APAC E-Bikes Market Size, Share & Trends Analysis Report By Propulsion Type (Pedal-assisted, Throttle-assisted), By Battery Type, By Power, By Application, By Region- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033

The global APAC e-bikes market size was exhibited at USD 19.08 billion in 2023 and is projected to hit around USD 75.20 billion by 2033, growing at a CAGR of 14.7% during the forecast period of 2024 to 2033.

Key Takeaways:

• Asia Pacific dominated the e-bikes market and accounted for the largest revenue share of 78.0% in 2023, owing to the increasing consumption expenditure in countries such as China and India. 
• The pedal-assisted segment accounted for the largest revenue share of 57.8% in 2023.
• The lead-acid battery segment accounted for the largest revenue share of around 55.2% in 2023 and is expected to expand at the fastest CAGR of 15.0% over the forecast period.
• The above 250W segment held the largest revenue share of 50.7% in 2023.
• The trekking segment held the largest revenue share of 50.0% in 2023.

E-bikes Market Report Scope

Several governments are undertaking initiatives to mitigate carbon footprints by encouraging electric vehicles, bikes, and bicycles. The increasing awareness about the harmful effects of vehicles that run on fossil fuels also boosts this trend. Furthermore, governments are focused on constructing bicycle-friendly streets, encouraging individuals to choose bicycles as their mode of transport.

The growing demand for e-bikes can also be attributed to the increasing technological advancements in the industry. For instance, connected e-bikes feature a SIM module that allows them to send and receive data through the cloud without a smartphone connection. These bikes offer remote diagnostics, integrated navigation, anti-theft systems, social media connectivity, and automatic emergency calls. Robert Bosch GmbH is one of the leading players in the industry that offers connected e-bikes.

During the first half of 2020, the market witnessed a significant decline in growth owing to the outbreak of the COVID-19 pandemic. Lockdowns were imposed globally, resulting in the short-term closure of various manufacturing and assembly units. However, the increasing need to avoid the use of public transport during this time has encouraged individuals to opt for bicycles. As a result, the demand for e-bikes has increased significantly as an affordable, safe, and convenient mode of transport.

Electric bikes are a flexible, eco-friendly, and versatile mode of transport. Customers consider them an ideal substitute for smart cars, public transport, and scooters. They help to minimize traffic congestion owing to their reduced form factor, provide greater speed with marginal effort, and offer various health benefits. These factors are expected to support the demand for e-bikes globally.

Propulsion Type Insights

The pedal-assisted segment accounted for the largest revenue share of 57.8% in 2023. Pedal-assisted e-bikes generate greater power from the motor, enabling riders to move faster and pedal easily. Moreover, these bikes are widely adopted for use on hills and steep routes. The surge in demand for pedal-assisted e-bikes among the youth is anticipated to contribute to market growth.

The throttle-assisted segment is expected to expand at the fastest CAGR of 15.7% during the forecast period. The segment's growth can be attributed to the increasing adoption of throttle-assisted e-bikes owing to the functionality of the throttle providing power directly to the engine, thus mitigating the need to pedal manually.

Battery Type Insights

The lead-acid battery segment accounted for the largest revenue share of around 55.2% in 2023 and is expected to expand at the fastest CAGR of 15.0% over the forecast period. The segment growth can be attributed to various benefits offered by lead-acid batteries, such as low cost and robustness. However, the adoption of these batteries is projected to decline over the coming years as they are bulky and discharge rapidly.

The lithium-ion battery segment is expected to expand significantly over the forecast period. As per a report published by the European Commission, the price of lithium-ion batteries is anticipated to decrease by nearly 70% by 2030. Benefits such as high charge density, high performance, low weight, and high charging-discharging efficiency are anticipated to favor the adoption of these batteries, thereby supporting the segment growth.

Power Insights

The above 250W segment held the largest revenue share of 50.7% in 2023. E-bikes with a power output of over 250W have gained popularity as they can effortlessly be ridden in hilly and steep areas. It is also expected to drive the segment's growth over the forecast period.

The less than and equal to 250W segment is expected to expand at the fastest CAGR of 15.1% over the forecast period. E-bikes with a power of less than or equal to 250W can be ridden in the city and high & steep areas for recreational and fitness purposes. Furthermore, the low power output produced by these bikes reduces the need to charge them frequently.

Application Insights

The trekking segment held the largest revenue share of 50.0% in 2023. The use of e-bikes is rapidly increasing for recreational and trekking activities. Additionally, the growing awareness of performance-based adventure and the increasing demand for leisure activities are expected to further contribute to market growth.

The cargo segment is expected to expand at a significant CAGR of 15.4% over the forecast period. The increasing demand for e-bikes to carry luggage from one place to another is expected to support the segment's growth over the forecast period. A surge in logistics and freight activities in countries such as India and China is also expected to drive the demand for e-bikes.

Regional Insights

Asia Pacific dominated the e-bikes market and accounted for the largest revenue share of 78.0% in 2023, owing to the increasing consumption expenditure in countries such as China and India. The region is undergoing numerous technological advancements along with ever-developing charging infrastructure. The region is characterized by numerous prominent players, such as Yadea Group Holdings Ltd., Yamaha Motor Company, and Aima Technology Group Co. Ltd. among others. The rising demand for eco-friendly transportation and increasing government initiatives is anticipated to further drive the market growth.

North America is expected to expand at the fastest CAGR of 23.2% during the forecast period. The surge in the number of manufacturing units and IT companies, coupled with the surging tech-savvy and urban population in the region, is expected to drive the regional market's growth. Furthermore, the low cost of raw materials and availability of cheap labor in the region likely provide lucrative opportunities for the regional market.

Recent Developments

• In September 2023, Pedego introduced a new electric bike model, Pedego Avenue. The Pedego Avenue has a powerful 500-watt motor, well-balanced frame geometry, and an integrated battery. The launch of Pedego Avenue aimed to enhance the riding experience for cyclists, particularly in hilly terrains, and offer a reliable and efficient electric bike option.
• In April 2023, EMotorad launched two new electric bikes, Lil E and T-Rex+. The company stated that Lil E, an electric kick-scooter, combines the latest technology with sustainability. It handles inclined and regular trips, offering a range of 15 to 20 km. On the other hand, the T-Rex+ is an electric mountain bike designed to enhance balance and comfort. The company claims that the bike can navigate through mountain trails, single tracks, and rough terrains.
• In April 2023, Pedego Electric Bikes unveiled its new store in Orlando, Florida. This new store caters to the expanding market in the region by providing a range of offerings, including sales, rentals, and services. With this venture, Pedego aims to meet the increasing demand for electric bikes in Orlando and offer a comprehensive experience for customers in the area.
• In October 2022, Yamaha Motors signed an agreement with Hero Motors Limited to manufacture Hub-mounted drive units for e-bikes. According to the agreement, Hero Motors held 90% of the share in the partnership.

Some of the prominent players in the E-bikes market include:

• Accell Group N.V.
• Aima Technology Group Co. Ltd.
• Giant Manufacturing Co. Ltd.
• Merida Industry Co., Ltd.
• Pedego Electric Bikes
• Pon.Bike
• Rad Power Bikes Inc.
• Trek Bicycle Corporation
• Yadea Group Holdings Ltd.
• Yamaha Motor Company

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global e-bikes market.

Propulsion Type

• Pedal-assisted
• Throttle-assisted

Battery Type

• Lithium-ion Battery
• Lead-acid Battery

Power

• Less than or equal to 250W
• Above 250W

Application

• City/Urban
• Trekking
• Cargo
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)