Global Bicycle Motors Market to Garner 3.5% CAGR During 2018-2028, Rising Demand for Peddle and Throttle Assisted
Pune, Maharashtra, November 13, 2019 (Wired Release) Prudour Pvt. Ltd. The global Bicycle Motors market is projected to be US$ 9,693.4 Mn in 2018 to reach US$ 17,561.4 Mn by 2028 at a CAGR of 3.5%.
A bicycle motor is an electric instrument that provides power to an e-Bicycle or electrified bicycle. Bicycle motors are of various types such as hub motors, that are directly attached to the wheels of the bicycle or crank motors, that generally work in concert with the gear of the bicycle and other types. Rise in the number of traffic jams in the metro cities and the increasing prices of four-wheelers, two-wheelers, petrol and diesel also play an essential role in the growth of the market. Apart from being environment-friendly and budget-friendly, e-Bicycles are fast too as compared to conventional bicycles. Owing to all these advantages, the usage of e-Bicycles is increasing globally. A rapid increase in the number of cities worldwide and hence the increase in the number of vehicles are responsible for the rise in traffic jams. Thus, people prefer to use e-Bicycle which is an easy way to escape the traffic jam and heavy traffic of cities.
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However, High price range of e-Bicycles restricts several customers from buying these bicycles. Nonetheless, Governments in various countries are promoting cycling and walking as a means to commute, keeping in consideration the health issues of their citizens due to the lack of physical activity. Governmental bodies in some countries organize various sports events that include cycling, while in some countries governments provide funding to provide cycle proficiency training to children. All these measures cumulatively are forecasted to increase the sale of e-bicycles worldwide.
Global Bicycle Motors market is segmented on the basis of product type, application, and region. On the basis of product type, the market is segmented Hub Motors and Crank Motors. The Hub Motor accounts for the majority share in the global Bicycle Motors market, and the same segment is expected to register the highest growth rate over the forecast period. On the basis of application, the market is segmented Peddle Assisted, Throttle Assisted, and Hybrid. The Peddle Assisted segment accounts for a majority share in the global Bicycle Motors market.
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On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The Asia-Pacific accounts for the majority share in the global Bicycle Motors market, followed by Europe. Europe is expected to register the highest growth rate over the forecast period.
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The research report on the global Bicycle Motors market includes profiles of some of the major companies such as Robert Bosch GmbH, Yamaha Motor Co., Ltd., Continental Aktiengesellschaft, Panasonic Corporation, Brose Fahrzeugteile GmbH and Co. Kommanditgesellschaft, Derby Cycle AG, BAFANG, Shimano Inc., Accell Group NV.