Electric Bike Kit Market Expected to Reach $2.9 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Electric Bike Kit Market," The electric bike kit market was valued at $1.1 billion in 2022, and is estimated to reach $2.9 billion by 2032, growing at a CAGR of 10.5% from 2023 to 2032.

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.

However, e-bikes could evolve into the smartest way of transit in India. They are also good modes of transport due to their flexibility and offer a thrill for those activities considered enjoyable. Very shortly will come, speed pedaled will be the most practicable pedal-assist bicycle alternative for short distances. As India’s power and speed abilities improve, people may shift towards speed pedaled. This trend can be linked to the growth of the market as consumers have increasingly preferred throttle-assisted e-bikes that connect power directly to the motor without pedaling. Likewise, it is important to mention that some e-bikes like the e-bicycle are considered an the rapid growth of the global automobile industry is also supported by many initiatives undertaken by the Indian authorities aimed at reducing emissions from road transport. Lower ownership and maintenance costs for e-bikes are enabling the industry.

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.

The prices of fuel also increased almost by five times that is, 57% faster than general consumer prices in India between January 2021 and August 2022. The demand is for the electric bike kit due to high fuel prices. Crude oil happens to be in the hands of the OPEC countries, and the reason for this hike in fuel prices is that of increasing crude oil’s cost. In addition, different governments around the world are making efforts in rolling out their charging structures that will be ready for supporting adoption of electric bikes. Incentives, programs, and subsidies in federations deliver maximum possible benefits at minimum possible costs. Electric bikes, being eco-friendly and user-friendly, increase people’s chances of using them. Therefore, there is likely to be an increase in the number of people who utilize electric bikes as compared to those who use gasoline due to the increased cost of gasoline, thus contributing greatly to enlarging the electric bike kit industry

The electric bike kit market is segmented based on usage, battery, speed and region. Depending on the usage, the market is segregated into mountain bicycle, road bicycle, cargo bicycle and others. By battery, it is categorized into lithium-ion, lead acid and other. Based on the speed, it is fragmented into up to 25 kmph, 25-45 kmph, and above 45 kmph.  Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

KEY FINDINGS OF THE STUDY.

• By usage, the cargo bicycle segment is anticipated to exhibit significant growth in the electric bike kit market in the near future.
• By battery, the lithium-ion segment is projected to show significant growth in the market during the forecast period.
• By above, the above 45 kmph segment is predicted to exhibit significant growth in the market in the near future.
• By Region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

Key players covered in the electric bike kit market report include Bafang Electric (Suzhou) Co., Ltd., Cyzle Bike Store (Falco eMotors Inc,), Dillenger E-Bikes USA, E Bike Tuning Shop, eBikeling, EUNORAU E-BIKE, Hilltopper, Rubbee, Suzhou Tongsheng Electric Appliances Co., Ltd and Swytch Technology Ltd.