E-bike Charging Station Market to Hit USD 3498.13 Million in 2028; Emergence of Connected Electric Bikes Worldwide to Bolster Growth: Fortune Business Insights™
June 22, 2021 at 06:20 AM EDT
Pune, India, June 22, 2021 (GLOBE NEWSWIRE) -- According to the report, E-bike Charging Station market size is projected to grow from USD 2715.23 in 2021 to USD 3498.13 Million in 2028 at a CAGR of 3.7% in the forecast period. It stood at USD 248.10 billion in 2020. The global e-bike charging station market is set to gain traction from the high popularity of electric bikes because of the ongoing technological advancements. The emergence of connected e-bikes is one of development. These bikes help to send and receive information from the cloud without the usage of smartphones. In May 2021, for instance, GreenAer, a retailer of e-bikes, announced its plan to broaden its presence by opening three new outlets in Ireland. The company aims to cater to the demand for load-carrying e-bikes from families.
The outbreak of the COVID-19 pandemic has severely impacted this industry because of the surging implementation of lockdown measures by governments of various countries across the globe. But, the rising demand for alternatives to public transportation is set to propel growth amid the pandemic. At the same time, the closure of health clubs and gyms to prevent transmission has rapidly increased the demand for e-bikes as it is considered to be a socially distanced outdoor activity.
Commercial Segment Held 20.2% Share in 2020: Fortune Business Insights™
Based on the type, the market is bifurcated into commercial and residential. Amongst these, the commercial segment generated 20.2% in terms of the e-bike charging station market share in 2020. This growth is attributable to the rising demand for bike-sharing practices. The residential segment is set to dominate in the upcoming years because of the ease of charging of e-bikes and the availability of a wide range of extender batteries.
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Increasing Government Support to Develop New Charging Stations Will Propel Growth
Regulatory bodies of various countries are providing subsidies of up to 80% required for the installation of new charging infrastructures. They are also planning to develop this type of charging stations to cut the cost of power and lower energy consumption. At the same time, they are striving to introduce new strategies for installing charging stations every 100 kilometers on the national highway. However, e-bikes take a long time to get fully charged. Hence, numerous companies are trying to improve the charging speed. It may hamper the e-bike charging station market growth in the near future.
Emergence of Connected Cars and Electric Vehicles to Aid Growth in Europe
Geographically, Europe earned USD 90.21 billion in 2020 backed by the introduction of novel technologies, such as autonomous cars, connected cars, and electric vehicles. Hence, independent and captive companies operating in this region are expected to showcase high demand for such vehicles in the upcoming years. In Asia Pacific, the rising trends of car sharing and rental services are anticipated to spur the demand for E-bike Charging Station services.
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Surging Manufacturing of Electronic Components in China to Help Asia Pacific Dominate
Geographically, Asia Pacific procured USD 2130.81 million in 2020 in terms of revenue. It is expected to retain its leading position throughout the forthcoming years on account of the early adoption of new technologies. At the same time, the rising production of electronic components in China would drive regional growth. In Europe, the increasing utilization of premium-quality materials and ongoing innovations would accelerate the demand for e-bike charging stations.
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Key Players Focus on Installing New E-bike Charging Stations to Intensify Competition
The global market contains multiple organizations. Most of them are presently focusing on the installation of new charging stations in various countries globally to address the lack of advanced infrastructure for people. Below are the two industry developments:
A list of renowned providers of e-bike charging stations operating in the global market:
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Global E-bike Charging Station Market Segmentation:
By Charger Type:
By Battery Type:
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