NEW YORK, November 11, 2021 / PRNewswire / – The global market for e-bike subscription platforms is expected to accelerate a high CAGR of 15.2% during the forecast period (2021-2031). Thus, the market should develop around 3.6X and approach a valuation of 4.2 billion US dollars by 2031.
Environmental issues are major concerns that have been taken seriously by the governments of many countries. One of the major challenges facing many countries has been the reduction in conventional vehicle sales and the shift to entice consumers to buy electric vehicles. Therefore, the governments of a few countries like the United States, Canada, and Germany started offering incentives, subsidies and tax cuts to consumers to boost sales of electric vehicles. Other countries of the South Asia & the Pacific region are also poised to offer incentives to consumers, providing an opportunity for market growth.
The concept gaining immense popularity, developments in this space and more frequent than ever:
- In April 2021, Zoomo presented the Zoomo Sport electric bike. This electric bike comes with smart features like GPS tracking, Zoomo recovery, intelligent traction control that automatically detects wet roads and reduced wheel slip.
- In November 2019, Bolt Bikes, a Australiastart-up, launched flexible subscriptions for electric bikes on a weekly contract for 39 USD. Additional facilities on the platform include fleet management, financing and maintenance of e-bikes.
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Key points of the market research
- It is estimated that the demand for the PAYG model is expected to increase. However, the monthly revenue model is expected to continue to hold a significant market share until 2031.
- The electric scooter segment is expected to become a high growth pocket in the market. However, it is estimated that the electric bicycle segment will dominate the market share until 2031.
- By end user, the commercial sector currently dominates the market. However, demand from the e-commerce sector is expected to increase at a robust CAGR of nearly 19% through 2031.
- The South Asia & Pacific is expected to register a high CAGR due to the growing demand for e-bikes due to promotions and offers provided by market players in the region.
- The market for subscription platforms for electric bikes in Japan and South Korea is expected to increase at CAGRs of around 19% and 17%, respectively.
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“E-bike subscription platform providers should focus on offering e-bikes with smart features like GPS tracking, traction control, remote locking, and collision detection.” , says a Persistence Market Research analyst.
Rising fuel prices to propel market growth
Electricity used in electric vehicles is stored as chemical energy in batteries. These batteries are recharged by transporting electricity from an external source. The main source of electricity for recharging batteries is the overhead lines of power grids which are mainly produced from coal and renewable sources.
The growth of the transport sector has severely depleted non-renewable oil reserves, causing fuel prices to rise. This increase will be exponential over the next few years as crude oil reserves continue to decline, leading to increased demand, paving the way for the growth of vehicles running on alternative energy sources.
As such, the high price of fuel increases the adoption of e-bikes in various countries. The use of electric bicycles is increasing to avoid traffic in large cities and to reduce the carbon footprint. Businesses subscribe to e-bikes on various subscription platforms because it is an affordable way to own an e-bike.
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More valuable information
Persistence Market Research report on Electric Bicycle Subscription Platforms Market is segmented into four main sections – revenue model (monthly, quarterly, annually, pay-as-you-go), bike type (electric bikes, electric scooters) ), end user (individuals, salespeople) and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and assess the lucrative opportunities in the market.
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