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According to The Business Research Company's research report on the electric bikes market, the implementation of government regulations to encourage the use of electric bikes is expected to propel the growth of the ebikes market in the coming years. Electric bikes have longer range and are easier to use, allowing users to travel without sweating, pull bigger loads, run more errands, and take longer journeys.
For instance, in 2021, the FAME India Scheme (Faster Adoption and Manufacturing of (Hybrid & Electric Vehicles) was implemented with a budget of $1.36 billion and it focuses on the electrification of public and shared transportation. Furthermore, in 2021, the California state budget committed $10 million to the Air Resources Board to implement the e-bike rebate program by July 2022. Therefore, the implementation of government regulations to encourage electric bikes drives the ebikes market.
The global electric bikes market is expected to grow from $32.54 billion in 2020 to $36.52 billion in 2021 at a compound annual growth rate (CAGR) of 12.2%. The change in growth trend of the electric bikes market is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The electric bikes market is expected to reach $53.23 billion in 2025 at a CAGR of 9.9%.
Asia Pacific was the largest region in the electric bikes market in 2020. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the electric bikes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The Business Research Company's report titled Electric Bikes Global Market Report 2021 – By Class (Class-I, Class-II, Class-III), By Motor Type (Mid Motor, Hub Motor), By Battery Type (Lead Acid, Lithium Ion (Li-Ion), Nickel-Metal Hydride (NiMH)), By Application (Mountain Or Trekking, City Or Urban, Cargo), COVID-19 Implications …
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