At present, Electric Bicycles are one of the important means of transportation for urban residents in China, carrying the heavy responsibility of daily travel for hundreds of millions of consumers. As a highly potential incremental market for Lithium Batteries, the Electric Bicycle market has shown strong growth momentum. According to industry statistics from the China Bicycle Association, the annual sales of Electric Bicycles in 2022 were around 100000, with a growth rate of 10%. The social ownership has reached 350 million vehicles. Driven by factors such as the implementation of new national standards and green transportation, the demand for Lithium Batteries in China's Electric Bike market is showing a rapid growth trend. At the same time, the production of Lithium Battery bicycles is constantly increasing with the advancement of industrial technology, the increasingly perfect supporting industries, and the growth of consumer demand, among other factors. In 2019, the production of lithium-ion battery Electric Bicycles in China increased from 2.25 million in 2015 to 7.19 million, and the sales volume increased from 1.5 million in 2015 to 6.14 million. It is expected that the production of lithium-ion battery electric bicycles in China will be about 21.5 million in 2023, with sales volume of about 19.4 million.
According to data, in 2022, the proportion of new Electric Bicycle models released by major electric bicycle brands equipped with lithium batteries exceeded 50%. In recent years, the "lithium electrification" of electric bicycles has formed a trend in the development of the electric bicycle industry. The market size of China's lithium-ion battery City E Bikes continues to grow. In 2019, the market size of China's lithium-ion battery Electric Bicycles increased from 3.57 billion yuan in 2015 to 15.227 billion yuan. It is expected that the market size of China's lithium-ion battery Electric Bicycles will reach 39.78 billion yuan in 2023, and will maintain a growth trend in the future.
