Global Electric Bike Market is valued at USD 46.28 Billion in 2020 and expected to reach USD 95.48 Million by 2027 with a CAGR of 10.9% over the forecast period.
Scope of Global Electric Bike Market Report:
Electric bikes also called as e-bicycles, e-bikes, pedelecs, and power- assisted (bi) cycles, are standard bikes that are outfitted with an electric engine, a battery, and a drivetrain. These bicycles can be travelled through accelerating or can run on rechargeable batteries. The rechargeable batteries are comprised of three kinds: Lithium- ion (Li- ion), Lead Acid, and Nickel-metal hydride (NiMH).
Lead- acid batteries are most usually utilized and can cover significant distances with a single charge. These bikes are easy to work, helpful for all age groups, and are an efficient option as an environment-friendly means for transportation, in contrast with motored vehicles. Enormous varieties of e- bikes are accessible in the market in terms of performance and design. For the individuals who aren't frequent riders, e-bikes open up a totally different world.
Rising Demand for Eco-Friendly Transportation, Growing Government Initiative to Enacting Stringent Emission Norms to Reduce Carbon Emission Levels and Increasing Concern Regarding Traffic Congestion are Some of the Major Factors Driving the Market Growth
One of the major factors driving the growth of global electric bike market is raising demand for eco-friendly transportation. Due to progressively busy lives and the need to drive every day, it has become practically important to own a vehicle, as open vehicle frequently isn't reliable. On the rear of that, there is a developing concern for saving and supporting the environment for people in the future, mostly due to the expanding shortage of natural resources and environmental concerns. This represents a special challenge for both society and governments.
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What is a Hybrid Car?With more and more people looking for an eco-friendly means of commuting, the popularity of alternative-fuel vehicles has soared in the USA.
With the automotive industry under pressure to electrify or hybridize its vehicles, this market has also become significantly more accessible.Read more - Everything You Need to Know About Hybrid Cars
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