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A recent report by Persistence Market Research shows that the electric bikes market is expected to reach a market value of around US$19 billion by the end of 2022. Data analysts examined the global market and revealed that the global electric bikes market is likely to project a growth of 4.7% CAGR during the period 2017-2022.
The report shows that the Asia-Pacific region (excluding Japan) has been achieving a high number of electric bike sales, and the market is expected to continue to grow at a steady rate. Countries like New Zealand have shown great potential for success, and many companies are setting up manufacturing plants in this region due to the availability of labour and low costs. This region has also been receiving a lot of government support, particularly the Indian electric bikes market.
Lithium ion batteries remain the preferred choice for electric bikes, and this is expected to encourage a CAGR of around 5% for the lithium ion batteries market. The lithium ion battery’s small size and high power capabilities are the main reasons for its preference. At present, nickel hydride batteries account for the largest revenue share in the market, and Persistence Market Research expects this to remain much the same in the forecasted period. However, it will have a tough competitor: lithium ion.
The report went on to cover the different segments of the electric bikes market and profiled the key companies in the current market. These included tier companies such as Prodeco Technologies Llc, Samsung SDI Co., Ltd., Mahindra & Mahindra Ltd., Bionx International Corporation, Panasonic Corp, Jiangsu Xinri E-Vehicle Co. Ltd., ., Derby Cycle Holding GmbH, Giant Manufacturing Co., Ltd., Accell Group N.V, and Robert Bosch GmbH. To buy the full report, click here.
In New Zealand, electric bicycles are becoming increasingly popular. It’s not uncommon to see electric bikes in Auckland, as commuters give up on wasting time sitting in traffic. According to the report, we can expect to see more e-bikes in Auckland and other Asia-Pacific locations in the next 5 years. The electric bikes market is growing, and the figures prove it.