A Meaningful evolution of the electric bicycle industry in recent years has provided a feasible boost to the variety of pedelec, thereby driving developments in the pedelec market. The pedelec bicycle industry is taking a positive growth by gaining immense traction and outgrowing good quality electrically assisted bikes in the global pedelec market.
The current growth trend of the global pedelec market is prominently influenced by the increasing number of e-bikes across all the regions of the globe. Government bodies across the world are catering subsidiaries and, incentives for the purchase of electric vehicles that have become a tool for a consumer, as well as a marketer, to expose and expand their products, which are likely to boost the global pedelec market. Response for electric mobility on the social media is enormous, around 3/4th of a billion people prefer electric bikes and vehicles over conventional gasoline vehicles. The number of people engaging in social networking sites and other digital platforms has increased dramatically with a growing concern against fuel emissions. An active online community of horse riders has shown a strong liking for social networking sites to share their horse riding enthusiasm, which results in the boost to the Pedelec market.
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Adoption of alternative clean technology in the automotive sector
Germany is one of the most important automotive hubs across the globe and leads the market in terms of technological advancements. Automakers in the region are focusing on bringing down pollution level by adhering to emission norms. This is mandatory because growing population and rising demand for mobility have increased traffic congestion in major countries of Europe, including Germany. Electric vehicles, such as pedelec and electric scooters, are a perfect solution to the issue. Hence, the region is witnessing favorable government schemes and initiatives that are likely to eventually supplement the growth of electric bikes in the region.
“Pedelec is an integral product of the recreational cycling. Facilitating implementation of new technologies allows riders to use electric motor at a variety by increasing mobility by using different riding style. Introduction of the newly designed equipment is likely to boost the adoption of advanced Pedelec in the estimated period,” says lead research analyst, at Fact.MR.
Provision of incentives and subsidies from Chinese Government, supporting the demand for pedelec
High purchasing power on the consumers’ end has boosted the growth of the electric assisted bikes on the road. Various governments in the region have taken initiatives to bring down pollution levels by implementing rules regarding the utilization of conventional vehicles, taxes associated with them and several other regulations. APEJ accounts for maximum share in the global pedelec market due to its large customer base. Strong customer base is further assisted by government’s subsidies and incentives which gain a traction for the global pedelec market. For instance, in China, the government offers a subsidy of US$ 600 to US$ 1,000 to customers on every purchase of an electric vehicle, depending on the size of battery pack. Major cities, such as Shanghai and Beijing, offers free registration plates to electric bike consumers.
Fact.MR’s recent study envisions the pedelec market to exhibit moderate growth rate during the forecast period. The average per capita spending over pedelec by Europe is slightly more than that of the United States and other regions across the globe, which is likely to boost the growth of the pedelec market.
Cycling is a fast-growing recreational activity, and a mounting number of individuals are participating in it from across the world. According to the American Horse Council, the participation in recreational cyclers among adult Americans has increased rapidly over the past few years. Over 3 million U.S. residents are engaged in cycling as a recreational activity, as well as a modern sport in 2017, and the number has increased rapidly ever since.
APEJ’s dominance in the pedelec market is likely to prevail, with a market share of nearly 85.2% by 2027-end. Evolving electric bikes preferences, coupled with increasing number of cyclists, particularly in the Asia Pacific., will continue to favor the growth of the pedelec market in APEJ. Pedelec market in Europe, on the other hand, is foretold by the study to grow at a relatively slower growth rate than the North America pedelec market. The upward trend of electric mobility, allows customers to have emission-free vehicles, which will continue to pave lucrative opportunities for the pedelec market in Europe. Furthermore, Asia Pacific excluding Japan currently has a strong market share above all other region and regions with less market share in the global pedelec market is estimated to grow at a higher CAGR during the forecast period.
Among the sales channels of the pedelec market, direct-to-customer channel has relatively more share than the other sales channels, which is likely to grow with the average growth rate during the forecast period. However, the third-party online channel shows lucrative growth rate during the forecast period.