Electric Bike Market by Class (Class-I, Class-II, Class-III), Speed (Up to 25km/h, 25-45 km/h), Battery Type (Lithium-ion, Lithium-ion Polymer, Lead Acid), Motor Type, Mode (Pedal Assist, Throttle), Component, Usage, Ownership and Region- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

 The global Electric Bike market is valued at US$ 17.85 billion in 2021 and it is expected to grow at a CAGR of 13.9% during the forecast period (2022-2030) The demand in the Electric Bike market is projected to reach a valuation of US$  52.39 billion by the end of 2030.

Several governments are undertaking initiatives to mitigate carbon footprints by encouraging the use of electric vehicles, electric bikes, and bicycles. The increasing awareness about the harmful effects of vehicles that run on fossil fuels is also boosting this trend. Furthermore, governments are focused on constructing bicycle-friendly streets, thereby 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 also offer features such as remote diagnostics, integrated navigation, anti-theft systems, social media connectivity, and automatic emergency calls. Robert Bosch GmbH is a leading player 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 across the globe, which resulted 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 as 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.

Some of the major trends and growth factors that govern the market growth of Electric Bike are discussed below:

• Growing popularity of e-MTB: With the increase in global demand for cycling across the world during past 2 years, one area that has witnessed significant surge in popularity is mountain biking. As per an analysis, mountain biking and trekking market expected to grow at an accelerating rate of 10% during the upcoming years ranging from 2020-2027. Stupendous rise in adventurous sports and tourism likely to propel the market growth for e-MTB.
• Growing preference for bicycles as an eco-friendly vehicle: With increasing necessity of environment-friendly transportation, popularity of bicycles is booming across various parts of the world. This is mainly because of numerous benefits offered by the cycling such as reduced CO2 emission, reduced air pollution, reduced noise pollution from other transportation modes, saves fuel cost, improves public health, less congestion on roads, and also saves construction and maintenance cost of road infrastructure.
• Increasing Popularity of Mid-drive Motors: Hub motors are lighter in weight, simple in construction, and inexpensive to the manufacturers because of which it is the most commonly found motors in the e-bike. However, significant number of advantages offered by the mid-drive motors over hub motors expected to drive their demand overt the forthcoming years. Mid-drive motors offer higher torque and performance compared to traditional hub motors as it drives the crank despite of wheel; hence, multiply its power and allow to take more benefits from the gear system. In respect to maintenance too, mid-drive motors are easier to be service and maintained compared to hub motors. They can be simple removed from the e-bike by replacing nut bolts. Further, they are placed at the center of gravity of the e-bike that helps in better handling of the e-bike by better distribution of the bike weight. Thus, the aforementioned benefits of the mid-drive motor make them more popular compared to hub motors among e-bike manufacturers and the consumers.

Segmentation of Electric Bike Market

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% 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.

Based on motor type, the hub motor segment accounted for a significant share of the global electric bike market. The hub motor is available at lower prices as compared to that of mid motor. Furthermore, hub motor assembly is faster and easier as compared to that of mid motor. This led the hub motor segment to account for a major share of the global market in 2020.

Regional Insights

The Asia Pacific held the largest revenue share of over 76.0% 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 15.9% 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.

Some of the prominent players in the Electric Bike Market include:  Accell Group N.V., AIMA Technology, Bionx International Corporation, BMW Group, Butchers & Bicycles, BYVIN, Cezeta, Derby Cycle Holding GmbH, Douze Factory SAS, Energica Motor Company, Giant Manufacturing Co. Lt, Govecs Group, Harley Davidson, Hero Electric, Incalcu Group, Johammer E-Mobility GmbH, KTM AG, Lima Vehicle Industry, Mahindra & Mahindra Ltd., Merida Industry Co. Ltd, NIU International, Panasonic Corporation, Pon Bike, Rad Power Bikes LLC, Riese & Müller GmbH, Shimano Inc., Trek Bicycle Corporation, Tunwal E-bike India Pvt Ltd, Vmoto Limited, Yadea Group Holding Ltd., Yamaha Motor Corporation, and Yuba Electric Cargo Bikes.

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Global Electric Bike Market: Segmentation

Electric Bike Market, By Class

• Class-I
• Class-II
• Class-III

Electric Bike Market, By Speed

• Up to 25 km/h
• 25-45 km/h

Electric Bike Market, By Battery Type

• Lithium-ion
• Lithium-ion Polymer
• Lead Acid
• Others

Electric Bike Market, By Motor Type

• Hub
• Mid

Electric Bike Market, By Mode

• Pedal Assist
• Throttle

Electric Bike Market, By Component

• Batteries
• Electric Motors
• Frames With Forks
• Wheels
• Crank Gears
• Brake Systems
• Motor Controller

Electric Bike Market, By Usage

• Mountain
• Trekking
• City/Urban
• Cargo
• Others

Electric Bike Market, By Ownership

• Shared
• Personal

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Key Points Covered in Electric Bike market Study:

• Growth of Electric Bike in 2021
• Market Estimates and Forecasts (2017-2027)
•  Brand Share and Market Share Analysis
•  Key Drivers and Restraints Shaping Market Growth
•  Segment-wise, Country-wise, and Region-wise Analysis
•  Competition Mapping and Benchmarking
•   Recommendation on Key Winning Strategies
•   COVID-19 Impact on Demand for Electric Bike and How to Navigate
•   Key Product Innovations and Regulatory Climate
•   Electric Bike Consumption Analysis
• Electric Bike Production Analysis
•  Electric Bike and Management