2023 Global E-Bike Market Hit US$38.3 Billion

News: Regions

2024-09-23

2023 Global E-Bike Market Hit US$38.3 Billion

Michael Aistrup

The E-bike market size was estimated at USD 38.3 billion in 2023 and is forecast by Power Systems Research to increase to $97.3 B in 2033 with a CAGR of 9.77% between 2024 and 2033.  Cities globally are investing in dedicated bike lanes, charging stations, and bike-sharing initiatives for facilitating easier e-bike usage. Moreover, consumers are drawn to the substantial cost savings offered by electric solutions compared to conventional vehicles.

E-Bike Market Trends. Several important technological trends have boosted the production and sales of e-bikes.

  • Battery Technology. Improved batteries provide lighter weight, lower cost, longer range and quicker charging times.
  • Smart features, such as GPS navigation, app connectivity, and digital displays enhance the user experience, making e-bikes more appealing and user-friendly.
  • Shared micro-mobility is part of the public transportation ecosystem. As a flexible transportation option with comparatively low overhead and operation costs, shared micro-mobility can complement higher-volume fixed-route transit services by offering mobility services for many trips at a lower per-traveler cost.
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Tata Negotiates for Production Plant in Brazil

BRAZIL/SOUTH AMERICA REPORT 

Fabio Ferraresi
Fabio Ferraresi

The São Paulo state government is working to attract the attention of automotive companies to the state, including Tata Motors, a subsidiary of the giant Indian-based Tata Group.

Tata’s staff has been in Brazil since the end of August 2024 and they will meet São Paulo government again in Germany by the end of September.

The secretary of Government, Jorge Lima, also revealed negotiations with a Chinese auto parts manufacturers for a factory in the state. The company’s name remains confidential, as São Paulo is competing with Minas Gerais and Paraná for the facility.

Source: Automotive Business     Read The Article

PSR Analysis: Indian Companies have been looking at the Brazilian and South American Market since 2000 and now the announcement made by the São Paulo Government shows some movement to make it more than just a study. The experience with Ethanol that Brazil and India have and comparable size and cost for low end vehicles adds data to the business decision.   PSR

Fabio Ferraresi is Director, Business Development-South America, for Power Systems Research

Colombia Resumes Taxing Vehicles from Brazil

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BRAZIL/SOUTH AMERICA REPORT 

Starting in 2025, vehicle exports from Brazil to Colombia will once again be taxed at a 54% rate. The tax exemption agreement, in place since 2017, will not be renewed. According to the Colombian government, this decision is designed to protect its local automotive industry, currently dominated by Renault. This is a setback for Brazilian manufacturers, who exported fewer vehicles in 2024, with a 30% drop compared to the previous year.

Source: Automotive Business     Read The Article

PSR Analysis: This means an important reduction of exports from Brazil, affecting some OEM exports severely; for others, there will be no impact. These production impacts are already deployed in the forecast in OE Link database.

Fabio Ferraresi is Director, Business Development-South America, for Power Systems Research

Yanmar Acquires CLAAS, India Combine Manufacturer

JAPAN REPORT

Yanmar Holdings announced Aug. 26, 2024, that it will acquire Claas India, a combine harvester and manufacturer in India, and will acquire all its shares Sept. 30, 2024. The amount of the acquisition was not disclosed. The company has been importing and selling combines from outside India but will now start local production. The acquisition will strengthen the company’s business in India, where the market is expanding. Following the acquisition, CLAAS India’s combine harvesters will be produced and sold under the Yanmar brand.

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Hyundai To Double Number of Hybrid Models

SOUTH KOREA REPORT

Hyundai Motor in August announced plans to expand its lineup of hybrid vehicles from seven to 14 models in response to slowing global demand for electric vehicles. The company will also use HVs for the first time in its Genesis luxury car brand. The company also announced plans to increase its annual global sales volume by 30% from 2023 to 5.55 million units by 2030, and to invest 120.5 trillion won (about 13 trillion yen) in R&D and capital investment over the 10 years out to 2033. The company will focus on advanced technologies such as next-generation HVs, in-vehicle batteries and automated driving technology.

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Yuchai, Kim Long Motor Vietnam Sign Agreement

CHINA REPORT
Jack Hao
Jack Hao

Following the opening of Yuchai’s Thailand factory, Guangxi Yuchai Machinery Co., Ltd. (Yuchai) and Kim Long Motor Hue Joint Stock Company, a subsidiary of Vietnam’s FUTA Group (Kim Long Motor), have signed a comprehensive strategic cooperation agreement in Vietnam. The two parties have jointly initiated the construction of an engine factory with a total investment of $260 million.

The engine factory, a collaboration between Yuchai Machinery Co., Ltd. and Kim Long Motor Hue, a subsidiary of Vietnam’s FUTA Group, will be invested in two phases, with the first phase expected to commence production in the second quarter of 2025. The factory will be equipped with a globally leading, highly automated engine assembly line, primarily producing Yuchai’s full range of diesel and natural gas engines for applications in commercial vehicles, engineering machinery, agricultural machinery, ships, power generation, and more, with an annual production capacity exceeding 12,000 units.

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Thoughts About FCVs and Hydrogen Stations

Akihiro Komuro
Akihiro Komuro

I traveled recently in the Toyosu area of Tokyo, an upscale residential area, and while there I stopped at a Hydrogen refueling station. While there, I spoke with one of the station’s staff, and I found his comments interesting.

He told me that the only FCVs on the market in Japan are the Toyota MIRAI sedan and Crown FCEV. Honda used to sell the Clarity FCV, but it has been discontinued and few are seen on the road. There are also no FCVs in trucks. There are about 80 hydrogen buses in Tokyo, but they don’t stop at this station because there is a hydrogen station is in the bus company’s office.

On weekends, maybe four or five cars come to the station each day, but on weekdays there are often days when not even one car comes. It’s very quiet. Filling up with hydrogen requires a person with a national qualification, so it’s not possible to operate it like a self-service gas station.

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2024-09-06

2024 Light Plant Production

19,200 units is the estimate by Power Systems Research of the number of Light Plants expected to be produced in North America in 2024.

A Light Plant, also known as a Light Tower, is a piece of mobile equipment which has one or more high-intensity lamps mounted on a mast. The mast is attached to a trailer, with a generator to power the lamps. The generator is powered by a diesel engine. Light plants mostly are used for construction and mining projects.

This product information comes from industry interviews and from two proprietary databases maintained by Power Systems Research: EnginLink™ , which provides information on engines, and OE Link™, a database of equipment manufacturers. #PSR

Carol Turner is Senior Analyst, Global Operations, for Power Systems Research