Global E-bike Charging Station Market, is expected to be valued at US$ 3,498.13 million by 2028, exhibiting a CAGR of 3.7% during the forecast period (2021 – 2028), as highlighted in a report published by Coherent Market Insights.
Rapid growth in e-bikes sales can boost the global e-bike charging station market over the forecast period. For instance, according to the Society of Manufacturers of Electric Vehicles (SMEV), in India, 54,800 e-bike units were sold in 2018 and 126,000 e-bike units were sold in 2019 with a growth of 123.93%. Furthermore, the increasing sales of e-bikes is expected to drive growth of the global e-bike charging station market during the forecast period (2021-2028).
Moreover, the growing deployment of e-bike charging stations in commercial, residential, and others is expected to boost the global e-bike charging station market growth. For instance, in November 2020, eBikeGo, an electric mobility solutions provider stated that they will be installing 3,000 electric vehicle charging stations across five cities in India – New Delhi/NCR, Mumbai, Bengaluru, Hyderabad, and Chennai. Furthermore, the company started to install these charging stations on December 01, 2020. Moreover, the company also plans to expand its EV charging network to 12,000-15,000 charging stations by end of 2021.
However, the lack of charging infrastructure is one of the major challenges for market growth. Moreover, setting up charging stations is a lengthy process and is proving to be one of the major challenges to the global e-bike charging station market growth.
Global E-bike Charging Station Market – Impact of Coronavirus (Covid-19) Pandemic
The outbreak of COVID-19 is expected to negatively influence the global e-bike charging station market growth. However, now that the lockdown has been lifted in most of the countries, the global e-bike charging station market is again gathering at a pace owing to increasing awareness of customers towards e-bike and the growing need for sustainable transportation is likely to fuel the growth of the market during the forecast period (2021-2028).
Key Trends and Analysis of the Global Charging Station Market:
- Among vehicle types, the segment held the highest market share in the year 2020 and is expected to retain its market share over the forecast period. The increase in sales of e-bike and the ease of charging the vehicle is expected to boost the global e-bike charging station market. For instance, in May 2021, Ather Energy Pvt. Ltd, an Indian electric vehicle company set up 10 fast-charging stations in strategic locations across Mumbai, India including Linking Road, Goregaon, Andheri Fort, Chembur, and others. The company also plans to set up 128 public fast-charging stations across 18 cities in India in the next year.
- Asia Pacific region is expected to exhibit the highest growth in the global e-bike charging station market during the forecast period, owing to the early adoption of advanced technologies in this region. Moreover, market players in the Asia Pacific region are adopting various business strategies such as product launches in order to enhance the product portfolio. For instance, in October 2020, India-based startup Charzer, introduced an electric vehicle charger that can be installed at small shops and businesses with an objective to speed up the expanse of EV charging infrastructure in India. The company’s electric vehicle charger can be bought by small shops and businesses at a one-time price of US$ 133.94.
Major companies operating in the global e-bike charging station market include: Amezeus (HFS Group), Ather Energy, Bikeep, CYCLE WORKS, EV Motors India Pvt. Ltd, Robert Bosch GmbH, RTL, Spelsberg, SWIFTMILE, and Zoov.