Electrification of transport modes has picked up astounding pace over the past five years. Continued government support for adoption of cleaner fuels especially in developed and emerging economies has spurred the sales of electric cars.
Broadly, the favorable policy frameworks and fiscal and economic stimulus to automakers have accelerated the transition to battery electric vehicles and plug-in hybrid electric vehicles over the years. Evidently, countries in Asia and Europe have witnessed a number of direct support and targeted programs to support the uptake of hybrid and battery-operated electric vehicles (EV). The value proposition of products in the electric bikes (e-bike) has stemmed from the result of these developments.
COVID-19 Pandemic Spurs Demand for Electric Micro-mobility Options Led to E-bikes
In recent years, players in the automotive industry are keenly looking to consolidate their efforts to expand electric micromobility options. Subsequently, the penetration of electric bikes for urban spaces has grown steadily. The range of e-bikes that cater to niche segment such as mountain trekkers to general populace has swelled significantly, generating an enormous impetus to the growth of the electric bike market, thanks to strategic collaborations between OEMs, battery manufacturers, and other automotive players.
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A number of product development trends in the automotive industry, ranging from increase in battery capacity to engine power to adoption of personal mobility options in the face of emerging COVID-19 pandemic, have circumscribed the growth contours of electric bike market. Stridently, the incorporation of advanced battery chemistries and a steady decline in the cost of battery are making e-bikes more attractive than ever in fueling the micro-mobility of tomorrow.
The recent impetus has come from the shift in preference from public transport to personal mobility amid the COVID-19 pandemic. On one end of the spectrum, the trend has opened up a vast avenue for the commercialization of e-bikes whether be it through ride-sharing options or through buying for personal use. Interestingly, on the other hand, governments in various parts of the world are easing out restrictions on urban transport. The interplay of the two major forces will continue to shape the dynamics of the production as well as the sales of electric bikes.