assisting in bike riding operations. Moreover, the availability of multiple driving mode settings including low, medium, and high assist depending on the user requirements along with minimum usage of electricity further expands the segment share. The throttle assisted e-bikes will account for a considerable share on account of easier riding capabilities along with the ability to travel over long distance without feeling fatigue.
The e-bike market size based on drive mechanism is segmented into hub motor, mid drive and others. The hub motor is expected to account for the maximum share owing to simpler mechanical design and lower costs associated with its construction. The driving mechanism allows a wheel of the bicycle to be replaced with another wheel with hub motors mounted on it thus, providing power. The lower maintenance costs coupled with independent drive mode are expected to boost the business share.
Asia Pacific e-bike market is expected to account for a significant size in the e-bikes market over 2019-2025. This can be credited to rising traffic congestion in multiple countries across the region. Moreover, the presence of multiple e-bike players offering diversified models at varied price range further expands the e-bike market share over the study timeframe. Supporting government initiatives including the Faster Adoption and Manufacture of Hybrid and Electric Vehicles (FAME) initiative offering subsidies and incentives for promoting the sales further expands the regional growth over the study timeframe.
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Industry participants are continuously investing in R&D to develop advanced technologies for e-bikes with a focus on improving efficiency and increase the e-bike market share. For instance, in 2018, Yamaha Motor Co., Ltd. introduced a 600Wh inTube Multi Location battery for Electrically Power Assisted Bicycles (EPACS) with a focus on improving the overall design associated with the e-bikes. Moreover, the dual integration including vertical and horizontal coupled with lower weight are expected to boost the e-bike market revenue.
Few of the key e-bike market participants include Aima Technology Group Co., Ltd., Yamaha Motor Corporation, Yadea Group Holdings Ltd., Accell Group N.V, Robert Bosch GmbH, Derby Cycles, and Giant Manufacturing Co., Ltd. Industry players are focusing on innovative new technologies and incorporating new features in their vehicles to improve their market share. Further, strategic acquisitions and partnerships are among the prominent strategies adopted by industry players to improve their market share. For instance, in 2017, Bosch acquired COBI.Bike to expand its business in the e-bike business and incorporate advanced smartphone features in such bikes.
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