Factors such as favorable government regulations and policies to encourage the use of solar e-bikes, surge in fuel costs, and increase in interest in cycling as a fitness & recreational activity is anticipated to boost the growth of the solar e-bike market growth
PORTLAND, Ore., Aug. 11, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Solar E-Bike Market by Motor Type (HUB Motor, Mid Drive), by Battery Type (Lead acid, Lithium ion (Li-ion), Others), by Application (Sports, Fitness, Daily Commute), by Consumer Segment (Urban, Rural), by Power Output (250W & Less Than 250W, Above 250W): Global Opportunity Analysis and Industry Forecast, 2030-2040“. According to the report, the global solar e-bike industry is estimated to generate $1.66 billion in 2030, and is anticipated to generate $6.01 billion by 2040, witnessing a CAGR of 13.7% from 2030 to 2040.
Prime determinants of growth
Factors such as favorable government regulations and policies to encourage the use of solar e-bikes, increase in fuel costs, and rise in interest in cycling as a fitness & recreational activity is expected to drive the global solar e-bike market growth. However, high purchases and maintenance cost and low operating efficiency of solar e-bikes as compared to traditional bikes are some of the factors that hinder the market growth. Furthermore, technological advancements in solar e-bikes and improvement in the bicycle infrastructure are expected to offer lucrative opportunities for the market growth.
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- The outbreak of the Covid-19 pandemic had a negative impact on the global solar e-bike market, owing to implementation of the global lockdown which led to lesser use of public transportation and solar e-bikes.
- Temporary closure of e-bikes manufacturing facilities as well as bikes stores adversely affected the overall production and sales of solar e-bike during the initial stage of the pandemic.
- The pandemic also resulted in flight cancellations, travel bans, and quarantines, which led to massive slowing of the supply chain and logistics activities across the world.
- Nevertheless, the global solar e-bike market has recovered soon in the post-pandemic as solar e-bikes are considered a safe, convenient, and affordable alternative to public transportation. In addition, the pandemic has changed the way people commute, and bicycling has become even more popular around the world.
The HUB motor segment to maintain its leadership status throughout the forecast period
Based on motor type, the HUB motor segment is expected to hold the highest market share in 2030, accounting for more than two-thirds of the global solar e-bike market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 14.5% from 2030 to 2040, due to increased awareness regarding global warming and change in user preference toward adoption of zero-emission vehicles. In addition, benefits associated with a HUB motor such as an independent drive system with no maintenance, hassle-free installation, cost-effectiveness, and excellent performance make it a preferred choice for electric bike users.
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The urban segment to maintain its leadership status throughout the forecast period
Based on consumer, the urban segment is expected to hold the highest market share in 2030, accounting for more than four-fifths of the global solar e-bike market, and is estimated to maintain its leadership status throughout the forecast period, owing to significant increase in vehicular population and traffic congestions along with stringent regulations on gasoline and diesel vehicle emissions in metropolitan urban areas. However, the rural segment is expected to portray the largest CAGR of 16.0% from 2030 to 2040, due to the fact that small electric mobility such as solar electric bikes and electric bicycles are quickly becoming attractive alternatives for rural mobility demand, especially in areas with acceptable power supply and vehicle charging infrastructure. Moreover, increase in utilization in rural areas to navigate through rough terrains supplement the growth of the segment.
The daily commute segment to maintain its lead position during the forecast period
Based on application, the daily commute segment is expected to account for the largest share in 2030, contributing to more than half of the global solar e-bike market, and is projected to maintain its lead position during the forecast period. This is attributed to rise in inclination of commuters toward usage of e-bicycles as cost-effective & eco-friendly transport solution. However, the fitness segment is expected to portray the largest CAGR of 16.3% from 2030 to 2040, due to the adoption of electric biking providing less cardiac exertion for people with existing coronary problems as pedals exert considerably less energy than a standard bicycle.
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Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific is expected to hold the highest market share in terms of revenue in 2030, accounting for more than half of the global solar e-bike market. Increase in collaborations between various foreign investors and domestic players have paved the way for a competitive market, offering an attractive price range, which acts as a major growth-inducing factor. However, the North America is expected to witness the fastest CAGR of 16.4% from 2030 to 2040. This is attributed to rise in popularity of electric bike sport events.
Leading Market Players: –
- Dorel Industries Inc.
- Accell Group
- Fuji-ta Bicycle Co., Ltd.
- Giant Manufacturing Co., Ltd.
- CSE EV Group Co. Ltd.
- Derby Cycle
- Kona Bicycle Company
- Merida Industry Co., Ltd.
- Olympus Bikes
- Royal Dutch Gazelle
- Specialized Bicycle Components, Inc.
- Trek Bicycle Corporation
- Yadea Group Holdings Ltd
- Yamaha Motor Co. Ltd.
- Kvaern (Key Innovator)
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