According to Fact.MR's by 2021–2031, the global sales of pedelecs are expected to exceed US$ 55 billion, with a positive CAGR of 7%. Consumers' increased environmental awareness and physical fitness bode well for players in the pedelec market. In turn, this has increased demand for pedelecs.
Historically, sales of pedelecs exceeded US$ 26 billion in 2019, with a CAGR of over 3 percent over the aforementioned period from 2016 to 2020. Initial predictions for 2020 were depressing due to production problems encountered at the height of COVID-19. However, as consumers started to focus on their fitness regimens, this eventually turned into an opportunity and propelled sales of electric bikes and pedelecs.
Electric motors used in pedelecs are becoming more diverse and efficient thanks to technological developments in fuel cells and batteries. This has allowed pedelec market players to introduce models that are more energy-efficient. Additionally, pedelecs save money and space. These elements have increased pedelecs' appeal to consumers.
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How is the future of pedelecs being defined by technological advancements?
Customers are becoming more familiar with pedelecs as they offer a practical solution to their fitness needs and urban congestion, in addition to having a low carbon footprint. In order to overcome the drawbacks of pedelecs related to an imbalance between torque and speed, manufacturers are refocusing their efforts on research and development of cutting-edge solutions.
Players in the pedelec market are working to introduce cutting-edge technological innovations like intelligent control systems, which can be used to implement automatic or semi-automatic transmission for pedelecs that have the best energy efficiency. In the coming years, technological advancements like these are likely to dominate the pedelecs market.
Key Segments Covered
· Nickel-Cadmium Battery Powered Pedelec
· Lithium-Ion Battery Powered Pedelec
· Sealed Lead Acid Battery Powered Pedelec
· Nickel Metal Hydride Battery Powered Pedelec
· e-MTB Pedelec
· Race Pedelec
· Cross Pedelec
· Urban Pedelec
· Foldable Pedelec
· Center Motor Pedelec
· Rear Motor Pedelec
· Front Motor Pedelec
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The launch of new product lines with the newest mobility technologies is paying off for manufacturers. By offering comfortable ergonomics and improving riding efficiency, these innovations seek to provide a seamless biking experience.
· The Yamaha Corporation introduced the Civante Class 3 electric power assist bicycles in July 2018. These bikes are powered by the company's PWSeries SE motor and provide a smooth e-bike assist ride.
· Giant Bicycles Inc. announced in September 2021 that its Defy Advanced Pro, which features a lightweight composite frameset designed for smooth-riding compliance, passed the Cycling Plus/BikeRadar endurance road bike test and was named the ideal top-tier endurance bike.
· Manufacturer of bicycle parts Shimano, Inc., has announced that it will expand the range of Shimano STEPS pedelec systems in the second half of 2018, focusing primarily on its top model of e-bikes, the E800.
Key Companies Profiled
· Giant Bicycle Inc.
· Yamaha Corporation
· Derby Cycle AG
· Helkama Velox
· Pedego Electric Bikes
· Magnum Bikes USA
· Panther International GmbH
· BH Bikes
Why Are Lithium-Ion Batteries Becoming More Popular?
Environmentally friendly lithium-ion batteries are available. This means that it is being adopted widely. They also have a longer life span. This consequently lowers the cost of purchasing new batteries or changing out the old ones. Additionally, lithium-ion battery producers are concentrating on lowering the cost of the batteries.
As a result, the aforementioned factors are significantly influencing the popularity of lithium-ion batteries, which are anticipated to account for more than 50% of the pedelecs market.
What are the chances of folding pedal bikes growing?
Because of their portability and mobility, foldable pedelecs are quickly gaining popularity among biking enthusiasts. According to Fact.MR's sales of foldable pedal bikes are projected to grow at a CAGR of 7% between 2021 and 2031.
These bikes provide a practical alternative to cars, regular bikes, buses, and other modes of transportation thanks to their small wheels, easy acceleration, and sharp manoeuvrability. Additionally, portable pedelecs take up less room in both residential and commercial structures.
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Important conclusions from the market study
· Up until 2031, Asia is anticipated to hold a market share of close to 80% for pedelecs.
· From 2021 to 2031, Europe will hold a market share of over 45%.
· Lithium-ion batteries are anticipated to hold a 50% market share by battery type.
· Foldable bicycles are anticipated to soar at a CAGR of 7% over the course of the forecast period.
· China, Germany, and France are the top three nations driving the market for pedelecs.
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