Belgium E-Bike Market Size
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 0.90 Billion |
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Market Size (2029) | USD 1.40 Billion |
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Largest Share by Propulsion Type | Pedal Assisted |
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CAGR (2024 - 2029) | 9.21 % |
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Fastest Growing by Propulsion Type | Throttle Assisted |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Belgium E-Bike Market Analysis
The Belgium E-bike Market size is estimated at 0.90 billion USD in 2024, and is expected to reach 1.40 billion USD by 2029, growing at a CAGR of 9.21% during the forecast period (2024-2029).
0.90 Billion
Market Size in 2024 (USD)
1.40 Billion
Market Size in 2029 (USD)
6.44 %
CAGR (2017-2023)
9.21 %
CAGR (2024-2029)
Largest Segment by Propulsion Type
78.80 %
value share, Pedal Assisted, 2023
Health benefits, assistance while cycling that results in less exhaustion, no license requirement, and comfortable rides are the factors that make pedal-assisted e-bikes the largest propulsion-type segment in the market.
Largest Segment by Application Type
77.99 %
value share, City/Urban, 2023
The city/urban bikes segment is the most common and largest application type as more people utilize urban bikes for daily commutes to local areas like offices, schools, and shops.
Largest Segment by Battery Type
100 %
value share, Lithium-ion Battery, 2023
The lithium-ion battery segment is the largest form of battery type used due to its lightweight property, quick-charging technology, extended range capabilities, and longer lifespan over conventional batteries.
Fastest-growing Segment by Propulsion Type
9.26 %
Projected CAGR, Throttle Assisted, 2024-2029
The speed pedelec segment is the fastest-growing segment because people prefer speed pedelecs over other vehicles to travel nearby distances since they can escape traffic congestion easily and save fuel costs.
Leading Market Player
7.43 %
market share, Batavus Intercycle Corporation, 2022
Batavus, the operating subsidiary of the Accell Group, is one of the oldest Dutch brands with a wide customer reach. It is one of the largest market players in Belgium.
PROPULSION SEGMENT MARKET OVERVIEW
- As a result of the COVID-19 restrictions, there were fewer commuting trips, more frequently performed by bigger vehicles. Although there were fewer restrictions in Belgium than in other European nations, personal transportation became increasingly common in Belgium as well.
- In recent times, e-bikes have become especially popular with people between the ages of 50 and 60 years, as they have been using bikes mainly for recreation purposes in Belgium. But there has also been a noticeable growth in the sales of e-bikes between the age group of 40 and 50 years. Thus, more people have been adopting e-bikes for commuting. There is also an increased preference for e-bikes with a lady's frame as they are easier to sit on and ride.
- Consumers purchased more expensive e-bikes in 2021. From EUR 2,191 to EUR 2,283, the average price of an e-bike in Belgium increased by 4% in 2021 from 2020. From EUR 2,031 to EUR 2,197, the price increase in Belgium in 2021 was more than 8% higher than in 2020. Essentially, consumers in the country have begun to purchase more high-end electric bikes, with e-bikes priced above EUR 3,000 also showing significant growth. Cheaper e-bikes still hold a lot of potential. In Belgium, over 30% of purchases are of e-bikes, with prices up to EUR 1,500. E-bike adoption is also increasing due to an increased focus on human health and the environment and the rising preference for a reliable mode of transportation. As electric bikes gain prominence in Belgium, start-ups and major players have begun introducing their latest product portfolios in the country to cater to the growing demand and garner a significant market share. Such factors are expected to augment the market's growth over the forecast period.
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Belgium E-bike Market Trends
Belgium shows exceptionally high E-Bike adoption rates, suggesting a deeply ingrained cycling culture and market maturity.
- The demand for bicycles has been gaining popularity in Belgium over the past few years. The advantages of e-bikes over traditional bicycles have boosted the demand for e-bikes across Belgium during the same period. Effortless riding, zero carbon emissions, saving time in high traffic congestion, and cost-efficiency are some of the major factors contributing to the growing adoption of e-bikes over other vehicles for daily commuting to nearby places. However, the adoption rate in the country amounted to 34% in 2019 compared to 51.40% in 2018.
- The COVID-19 outbreak in 2020 positively impacted the e-bike market across Belgium. Factors such as the need to maintain social distancing measures and consumers' anxiety about using public transportation changed consumers' preferred commuting, further encouraging them to invest in e-bikes as a convenient and price-friendly option for daily commutes to offices and nearby places. Such factors increased the adoption rate of e-bikes by 4.60% in 2020 over 2019 across the country.
- The resuming of business operations and the removal of trade barriers after the lockdown resulted in the gradual growth of e-bicycle sales in Belgium in 2021, as the resumption of trade activities solved the problem of product shortage in the country. The availability of innovative products with high-tech features is attracting consumers, which is further projected to increase the adoption rate in Belgium by more than 35% in 2028.
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Belgium maintains a high percentage of commuters traveling 5-15 km daily, indicating a strong preference for this travel distance.
- The popularity of bicycle travel in Belgium is increasing annually, creating a huge demand for individual bicycle users. Bicyclists who commute daily 5 to 15 kilometres are becoming more prevalent as a result of the rise in bicycle demand. In 2020 people who used bicycles as the medium of transportation every day to a distance of close to 5 to 15 kilometres to various places such as offices, businesses and schools are close to 10% and which is increasing gradually across Belgium.
- The Pandemic was a major factor in Belgium’s rise in bicycle demand in 2020 and 2021 as a result of lockdowns, various lockdown restrictions such as no gym or yoga centres were open, drop-in public transportation, and Increased demand of bicycles Additionally, in many Belgium cities, cyclists choose to use their bicycles as a mode of transportation for trips to their regular workplaces, places of business, and other local locations. The number of commuters going 5 to 15 kilometers by bicycle remained stagnant to 81.3% in 2021.
- Many people now commute from 5 to 15 kilometres away to their daily jobs on bicycles, as well as to their places of employment, places of business, and adjacent marketplaces. Additionally, in 2022, about 12% of people who work daily commuted by bicycle. The number of persons who commute to work by bicycle has increased in 2022 over 2021 as a result of improvements in the infrastructure for bicycles and various plans by the government to promote cycling. Such factors are expected to enhance the number of bicycle commuters With 5-15km, which further will also increase the demand for bicycles in Belgium during the forecast period.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Belgium's bicycle sales exhibit volatility with a significant spike, indicating dynamic market shifts possibly influenced by external factors.
- Belgium's inflation rates peak in 2022, with a trend towards normalization, indicating effective economic management.
- Belgium's e-bike battery prices are steadily declining, reflecting market maturity and increased consumer adoption.
- Belgium's steady growth in dedicated bicycle lanes reflects its commitment to promoting cycling as a sustainable and healthy mode of transportation.
- Belgium's E-bike charging time is steadily decreasing, reflecting advancements in battery technology and a growing electric mobility sector.
- Belgium's GDP per capita shows consistent growth, highlighting a stable and growing economy.
- Belgium's bicycle rental market, though smaller, is consistently growing, indicating a stable and enduring market.
- Belgium's hyper-local delivery sector shows modest growth, indicating a steady adoption of digital solutions for local consumer needs.
- Belgium's trekker community is modestly growing, indicating a rising interest in outdoor activities and exploration of its natural spaces.
- Belgium's Traffic Congestion Index is on a slight upward trend, indicating increasing congestion that may call for enhanced traffic management solutions.
Belgium E-Bike Industry Overview
The Belgium E-bike Market is fragmented, with the top five companies occupying 25.11%. The major players in this market are A. Winther A/S, Batavus Intercycle Corporation, Royal Dutch Gazelle, Strom and VanMoof BV (sorted alphabetically).
Belgium E-Bike Market Leaders
A. Winther A/S
Batavus Intercycle Corporation
Royal Dutch Gazelle
Strom
VanMoof BV
Other important companies include BIZBIKE BVBA, Cortina Bikes, Cowboy, Principia bikes, Stella Automobili.
*Disclaimer: Major Players sorted in alphabetical order.
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Belgium E-Bike Market News
- December 2022: E-bike manufacturer Stella Cycling is launced a brand new outlet in Nunspeet.
- December 2022: E-bike manufacturer Stella Cycling is launching a new family bike, called Muto Mutti . The e-bike is designed to function as a mom's bike (or dad's bike) with innovative functionalities for ultimate ease of use.
- August 2022: VanMoof released S3 Aluminum, a streamlined, high-end e-bike. It includes raw welding and a brushed metal frame.
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We offer a comprehensive and complimentary collection of data points on regional and country-level metrics, crucial to understanding the industry's core structure. Our resources include over 120 free charts, providing rare data across various countries. This collection encompasses an analysis of e-bike outlets, distribution channels, and their geographical distribution, examination of average selling prices for different e-bike models across regions, insights into consumer preferences and purchasing patterns, a detailed segmentation of the market, comprehensive insights into market trends and environmental impacts, an overview of key market players, an examination of the regulatory landscape, and projections for the future of the e-bike market.
Belgium E-Bike Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Bicycle Sales
- 4.2 GDP Per Capita
- 4.3 Inflation Rate
- 4.4 Adoption Rate Of E-Bikes
- 4.5 Percent Population/Commuters With 5-15 Km Daily Travel Distance
- 4.6 Bicycle Rental
- 4.7 E-Bike Battery Price
- 4.8 Price Chart Of Different Battery Chemistry
- 4.9 Hyper-Local Delivery
- 4.10 Dedicated Bicycle Lanes
- 4.11 Number Of Trekkers
- 4.12 Battery Charging Capacity
- 4.13 Traffic Congestion Index
- 4.14 Regulatory Framework
- 4.15 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)
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5.1 Propulsion Type
- 5.1.1 Pedal Assisted
- 5.1.2 Speed Pedelec
- 5.1.3 Throttle Assisted
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5.2 Application Type
- 5.2.1 Cargo/Utility
- 5.2.2 City/Urban
- 5.2.3 Trekking
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5.3 Battery Type
- 5.3.1 Lead Acid Battery
- 5.3.2 Lithium-ion Battery
- 5.3.3 Others
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles
- 6.4.1 A. Winther A/S
- 6.4.2 Batavus Intercycle Corporation
- 6.4.3 BIZBIKE BVBA
- 6.4.4 Cortina Bikes
- 6.4.5 Cowboy
- 6.4.6 Principia bikes
- 6.4.7 Royal Dutch Gazelle
- 6.4.8 Stella Automobili
- 6.4.9 Strom
- 6.4.10 VanMoof BV
- *List Not Exhaustive
7. KEY STRATEGIC QUESTIONS FOR E BIKES CEOS
8. APPENDIX
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8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- BELGIUM E-BIKE MARKET, BICYCLE SALES, VOLUME, THOUSAND UNITS, 2017 - 2029
- Figure 2:
- BELGIUM E-BIKE MARKET, GDP PER CAPITA, VALUE, USD, 2017 - 2029
- Figure 3:
- BELGIUM E-BIKE MARKET, INFLATION RATE, VALUE, PERCENT, 2017 - 2029
- Figure 4:
- BELGIUM E-BIKE MARKET, ADOPTION RATE, VOLUME, PERCENT, 2017 - 2029
- Figure 5:
- BELGIUM E-BIKE MARKET, COMMUTERS WITH 5-15 KM TRAVEL DISTANCE, VOLUME, PERCENT, 2017 - 2029
- Figure 6:
- BELGIUM E-BIKE MARKET, BICYCLE RENTAL, VALUE, USD MILLION, 2017 - 2029
- Figure 7:
- BELGIUM E-BIKE MARKET, E-BIKE BATTERY PRICE, VALUE, USD, 2017 - 2029
- Figure 8:
- BELGIUM E-BIKE MARKET, PRICE CHART OF DIFFERENT BATTERY CHEMISTRY, VALUE, USD, 2017 - 2029
- Figure 9:
- BELGIUM E-BIKE MARKET, HYPER-LOCAL DELIVERY, VOLUME, THOUSAND UNITS, 2017 - 2029
- Figure 10:
- BELGIUM E-BIKE MARKET, DEDICATED BICYCLE LANES, VOLUME, THOUSAND UNITS, 2017 - 2029
- Figure 11:
- BELGIUM E-BIKE MARKET, NUMBER OF TREKKERS, VOLUME, THOUSAND UNITS, 2017 - 2029
- Figure 12:
- BELGIUM E-BIKE MARKET, BATTERY CHARGING CAPACITY, VOLUME, UNITS, 2017 - 2029
- Figure 13:
- BELGIUM E-BIKE MARKET, TRAFFIC CONGESTION INDEX, VOLUME, PERCENT, 2017 - 2022
- Figure 14:
- BELGIUM E-BIKE MARKET, VOLUME, UNITS, 2017 - 2029
- Figure 15:
- BELGIUM E-BIKE MARKET, VALUE, USD MILLION, 2017 - 2029
- Figure 16:
- BELGIUM E-BIKE MARKET, BY PROPULSION TYPE, VOLUME, UNITS, 2017 - 2029
- Figure 17:
- BELGIUM E-BIKE MARKET, BY PROPULSION TYPE, VALUE, USD, 2017 - 2029
- Figure 18:
- BELGIUM E-BIKE MARKET, BY PROPULSION TYPE, VOLUME, SHARE (%), 2017 VS 2023 VS 2029
- Figure 19:
- BELGIUM E-BIKE MARKET, BY PROPULSION TYPE, VALUE, SHARE (%), 2017 VS 2023 VS 2029
- Figure 20:
- BELGIUM E-BIKE MARKET, BY PROPULSION TYPE, VOLUME, UNITS, 2017 - 2029
- Figure 21:
- BELGIUM E-BIKE MARKET, BY PROPULSION TYPE, VALUE, USD, 2017 - 2029
- Figure 22:
- BELGIUM E-BIKE MARKET, BY PROPULSION TYPE, VALUE SHARE (%), 2022 VS 2029
- Figure 23:
- BELGIUM E-BIKE MARKET, BY PROPULSION TYPE, VOLUME, UNITS, 2017 - 2029
- Figure 24:
- BELGIUM E-BIKE MARKET, BY PROPULSION TYPE, VALUE, USD, 2017 - 2029
- Figure 25:
- BELGIUM E-BIKE MARKET, BY PROPULSION TYPE, VALUE SHARE (%), 2022 VS 2029
- Figure 26:
- BELGIUM E-BIKE MARKET, BY PROPULSION TYPE, VOLUME, UNITS, 2017 - 2029
- Figure 27:
- BELGIUM E-BIKE MARKET, BY PROPULSION TYPE, VALUE, USD, 2017 - 2029
- Figure 28:
- BELGIUM E-BIKE MARKET, BY PROPULSION TYPE, VALUE SHARE (%), 2022 VS 2029
- Figure 29:
- BELGIUM E-BIKE MARKET, BY APPLICATION TYPE, VOLUME, UNITS, 2017 - 2029
- Figure 30:
- BELGIUM E-BIKE MARKET, BY APPLICATION TYPE, VALUE, USD, 2017 - 2029
- Figure 31:
- BELGIUM E-BIKE MARKET, BY APPLICATION TYPE, VOLUME, SHARE (%), 2017 VS 2023 VS 2029
- Figure 32:
- BELGIUM E-BIKE MARKET, BY APPLICATION TYPE, VALUE, SHARE (%), 2017 VS 2023 VS 2029
- Figure 33:
- BELGIUM E-BIKE MARKET, BY APPLICATION TYPE, VOLUME, UNITS, 2017 - 2029
- Figure 34:
- BELGIUM E-BIKE MARKET, BY APPLICATION TYPE, VALUE, USD, 2017 - 2029
- Figure 35:
- BELGIUM E-BIKE MARKET, BY APPLICATION TYPE, VALUE SHARE (%), 2022 VS 2029
- Figure 36:
- BELGIUM E-BIKE MARKET, BY APPLICATION TYPE, VOLUME, UNITS, 2017 - 2029
- Figure 37:
- BELGIUM E-BIKE MARKET, BY APPLICATION TYPE, VALUE, USD, 2017 - 2029
- Figure 38:
- BELGIUM E-BIKE MARKET, BY APPLICATION TYPE, VALUE SHARE (%), 2022 VS 2029
- Figure 39:
- BELGIUM E-BIKE MARKET, BY APPLICATION TYPE, VOLUME, UNITS, 2017 - 2029
- Figure 40:
- BELGIUM E-BIKE MARKET, BY APPLICATION TYPE, VALUE, USD, 2017 - 2029
- Figure 41:
- BELGIUM E-BIKE MARKET, BY APPLICATION TYPE, VALUE SHARE (%), 2022 VS 2029
- Figure 42:
- BELGIUM E-BIKE MARKET, BY BATTERY TYPE, VOLUME, UNITS, 2017 - 2029
- Figure 43:
- BELGIUM E-BIKE MARKET, BY BATTERY TYPE, VALUE, USD, 2017 - 2029
- Figure 44:
- BELGIUM E-BIKE MARKET, BY BATTERY TYPE, VOLUME, SHARE (%), 2017 VS 2023 VS 2029
- Figure 45:
- BELGIUM E-BIKE MARKET, BY BATTERY TYPE, VALUE, SHARE (%), 2017 VS 2023 VS 2029
- Figure 46:
- BELGIUM E-BIKE MARKET, BY BATTERY TYPE, VOLUME, UNITS, 2017 - 2029
- Figure 47:
- BELGIUM E-BIKE MARKET, BY BATTERY TYPE, VALUE, USD, 2017 - 2029
- Figure 48:
- BELGIUM E-BIKE MARKET, BY BATTERY TYPE, VALUE SHARE (%), 2022 VS 2029
- Figure 49:
- BELGIUM E-BIKE MARKET, BY BATTERY TYPE, VOLUME, UNITS, 2017 - 2029
- Figure 50:
- BELGIUM E-BIKE MARKET, BY BATTERY TYPE, VALUE, USD, 2017 - 2029
- Figure 51:
- BELGIUM E-BIKE MARKET, BY BATTERY TYPE, VALUE SHARE (%), 2022 VS 2029
- Figure 52:
- BELGIUM E-BIKE MARKET, BY BATTERY TYPE, VOLUME, UNITS, 2017 - 2029
- Figure 53:
- BELGIUM E-BIKE MARKET, BY BATTERY TYPE, VALUE, USD, 2017 - 2029
- Figure 54:
- BELGIUM E-BIKE MARKET, BY BATTERY TYPE, VALUE SHARE (%), 2022 VS 2029
- Figure 55:
- BELGIUM E-BIKE MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021
- Figure 56:
- BELGIUM E-BIKE MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
- Figure 57:
- BELGIUM E-BIKE MARKET SHARE(%), BY MAJOR PLAYERS, 2022
Belgium E-bike Industry Segmentation
Pedal Assisted, Speed Pedelec, Throttle Assisted are covered as segments by Propulsion Type. Cargo/Utility, City/Urban, Trekking are covered as segments by Application Type. Lead Acid Battery, Lithium-ion Battery, Others are covered as segments by Battery Type.
- As a result of the COVID-19 restrictions, there were fewer commuting trips, more frequently performed by bigger vehicles. Although there were fewer restrictions in Belgium than in other European nations, personal transportation became increasingly common in Belgium as well.
- In recent times, e-bikes have become especially popular with people between the ages of 50 and 60 years, as they have been using bikes mainly for recreation purposes in Belgium. But there has also been a noticeable growth in the sales of e-bikes between the age group of 40 and 50 years. Thus, more people have been adopting e-bikes for commuting. There is also an increased preference for e-bikes with a lady's frame as they are easier to sit on and ride.
- Consumers purchased more expensive e-bikes in 2021. From EUR 2,191 to EUR 2,283, the average price of an e-bike in Belgium increased by 4% in 2021 from 2020. From EUR 2,031 to EUR 2,197, the price increase in Belgium in 2021 was more than 8% higher than in 2020. Essentially, consumers in the country have begun to purchase more high-end electric bikes, with e-bikes priced above EUR 3,000 also showing significant growth. Cheaper e-bikes still hold a lot of potential. In Belgium, over 30% of purchases are of e-bikes, with prices up to EUR 1,500. E-bike adoption is also increasing due to an increased focus on human health and the environment and the rising preference for a reliable mode of transportation. As electric bikes gain prominence in Belgium, start-ups and major players have begun introducing their latest product portfolios in the country to cater to the growing demand and garner a significant market share. Such factors are expected to augment the market's growth over the forecast period.
| Propulsion Type | Pedal Assisted |
| Speed Pedelec | |
| Throttle Assisted | |
| Application Type | Cargo/Utility |
| City/Urban | |
| Trekking | |
| Battery Type | Lead Acid Battery |
| Lithium-ion Battery | |
| Others |
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Market Definition
- By Application Type - E-bikes considered under this segment include city/urban, trekking, and cargo/utility e-bikes. The common types of e-bikes under these three categories include off-road/hybrid, kids, ladies/gents, cross, MTB, folding, fat tire, and sports e-bike.
- By Battery Type - This segment includes lithium-ion batteries, lead-acid batteries, and other battery types. The other battery type category includes nickel-metal hydroxide (NiMH), silicon, and lithium-polymer batteries.
- By Propulsion Type - E-bikes considered under this segment include pedal-assisted e-bikes, throttle-assisted e-bikes, and speed pedelec. While the speed limit of pedal and throttle-assisted e-bikes is usually 25 km/h, the speed limit of speed pedelec is generally 45 km/h (28 mph).
| Keyword | Definition |
|---|---|
| Pedal Assisted | Pedal-assist or pedelec category refers to the electric bikes that provide limited power assistance through torque-assist system and do not have throttle for varying the speed. The power from the motor gets activated upon pedaling in these bikes and reduces human efforts. |
| Throttle Assisted | Throttle-based e-bikes are equipped with the throttle assistance grip, installed on the handlebar, similarly to motorbikes. The speed can be controlled by twisting the throttle directly without the need to pedal. The throttle response directly provides power to the motor installed in the bicycles and speeds up the vehicle without paddling. |
| Speed Pedelec | Speed pedelec is e-bikes similar to pedal-assist e-bikes as they do not have throttle functionality. However, these e-bikes are integrated with an electric motor which delivers power of approximately 500 W and more. The speed limit of such e-bikes is generally 45 km/h (28 mph) in most of the countries. |
| City/Urban | The city or urban e-bikes are designed with daily commuting standards and functions to be operated within the city and urban areas. The bicycles include various features and specifications such as comfortable seats, sit upright riding posture, tires for easy grip and comfortable ride, etc. |
| Trekking | Trekking and mountain bikes are special types of e-bikes that are designed for special purposes considering the robust and rough usage of the vehicles. These bicycles include a strong frame, and wide tires for better and advanced grip and are also equipped with various gear mechanisms which can be used while riding in different terrains, rough grounded, and tough mountainous roads. |
| Cargo/Utility | The e-cargo or utility e-bikes are designed to carry various types of cargo and packages for shorter distances such as within urban areas. These bikes are usually owned by local businesses and delivery partners to deliver packages and parcels at very low operational costs. |
| Lithium-ion Battery | A Li-ion battery is a rechargeable battery, which uses lithium and carbon as its constituent materials. The Li-Ion batteries have a higher density and lesser weight than sealed lead acid batteries and provide the rider with more range per charge than other types of batteries. |
| Lead Acid Battery | A lead acid battery refers to sealed lead acid battery having a very low energy-to-weight and energy-to-volume ratio. The battery can produce high surge currents, owing to its relatively high power-to-weight ratio as compared to other rechargeable batteries. |
| Other Batteries | This includes electric bikes using nickel–metal hydroxide (NiMH), silicon, and lithium-polymer batteries. |
| Business-to-Business (B2B) | The sales of e-bikes to business customers such as urban fleet and logistics company, rental/sharing operators, last-mile fleet operators, and corporate fleet operators are considered under this category. |
| Business-to-Customers (B2C) | The sales of electric scooters and motorcycles to direct consumers is considered under this category. The consumers acquire these vehicles either directly from manufacturers or from other distributers and dealers through online and offline channel. |
| Unorganized Local OEMs | These players are small local manufacturers and assemblers of e-bikes. Most of these manufacturers import the components from China and Taiwan and assemble them locally. They offer the product at low cost in this price sensitive market which give them advantage over organized manufacturers. |
| Battery-as-a-Service | A business model in which the battery of an EV can be rented from a service provider or swapped with another battery when it runs out of charge |
| Dockless e-Bikes | Electric bikes that have self-locking mechanisms and a GPS tracking facility with an average top speed of around 15mph. These are mainly used by bike-sharing companies such as Bird, Lime, and Spin. |
| Electric Vehicle | A vehicle which uses one or more electric motors for propulsion. Includes cars, scooters, buses, trucks, motorcycles, and boats. This term includes all-electric vehicles and hybrid electric vehicles |
| Plug-in EV | An electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. In this report we use the term for all-electric vehicles to differentiate them from plug-in hybrid electric vehicles. |
| Lithium-Sulphur Battery | A rechargeable battery that replaces the liquid or polymer electrolyte found in current lithium-ion batteries with sulfur. They have more capacity than Li-ion batteries. |
| Micromobility | Micromobility is one of the many modes of transport involving very-light-duty vehicles to travel short distances. These means of transportation include bikes, e-scooters, e-bikes, mopeds, and scooters. Such vehicles are used on a sharing basis for covering short distances, usually five miles or less. |
| Low Speed Electric Vehicls (LSEVs) | They are low speed (usually less than 25 kmph) light vehicles that do not have an internal combustion engine, and solely use electric energy for propulsion. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the volume demand with volume-weighted average battery pack price (per kWh). Battery pack price estimation and forecast takes into account various factors affecting ASP, such as inflation rates, market demand shifts, production costs, technological developments, and consumer preferences, providing estimations for both historical data and future trends.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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