Increasing Consumer Adoption To Fuel Demand For Pedelec Market : Fact.MR
Fact.MR’s report predicts the global sales for pedelecs to exceed US$ 55 Bn by registering a positive a CAGR of 7% for the forecast period 2021-2031. Consumers are becoming extremely conscious about the environment and their physical fitness is auguring well for pedelec market players. This, in turn, has spurred the demand for pedelecs.
Historically, between 2016 and 2020, sales of pedelecs surpassed US$ 26 Bn in 2019, experiencing a CAGR of over 3% across the aforementioned period. While initial projections during 2020 appeared glum, amid production crunches experienced during the height of COVID-19. Eventually, however, this translated into an opportunity as consumers began working on their fitness regimes, impelling sales of electric bikes and pedelecs.
Technological advancements in batteries and fuel cells are bringing in new varieties and improved efficiencies of electric motors used in pedelecs, thereby, enabling pedelec market players to launch more energy-efficient models. In addition, pedelecs are space and cost effective. These factors have increased the popularity of pedelecs amongst consumers.
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Pedelec Industry Snapshot
Fact.MR- a market research & competitive intelligence provider- establishes that the global market for pedelecs is anticipated to reach US$ 55 Bn by the end of the 2021-2031 forecast period. As of 2021, the market is expected to be valued at US$ 28 Bn. As per the report, the industry is slated to witness an expansion rate of nearly 2x.
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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Manufacturers are capitalizing on introducing new product lines, equipped with the latest mobility technologies. These innovations are aimed at providing a seamless biking experience by providing smooth ergonomics and enhance riding efficiency.
- In July 2018, Yamaha Corporation launched the new Civante Class 3 electric power assist bicycles which derives its power from the company’s PWSeries SE motor, which delivers a seamless e-bike assist experience
- In September 2021, Giant Bicycles Inc. reported that its Defy Advanced Pro, comprising of a lightweight composite frameset engineered for smooth-riding compliance, cleared the Cycling Plus/BikeRadar endurance road bike test, earning the moniker of the ideal top-class endurance bike
- Shimano, Inc., a cycling component manufacturer, announced that in the second half of the year 2018, it will introduce innovative products to expand the range of Shimano STEPS pedelec systems, mainly focusing on its top model of e-bikes – E800.
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Key Takeaways from the Market Study
- Asia is expected to possess nearly 80% market share for pedelecs until 2031
- Europe to account for over 45% of market share from 2021 to 2031
- By battery type, lithium-ion batteries expected to possess 50% market share
- Foldable pedelecs expected to surge at a CAGR of 7% across the forecast period
- China, Germany and France top three countries driving sales of pedelecs market
“Mounting concerns regarding increasing carbon footprints left by conventional fossil fuel driven vehicles is prompting users to switch over to more sustainable transport alternatives, impelling pedelec sales,” opines a Fact.MR analyst.
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