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Motore ebike's market value is 3.96 billion USD, and it is expected to exceed 8.27 billion USD by the end of the forecast period, with a CAGR of 16.16%.
Due to various factors such as environmentally friendly transportation, health awareness, and increasing focus on sustainable transport, the motore ebike's market is currently growing rapidly. The increase in vehicle exhaust emissions and noise has led to severe pollution in major cities around the world. The demand for clean energy and high-powered vehicles is growing healthily, which is driving the global electric bicycle market. From a mid-term perspective, besides the increasing customer preference for adventure and recreational activities, the application of electric bicycles in various fields (such as e-bike rental services and logistics) is expected to drive the demand for the motore ebike in the forecast period.
Moreover, the increase in fuel costs over the past decade has led to the adoption of electric bicycles as a daily commuting mode by more people. The rise in fuel prices is a result of the soaring cost of crude oil, which is mainly controlled by the Organization of the Petroleum Exporting Countries. As cities around the world lift lockdowns, the demand for electric bicycles has been growing due to their low operating costs and convenience.
Additionally, as emission levels continue to rise, environmental and health issues are becoming more severe, leading governments and international organizations around the world to establish stringent emission standards to reduce carbon emission levels. The development of high-performance electric bicycles is expected to significantly drive the demand for motore ebike during the forecast period.
The demand for the motore ebike is expected to continue to grow during the forecast period as few motore ebike manufacturers begin to primarily focus on developing and improving their motor product portfolios. Advances in motor technology and battery systems can improve the performance, efficiency, and range of the motore ebike, making them more attractive to a broader group of consumers. Several major players operating across multiple fields are starting to commit to improving their customer base by expanding services to be user-friendly.
The Asia-Pacific region is expected to become a market leader and remain dominant over the coming years. Due to the massive sales volume of electric bicycles, China is expected to show higher growth rates in the Asia-Pacific market. In the past two years, China has contributed over 50% of the Asia-Pacific motore ebike's market share, according to the China Bicycle Association. In recent years, China's annual electric bicycle sales have exceeded 30 million units, the total social stock of electric bicycles is nearly 300 million units, and the production of bicycles priced over a thousand yuan has continued to increase. From 2024 to 2029, due to the declining cost of purchasing electric bicycles in the Chinese market, consumption of electric bicycles may continue to grow.
Additionally, India, South Korea, and Japan are expected to experience significant growth during the forecast period. The motore ebike's market in India is currently in its early stages of development, with many local companies offering diverse products. The demand for motore ebike in major cities is growing rapidly, with a double-digit annual growth rate in sales over the past few years. The demand for the motore ebike is expected to maintain its growth trajectory over the next few years.
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