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Redding, California - July 26, 2024

Electric Bike Kit Market to be Worth $4.2 Billion by 2031

Electric Bike Kits Market Size, Share, Forecast, & Trends Analysis by Drive Type (Hub-drive, Mid-drive), Component (Motor, Battery, Others), Sales Channel, Bike Type (City Bikes, Adventure Bikes, Cargo Bikes), End-user (Individuals, Fleet Operators), and Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Electric Bike Kits Market by Drive Type (Hub-drive, Mid-drive), Component (Motor, Battery, Others), Sales Channel, Bike Type (City Bikes, Adventure Bikes, Cargo Bikes), End-user (Individuals, Fleet Operators) & Geography - Global Forecast to 2031’

According to this latest publication from Meticulous Research^®, the electric bike kits market is projected to reach $4.2 billion by 2031, at a CAGR of 12.1% from 2024 to 2031. The expansion of the electric bike kits market is fueled by rising e-bike adoption, favorable government policies and regulations promoting electrification, and heightened environmental awareness. However, the high expense of electric bike kits remains a limiting factor for market growth.

Furthermore, the rising health awareness among millennials and increasing approval of e-bikes in emerging countries are expected to generate growth opportunities for the stakeholders in this market. However, poor cycling infrastructure in developing countries are major challenges impacting market growth. Additionally, smart electric bike kits and increasing use of micro mobility services in smart cities are prominent trend in the electric bike kits market.

Based on drive type, the global electric bike kits market is segmented into hub-drive and mid-drive. In 2024, the hub-drive segment is expected to account for the larger share of over 61.0% of the global electric bike kits market. The segment’s large market share is primarily attributed to factors such as minimal requirement to change the basic design of the bike, retrofitted to almost any traditional bicycle using hub motors, and affordability.

However, the mid-drive segment is expected to record the highest CAGR during the forecast period. The growth of this segment is primarily driven by the enhancement of riding experiences, the increasing retrofitting of traditional bikes with mid-drive motors, and the rising preference among experienced cyclists for mid-drive motors, particularly those seeking e-mountain bikes or high-performance commuter bikes.

Based on component, the global electric bike kits market is segmented into motor, battery, control, chargers, display, throttles, and other components. In 2024, the motor segment is expected to account for the largest share of over 58.0% of the global electric bike kits market. The segment’s large share is mainly attributed to several factors such as, an increasing emphasis on sustainable transportation, a rising interest among individuals in retrofitting electric bike kits for enhanced performance and extended riding range, and advancements in motor technology that make them smaller, lighter, quieter, and more seamlessly integrated into bike frames.

However, the battery segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by its crucial application in electric bikes to power the motor, growing need for higher-capacity batteries, and growing advancement in battery technology.

Based on sale channel, the global electric bike kits market is segmented into OEMs and aftermarket. In 2024, the standard size segment is expected to account for the larger share of over 63.0% of the global electric bike kits market. The segment's large share is mainly attributed to cost-effective alternatives to purchasing a new electric bicycle, as well as the availability of electric bike kits in different sizes and power levels. Moreover, the aftermarket segment is expected to record the highest CAGR during the forecast period.

Based on bike type, the global electric bike kits market is segmented into city bikes, adventure bikes, and cargo bikes. In 2024, the city bikes segment is expected to account for the largest share of over 67.0% of the global electric bike kits market. The segment’s large share is mainly attributed to factors such as the focus of cities on reducing urban congestion, increasing urbanization, environmental concerns, and rising demand of micro mobility services. In addition, rapid development of infrastructure such as cycle paths and signage across the urban cities is also contributing to its large market share.

However, the adventure bikes segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by the increasing interest of the younger generation in adventurous sports, combined with advancements in high-power motors and high-density electric batteries, is driving the demand for high-performance and long-range electric bikes.

Based on end-user, the global electric bike kits market is segmented into individuals and fleet operators. In 2024, the individuals segment is expected to account for the larger share of over 79.0% of the global electric bike kits market. The segment’s large share is mainly attributed to factors such as increasing disposable income, growing preference for eco-friendly solutions, and rising popularity of electric bicycles.

However, the fleet operators segment is expected to record the highest CAGR during the forecast period. The growth of this segment is mainly driven by growing adoption of logistics & delivery operators and rising adoption of micro mobility services across urban areas.

Based on geography, the electric bike kits market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 45.0% of the global electric bike kits market. The large market share of this segment is attributed to factors such as rising concerns about environmental sustainability, presence of congested & populated cities in the region and increasing focus of countries with sustainable transportation.

Moreover, the Asia-Pacific region is projected to register the highest CAGR of 13.5% during the forecast period. The growth of this region is mainly driven by advancements in technology, leading to improved battery life, range, and power, as well as greater affordability for consumers, and a growing urban population.

Key Players:

Some of the key players operating in the electric bike kits market are Bafang Electric (Suzhou) Co., Ltd. (China), Dillenger (Australia), Leeds Bikes (U.S.), Swytch Technology Ltd (England), Hilltopper Electric Bike Company (U.S.), Electric Bike Technologies Inc. (U.S.), Grin Technologies Ltd. (Canada), Robert Bosch GmbH (Germany), Shimano, Inc. (Japan), Suzhou Tongsheng Electric Appliances Co., Ltd. (China), Rubbee (Lithuania), eBikeling (U.S.), Pendix GmbH (Germany), Falco eMotors Inc. (U.S.), and GreedPedel (China).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5970

Key Questions Answered in the Report:

Which are the high-growth market segments based on drive type, component, sales channel, bike type and end-user?
What was the historical market for electric bike kits?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, and opportunities in the electric bike kits market?
Who are the major players, and what shares do they hold in the electric bike kits market?
How is the competitive landscape in the electric bike kits market?
What are the recent developments in the electric bike kits market?
What are the different strategies adopted by the major players in the electric bike kits market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global electric bike kits market, and how do they compete with the other players?

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Redding, California - July 26, 2024

Electric Bike Kit Market to be Worth $4.2 Billion by 2031

Electric Bike Kits Market Size, Share, Forecast, & Trends Analysis by Drive Type (Hub-drive, Mid-drive), Component (Motor, Battery, Others), Sales Channel, Bike Type (City Bikes, Adventure Bikes, Cargo Bikes), End-user (Individuals, Fleet Operators), and Geography - Global Forecast to 2031

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