The Global E-bike Market Size is valued at 41.89 billion in 2023 and is predicted to reach 84.23 billion by the year 2031 at a 9.25% CAGR during the forecast period for 2024-2031.
Electric bikes (E-bikes) are convenient, flexible, environmentally reliable, and modern transportation. Consumers view them as the most suitable replacement for scooters, smart cars, and public transportation. E-bikes, because of their more compact size, capacity to ride further on a single charge, and beneficial impacts on health, have the potential to contribute to the easing of traffic congestion. These factors have contributed to the rapid increase in the popularity of electric bikes all around the globe.
It is anticipated that the market will expand as a result of factors such as the implementation of government regulations to encourage the use of electric bikes, consumer intention for using e-bikes as an environmentally friendly and efficient commute solution, an increase in the price of fuel, and a rise in interest in cycling as a form of exercise and recreational activity.
The E-bike Market expansion needs to be improved by the increased price of e-bikes and the ban on their use in China's major cities. Additionally, battery technology and bicycle infrastructure advancements are anticipated to present an attractive potential for expanding the electric bike market.
Recent Developments:
- In January 2022, Giant Bicycles announced a new partnership with Team Bike Exchange-Jayco. This partnership will open the door for the world's top cycling brand to return to competitive road racing at the UCI World Tour level.
- In March 2021, Cannondale had already announced the release of their Adventure Neo line of commuter e-bikes. The Adventure Neo line has four different models: an alloy frame, step-through design, Bosch driving system, and battery capacity ranging from 400 to 625Wh.
Competitive Landscape
Some of the E-bike Market players are:
- A2B (London)
- Accell Group (Netherlands)
- AIMA Technology Group Co. Ltd.
- Amego Electric Vehicles Inc. (Canada)
- Bionx International Corporation (Canada)
- Derby Cycle
- I.V. E. Bianchi S.p.A. (Italy)
- Fuji-ta Bicycle Co., Ltd.
- GenZe (US)
- Giant Manufacturing Co., Ltd.
- ITALJET SPA (Italy)
- Jiangsu Xinri E-Vehicle Co., Ltd.
- Karbon Kinetics Ltd (UK)
- Kawasaki Motors Corp. (USA)
- Mahindra & Mahindra Ltd. (GenZe)
- Merida Industry Co.Ltd. (China)
- myStromer AG (Switzerland)
- Panasonic Corporation (Japan)
- Pedego Electric Bikes (US)
- Bike (US)
- Prodecotech, LLC
- Rad Power Bikes (U.S.)
- Riese & Müller GmbH (Germany)
- Robert Bosch GmbH (Germany)
- Shimano Inc. (Japan)
- Solex Cycle North America Inc. (Canada)
- Specialized Bicycle Components, Inc. (US)
- Sporttechnik GmbH & Co. KG (Germany)
- Tianjin Golden Wheel Group Co., Ltd.
- Trek Bicycle Corporation
- VanMoof (Netherlands)
- Yadea Group Holdings Ltd.
- Yamaha Motor Company (Japan)
Market Segmentation:
The e-bike market is segmented based on class, speed, motor type, mode, battery type, component, usage, and ownership. Based on class, the market is segregated into Class-I, Class II and Class III. Based on speed, the market is segregated into up to 25km/h and 25-45 km/h. Based on battery type, the market is segregated into lithium-ion, lithium-ion polymer, lead acid and others. Based on motor type, the market is segmented into hub and mid. Based on mode, the market is segmented into pedal assist and throttle. Based on components, the market is segregated into batteries, electric motors, frames with forks, wheels, crank gears, brake systems and motor controllers. Based on usage, the market is segmented into mountain, trekking, city/urban, cargo and others. Based on ownership, the market is segmented into shared and personal.
Based On Battery Type, The Lithium-Ion Battery Segment Is A Major Contributor To The E-bike Market.
Currently, lithium-ion (Li-ion) batteries rule the e-bike industry. Due to their high energy density, prolonged cycle life, and low self-discharge rate, lithium-ion batteries are frequently utilized in e-bikes. These batteries are also smaller and lighter than other varieties, which makes them the perfect option for e-bikes, which need batteries that can supply enough power for long rides while also being lightweight. Li-ion batteries are also practical for e-bike users because they are simple to charge and have a significant amount of range per charge. E-bikes can now travel farther and faster because of the availability of high-capacity Li-ion batteries, further boosting customer interest in them.
The Pedal Segment Witnessed Growth At A Rapid Rate.
The pedal segment is projected to grow at a rapid rate in the global E-bike Market. The pedal-assist category dominates the market for e-bikes, sometimes referred to as the pedelec segment. Pedal-assist e-bikes contain a motor that helps the rider while they pedal; the level of assistance may be changed to suit the rider's preferences. This e-bike is intended to simplify cycling, especially for those who might find it challenging to ride a traditional bike, such as elderly folks or those who are physically limited. Because of their convenience and adaptability, pedal-assist e-bikes are becoming more and more popular. They provide riders with the best of both worlds by enabling them to benefit from cycling's physical advantages while having access to an electric motor when necessary. They are now a well-liked option for commuting, recreational riding, and other uses.
The Asia Pacific E-bike Market Holds A Significant Revenue Share In The Region.
The Asia Pacific E-bike Market is expected to record the highest market share in revenue shortly. Due to a significant increase in the production and demand for e-bikes, the Asia Pacific region has become the world leader in the e-bike market. A certain percentage of market revenue is concentrated in the area, with China leading the pack and producing most of the e-bikes sold worldwide. This is expected to fuel the region's e-bike market growth even more.
Moreover, the e-bike market in the Middle East and Africa is still in the early stages of adoption and is expected to develop at the quickest rate in the future years. The rapid development of micro-mobility infrastructure in the area is the main factor causing the region to grow tremendously. Additionally, the region has recently been looking for enticing demand for bike-sharing programs.
E-bike Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 41.89 Bn |
|
Revenue forecast in 2031 |
USD 84.23 Bn |
|
Growth rate CAGR |
CAGR of 9.25% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, Volume (Thousand Units) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Class, Speed, Motor Type, Mode, Battery Type, Component, Usage, And Ownership |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Accell Group (Netherlands) Pon. Bike (US), Merida Industry Co.Ltd. (China), Giant Manufacturing Co.Ltd. (Taiwan), and Yamaha Motor Company (Japan) |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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