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Global Electric Bike Kit Market Worth USD 2,902.4 Million by 2032 with 10.5% CAGR, Reveals Allied Market Research

Electric Bike Kit Market

OREGAON, PORTLAND, UNITED STATES , April 12, 2024 / -- Allied Market Research published a report, titled, "Electric Bike Kit Market by Usage, (Mountain Bicycle, Road Bicycle, Cargo Bicycle and Others), Battery (Lithium-Ion, Lead Acid, and Others), and Speed, (Up to 25 kmph, 25-45 kmph, and Above 45 kmph): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global electric bike kit industry size generated $1,095.3 million in 2022 and is estimated to reach $2,902.4 million by 2032, exhibiting a CAGR of 10.5% from 2023 to 2032.

⬛ 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 -

Electric bikes and conversion kits are gaining popularity because of an increased focus on sustainable transportation and rising concerns about climate change and the environment. For this reason, many people, particularly those located in areas with scarce supplies of electric bikes or high prices, choose conversion kits, which represent a convenient alternative to e-bike acquisition. Alternatively, there is an increasing demand for these conversion kits due to preferences for alternative transport options that do not harm the environment besides being convenient for cyclists who might have their favorite bike already. Another contributing factor is the world trend towards reduction of carbon emission and promotion of more environmentally friendly means of transport.

The developments in charging infrastructure and the growing vehicle industry present very compelling development prospects for the end customer. The sale of e bikes kits has been on the rise as they are being increasingly offered online and store shops in all parts of the country. Moreover, gig market organisations working within India have made substantial investments in R&D projects that improve product quality. Their products also entail improving battery technology, using lightweight materials, and adopting marketing schemes that increase total revenues. These initiatives will cause the market size to grow and might lead to an increase in sales of Indian electric bicycles in the coming few years.

𝐏𝐫𝐢𝐦𝐞 𝐝𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐚𝐧𝐭𝐬 𝐨𝐟 𝐠𝐫𝐨𝐰𝐭𝐡

Electric bike kits offer a cost-effective and environmentally friendly way to transform existing bicycles into electric vehicles, allowing riders to enjoy the benefits of assisted cycling, such as extended range, reduced effort, and increased speed, without having to purchase a dedicated e-bike. The growth of the global electric bike kit market is driven by an increase in awareness of environmental sustainability, a rise in urbanization and traffic congestion, and government incentives and policies promoting the adoption of electric vehicles. However, factors such as technical complexity and installation complexity restrain the market growth. On the contrary, the incorporation of cutting-edge technology in batteries and the growth in demand for electric mobility solutions are expected to provide lucrative opportunities for the market growth.

𝐓𝐡𝐞 𝐫𝐨𝐚𝐝 𝐛𝐢𝐜𝐲𝐜𝐥𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

𝐁𝐚𝐬𝐞𝐝 𝐨𝐧 𝐮𝐬𝐚𝐠𝐞, the road bicycle segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, as road bikes also come with a set of gears suitable for flat or moderately hilly urban terrain. Thus, the trend toward electrification in the transportation sector, coupled with advancements in battery technology, has made electric conversion kits more efficient, lightweight, and affordable for such bicycles. However, the cargo bicycle segment is projected to highest CAGR of 11.7% from 2023 to 2032, rising awareness of carbon footprint reduction and the need for last-mile delivery solutions propels the segment growth.

⬛ 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 -

𝐓𝐡𝐞 𝐥𝐢𝐭𝐡𝐢𝐮𝐦-𝐢𝐨𝐧 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

𝐁𝐚𝐬𝐞𝐝 𝐨𝐧 𝐛𝐚𝐭𝐭𝐞𝐫𝐲, the lithium-ion segment held the highest market share in 2022 and is estimated to maintain its leadership status and also projected to highest CAGR of 11.1% from 2023 to 2032, due to the popularity of lithium-ion batteries as they are light in weight, have high capacity, and have exhibited a sharp decline in price in recent years. These batteries have numerous forms with different amounts of phosphate, manganese, nickel, iron, and cobalt combined with lithium. Furthermore, lithium batteries have low maintenance and do not require scheduled cycling to maintain their battery life.

𝐓𝐡𝐞 𝐮𝐩 𝐭𝐨 𝟐𝟓 𝐤𝐦𝐩𝐡 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

𝐁𝐚𝐬𝐞𝐝 𝐨𝐧 𝐬𝐩𝐞𝐞𝐝, the up to 25 kmph segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period, due to the benefits of electric assistance, such as reduced physical exertion and increased speed, without the need to purchase a dedicated electric bicycle. However, the above 45 kmph segment is projected to witness the highest CAGR of 11.3% from 2023 to 2032, due to the development of lightweight and high-capacity batteries allowing for increased range and improved performance, addressing one of the key concerns for consumers considering electric bicycles with speeds above 45 kmph.

𝐀𝐬𝐢𝐚-𝐏𝐚𝐜𝐢𝐟𝐢𝐜 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐛𝐲 𝟐𝟎𝟑𝟐

𝐁𝐚𝐬𝐞𝐝 𝐨𝐧 𝐫𝐞𝐠𝐢𝐨𝐧 , Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period, due to rapid urbanization and population density in many Asia-Pacific cities contributing to the growth of the electric bike kit industry. As urban centers expand and traffic congestion worsens, the compact and nimble nature of electric bikes becomes increasingly attractive. However, the North America region is expected to witness the fastest CAGR of 11.7% from 2023 to 2032, due to the rise in the adoption of electric mobility across various countries in North America is expected to propel the growth of the electric bicycle kit market. Also, government initiatives play a pivotal role in the growth of the electric bike kit industry in the region.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬: -

Bafang Electric (Suzhou) Co., Ltd.
Cyzle Bike Store (Falco eMotors Inc,)
Dillenger E-Bikes USA
E Bike Tuning Shop
Suzhou Tongsheng Electric Appliances Co., Ltd
Swytch Technology Ltd.

⬛ 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰:

𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:

The electric bike kit market study encompasses 14 countries, conducting regional and segment analysis for each country in terms of value ($million) over the projected period of 2023-2032.

Integrating high-quality data, professional insights, and critical independent perspectives, the study adopts a research approach aimed at providing a comprehensive and balanced view of global markets. The goal is to assist stakeholders in making informed decisions to achieve their ambitious growth objectives.

The research involved a thorough review of over 3,700 product literature, annual reports, industry statements, and other comparable materials from major industry participants. This extensive review enhances understanding and insight into the market dynamics.

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐄𝐕 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲: - Global Opportunity Analysis and Industry Forecast, 2023-2032 - Global Opportunity Analysis and Industry Forecast, 2023-2032

David Correa
Allied Market Research
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