The global E-bike market size was valued at US$ 17.93 billion in 2021 and it is projected to be worth around US$ 52.40 billion by 2030, poised to grow at a CAGR 13.9% during the forecast period 2022 to 2030.
Key Takeaways:
Electric bikes are considered an eco-friendly and flexible mode of transportation. They are an ideal substitute for public transport, scooters, and smart cars as they help avoid traffic jams and achieve high speed with minimal effort. Moreover, they enable riders to maintain a healthy lifestyle through increased physical activity. These factors are contributing to the growth of the global market.
The declining consumer inclination toward cars owing to increased traffic on streets and growing urbanization is expected to offer lucrative growth opportunities for the market across the globe. Additionally, governments of several countries, including India, U.K., and Canada, are focused on developing infrastructures for bicycles owing to the growing consumer preferences for electric bikee-bikes. For instance, in 2017, Bikeep, a commercial bike parking systems and bike racks manufacturer, introduced a smart bicycle rack solution that offers electric bicycle charging. The solution is designed to cater to various popular electric bicycles.
Key players in the market are focused on strategies such as new product launch and geographic expansion to enhance their business operations and product offerings. For instance, in October 2020, Giant Manufacturing Co. Ltd. announced the launch of a full-composite trail bike, Trance X Advanced Pro 29. The bike is equipped with an updated Maestro rear suspension and flip-chip feature that permits riders to modify the frame geometry. Similarly, in October 2020, Pedego Electric Bikes opened a new store in Boca Raton, Florida. The store offers a full range of electric bikes for rental and sale, along with related accessories and services.
Report Scope of the E-bike Market
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Report Coverage |
Details |
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Market Size |
US$ 52.40 Billion by 2030 |
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Growth Rate |
CAGR of 13.9% from 2022 to 2030 |
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Largest Market |
Asia Pacific |
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Fastest Growing Market |
North America |
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Base Year |
2021 |
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Forecast Period |
2022 to 2030 |
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Segments Covered |
Class, Speed, Battery Type, Motor Type, Mode, Application and Region, |
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Companies Mentioned |
Accell Group, Derby Cycle, Fuji-ta Bicycle Co. Ltd., Giant Manufacturing Co. Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., Mahindra & Mahindra Ltd. (GenZe), Prodecotech LLC, Tianjin Golden Wheel Group Co., Ltd., Trek Bicycle Corporation, Yamaha Motor Co. Ltd. |
Propulsion Type Insights
Based on propulsion type, the market has been segmented into throttle-assisted and pedal-assisted. The pedal-assisted segment dominated the market in 2021 and accounted for over 58.7% market share. 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 estimated to grow at the highest CAGR of 14.6% over the forecast period. The growth of the segment can be attributed to the increasing adoption of throttle-assisted e-bikes owing to the power provided by the throttle directly to the engine, thus mitigating the need to pedal manually.
Battery Type Insights
Based on battery type, the market has been segmented into lithium-ion (Li-ion) battery and lead-acid battery. The lead-acid battery segment dominated the market in 2021 and accounted for over 54.9% market share. 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 estimated to grow at a CAGR of 12.9% from 2022 to 2030. 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 accounted for a 51% share of the overall market in 2021. E-bikes with a power output of over 250W have gained popularity as they can effortlessly be ridden on hilly and steep areas. This is expected to drive the growth of the segment over the forecast period as well.
The less than or equal to 250W segment is anticipated to grow at a CAGR of 14.9% over the forecast period. E-bikes with a power of less than or equal to 250W can be ridden in the city as well as in high and steep areas for both recreational and fitness purposes. Furthermore, the low power output required by these bikes reduces the need to charge them frequently.
Application Insights
The trekking segment accounted for over 49.9% share of the global revenue in 2021. The use of e-bikes is rapidly increasing for recreational and trekking activities. Additionally, the growing awareness for performance-based adventure, along with the increasing demand for leisure activities, is expected to further contribute to the market growth.
The cargo segment is anticipated to grow at a CAGR of 14.4% from 2022 to 2030. The increasing demand for e-bikes to carry luggage from one place to another is expected to support the growth of the segment 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
The Asia Pacific held the largest revenue share of over 76.9% in 2021, owing to the increasing consumption expenditure in countries such as China and India. The Asia Pacific is undergoing numerous technological advancements along with ever-developing charging infrastructure. The region is characterized by the presence of numerous prominent players, such as Yadea Group Holdings Ltd., Yamaha Motor Company, and Aima Technology Group Co. Ltd. The rising demand for eco-friendly transportation and increasing government initiatives is anticipated to further drive the growth.
North America is anticipated to grow at the highest CAGR of 15.8% from 2022 to 2030. The rising number of manufacturing units and IT companies, coupled with the surging tech-savvy and urban population in the region, is expected to drive the growth of the regional market. Furthermore, the low cost of raw materials and availability of cheap labor in the region are likely to provide lucrative opportunities for the regional market.
Key market players profiled under the global e-bike market:
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 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global E-bike market
By Class
By Speed
By Battery Type
By Motor Type
By Mode
By Application
By Component
By Ownership
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Points Covered in E-bike Market Study:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers