As countries all around the world look for alternative ways to reduce their oil dependency, a rising number of companies have evolved that provide alternate solutions in all ways possible. One of the leading examples is the electric bike. The electric bike comes in various shapes and sizes and run on complete electricity or can be hybrid.
These bikes curb pollution and can work for hours on a single charge. The global electric bike market is about to boom in different nations of the world and includes leading nations like India. Electric cars have already been running on roads, and the advent of electric bikes will further reduce the pollution levels and oil dependency.
The global electric bike market crossed a significant milestone in the year 2018. The industry is booming, and the expected compound annual growth rate of xx percent for the next few years.
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The report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report: Breakdown data in in Chapter 3.
The major factor affecting the growth
The rising fuel prices have been a significant factor that has led to the rise of electric bike in the region. Furthermore, the growing pollution levels have hurt the environment. Rising awareness among people has provided a significant boost to the market. Other important factors include the rise in the purchasing capacity of individuals and the stringent laws on the use of petrol scooters.
However, lack of any major player, in the developing nations like India has led to a decline in sales. The available solutions are not perfect and hence, has impacted negatively. Further, the lack of charging infrastructure has been hurting the industry. The poor batteries make the matter worse, and thus the bikes have not been widely accepted.
However, the aggressive push and the major investments in the sector has helped the industry grow at unfathomable speeds.
Major geographic regions
The Asia Pacific region has been a leading contributor to the growing electric bike. Major economies like India, China, and Japan have been the major economies driving the sales prospects. The next major geography on the list is the European Union. A majority of sales come from Germany, which accounts for the lion share. The United States and other major nations have also played a crucial role in the development of the electric bike. The vast market potential has excited the investors all across the world, and the market is about to flourish in the next few years.
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