Electric Bike (E-bike) Market to Reach USD 10.90 Billion by 2027
: The global â€œelectric bike (e-bike) marketâ€ is set to gain impetus from the rising trend of bike-sharing mode of transportation. It helps in surging the driving distance and lowering the energy required by the rider. Fortune Business Insightsâ„¢ provided this information in a new study, titled, â€œElectric Bike (E-bike) Market Size, Share & Industry Analysis, By Battery Type (Lead Acid, Lithium ion, Nickel-Metal Hydride and Others), By Propulsion Type (Pedal Assist and Throttle) and Regional Forecasts, 2020-2027.â€ The study further mentions that the e-bike market size was USD 10.05 billion in 2019 and is projected to reach USD 10.90 billion by 2027, exhibiting a CAGR of 8.4% during the forecast period.
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COVID-19 Compelling Manufacturers to Change Designs of E-bikes
The COVID-19 pandemic has disrupted the supply chain of those companies who used to purchase vital components from China. Lithium and cobalt required for the production of e-bikes are available mainly in China. Hence, several companies are trying to reduce their dependence on one country. Some of them are also changing the designs of the vehicles. This pandemic is, thereby, set to decline the demand for the product. We are providing detailed research reports for helping you understand the current scenario.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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