The electric bike market is anticipated to flourish at a healthy CAGR of 10.2% between 2023 and 2033. The market is expected to hold a market share of USD 150.01 billion by 2033, while the market is likely to reach a value of USD 56.79 billion in 2023.
The electric bike market share growth could be ascribed to the numerous benefits e-bikes provide. Electric bikes are convenient, adaptable, environmentally responsible, and stylish transportation. Customers are viewing e-bikes as the best replacement for scooters, smart cars, and public transit by consumers. Due to their smaller size, ability to travel farther on a single charge, and positive effects on health, e-bikes can help reduce traffic congestion. Due to these factors, the demand for an electric bike is anticipated to rise throughout the forecast period.
The electric bike market is anticipated to grow due to multiple factors, including the implementation of government regulations to promote the adoption of electric bikes and consumer preference for using e-bikes as an eco-friendly & efficient commute solution. Furthermore, the sales of electric bikes are projected to rise due to an increase in fuel costs and interest in cycling as a fitness & recreational activity.
| Attributes | Details |
|---|---|
| Electric Bike Market CAGR (2023 to 2033) | 10.2% |
| Electric Bike Market Size (2023) | USD 56.79 billion |
| Electric Bike Market Size (2033) | USD 150.01 billion |
Consumers are increasingly inclined to use alternatives for public transportation that emit little or no carbon dioxide. The rising demand for electric bikes in the transportation industry in both established and developing nations is anticipated to offer numerous growth opportunities for the players in the electric bike market. The expanding adoption of e-bikes with lighter weight and greater battery life is generating profitable revenue streams. Electric bike manufacturers are also increasing their lineup of autos with varying mileage and characteristics to meet the diverse needs of riders on their daily urban commute.
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Better Policy Support for Infrastructure Support to Promote Growth
Several European nations, including Germany, France, and Spain, have made the construction of e-bike infrastructure a priority and are trying to boost annual expenditure to hasten the creation of a connected and secure bike network. This aids in removing roadblocks to cycling and promotes the many opportunities for electric bike manufacturers. Therefore, increased legislative assistance is likely to spur the electric bike market expansion.
Growing Use of E-Bikes in Municipal Bike-sharing Programs
Municipal bike-sharing programs around the world have boosted the sales of electric bikes significantly. Residents and travelers are using e-bikes more frequently as a result of the demand for more accessible and secure public transportation options as well as social distance requirements.
Increasing Consumer Knowledge of the Health Benefits of Electric Bikes
The health advantages of switching from driving to a class 1 e-bike for commuting were measured in a study from CU Boulder. The study discovered that using an electric bike for transportation helped participants improve blood sugar control, develop vital cardiovascular endurance, and meet their recommended levels of physical activity in one month compared to using a car. Consequently, these key factors are anticipated to propel the electric bike market size.
Increasing Shared Micro-mobility
The ecology of public transportation includes shared micro-mobility. Shared electric micro-mobility is a flexible transportation option that complements higher-volume fixed-route transit services by offering mobility services for numerous trips at a lower cost. Due to this factor, the demand for electric bikes is anticipated to rise.
Due to high purchase costs, electric bike adoption is still only moderately widespread. According to a 2019 poll of self-selected North American users of electric mopeds, an electric bike typically costs USD 2,600 to buy. For comparison, the average wholesale price of a mountain moped in the US is USD 620. (Bicycle Retailer and Industry News 2019). Since electric bikes have a high cost of ownership, this is anticipated to negatively impact the electric bike market outlook during the forecast period.
Principal Consultant
V2X (vehicle-to-everything) connectivity solutions can protect drivers by warning them if a bike or scooter is in danger. For instance, Tome declared they are working on a bike-to-vehicle (B2V) communication standard with SAE Industry Technologies and nine other members. The B2V board includes cycling firms like Trek Bike and Specialized, as well as Subaru, GM, and Ford.
Several new B2V prototypes and models were unveiled in January 2021 at CES. For example, Specialized is attempting to integrate B2V technology into its Specialized Ride App. Consequently, increasing bike connections is likely to have a favorable impact on the global electric bike market
Country-wise Revenue Share:
| Country | Revenue Share % (2022) |
|---|---|
| United States | 22.1% |
| Germany | 6.9% |
| Japan | 4.8% |
| Australia | 1.0% |
Country-wise CAGR:
| Country | CAGR % (2023 to 2033) |
|---|---|
| China | 10.5% |
| India | 10.0% |
| United Kingdom | 9.7% |
North America is predicted to have strong electric bike market growth. According to NABSA, the percentage of electric bikes being used by bike-share systems climbed from 28% in 2019 to 44% in 2020. Many cities, including San Francisco, New York, and Washington, D.C., have reduced speed restrictions, blocked off certain routes to vehicles, and built special lanes for two-wheelers. These factors are responsible for the rise in electric bike adoption in this region.
The electric bike market is predicted to increase significantly throughout Europe. The report states that 23 of the 27 EU members have an active electric bike manufacturing and parts business. About 900 small and medium-sized businesses (SMEs) employ about 120,000 people directly and indirectly and spend more than one billion euros on research and development. By 2032, sales of electric bikes in the EU are anticipated to reach 13.1 billion units, with 60% of those bikes being made in Europe.
As two-wheelers are the most popular form of transportation in Asia Pacific (excluding Japan), APEJ is a crucial market for electric bike manufacturing and sales. In the APEJ region, sales of electric bikes are mostly concentrated in China, India, and ASEAN nations.
APEJ is the leading market for electric bikes due to the prevalence of two-wheelers. The electric bike market is anticipated to expand at a strong CAGR of 3.2% and represent a USD 6.1 billion growth opportunity during the projected period.
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| Category | By Product Type |
|---|---|
| Leading Segment | Pedelecs |
| Market Share (2022) | 47.3% |
| Category | By Battery Type |
|---|---|
| Leading Segment | Lead-based Battery |
| Market Share (2022) | 85.7% |
The most popular and most affordable type of electric bike on the market, with all the essential features for city riding, is pedelecs. They are low-powered electric bikes that mostly rely on a small electric motor to aid with pedaling. Pedelecs are the most frequently utilized e-bikes in China due to their inherent benefits.
Pedestals are anticipated to be the most popular product category in the electric bike market, expanding at a CAGR of 3.2% throughout the forecast period. In comparison to pedelecs, electric scooters and bikes are expanding at a relatively slow rate.
In the electric bike market, the lead-based battery type segment commands a share of more than 85%. Since lead-based batteries are less expensive than other battery kinds, they are currently the most popular battery type, and this market segment is anticipated to keep holding the top spot during the projection period.
These batteries are likely to be replaced by the Li-ion and NiMH segments in the upcoming years because of their high weight, short charging lives, and violation of certain emission standards. During the projected period, the Li-Ion battery type sector is anticipated to rise at a high CAGR of 3% in value.
Over the forecast period, the demand for electric bikes is expected to be dominated by battery-powered bikes, which are expected to see a considerable increase in sales. Compared to the battery electric bike segment, the plug-in electric scooter segment is expanding more slowly. The plug-in electric bike market is growing slowly since there aren't enough charging stations around the world.
Despite the fact that plug-in electric bikes can be charged at home, they are likely to need a charging station in an emergency to recharge the battery, much like conventional vehicles do. In 2017, the battery electric bike sector represented more than 80% of the market in terms of value.
The adoption of sustainable commuting is a novel idea that could open up profitable opportunities in the market. Start-ups are particularly anxious to take advantage of these opportunities and cut costs in this regard.
For instance, startups in France are searching for open-air bike cemeteries where they may locate abandoned bikes for cheaper e-bike conversions. These diverse customer benefits have supported the startups in the market for electric bikes with profitable growth prospects.
Leading Players Leverage the Ease of Investment
Due to considerable investments made to improve the performance of electric bikes and make them more comfortable for use, the key players in the global electric bike market compete fiercely with one another. The primary objective of these investments is to position e-bikes as the clientele's preferred alternative to private cars and other vehicles. To improve the performance of the e-bike drive unit's performance, some players have made significant investments.
Furthermore, the electric bike market manufacturers are expected to expand with strategic developments such as product launches, expansion, collaborations, and acquisitions in the electric bike market.
Recent Developments:
One of the top companies in this electric bike is Accell Group. In 15 different locations, the company employs about 3,100 people. Additionally, the corporation sells its goods to consumers and dealers in more than 80 different nations. Through its Haibike, Winora, Ghost, Batavus, Koga, Lapierre, Raleigh, Sparta, Babboe, and Carqon XLC Brands, Accell has a well-known brand in Europe and a wide range of products. The corporation has been able to increase its electric bike market share due to these brands.
Giant Bicycles
Jan. 20, 2022, The world's top cycling brand, Giant Bicycles, has announced a new partnership with Team BikeExchange-Jayco that may enable it to return to competitive road racing at the UCI World Tour level.
Hero Motors
A cooperative venture between Hero Motors and Yamaha Motor Company was formed to create an e-cycle drive unit in October 2021. At the future manufacturing plant in Hero E-Cycle Valley, the joint venture plans to begin producing the first model by November 2022. Additionally, for selling drive units in international markets, the joint venture may utilize the OEM networks of Hero Motors and Yamaha Motor Company.
Momentum
Two new electric bicycles, the Voya E+1, and Voya E+3, have been introduced by Momentum, the ‘lifestyle-inspired’ cycling brand of Giant Group. While the Voya E+3 has standard flat bars and a 9-speed microSHIFT ADVENT derailleur, the Voya E+1 is designed as a drop bar urban bike with an 11-speed Shimano GRX derailleur. On a single charge, the 250 Wh battery is said to provide a range of 40 to 72 km (25 to 45 miles). The battery can be charged to 80% capacity in under two hours using the 4A fast charger that is included.
Yamaha
The Wabash RT and the CrossCore RC, two brand-new class 3 power assist bicycles, have been introduced by Yamaha. They include an all-new Yamaha PWSeries ST motor unit, frame, and internally integrated batteries.
Merida
Merida introduced the 2021 EX Enduro in September 2021, replacing the 2020 model that had been temporarily discontinued. Shimano STEPS power this brand-new e-bike.
Riese & Müller
The premium e-bike and cargo bike maker Riese & Müller Business expanded their selection of eco-friendly mobility options for business customers in August 2021. Targeting towns and companies of all sizes, including those in the retail, catering, commerce, healthcare, or transportation industries, it provides four distinct models for commercial fleets.
Cannondale
Cannondale introduced its Adventure Neo line of commuting e-bikes in March 2021. Cannondale introduced a line of step-through, Bosch-powered e-bikes for city use. There are four variants in the Adventure Neo range, each featuring an alloy frame, a step-through construction, a Bosch driving system, and a battery that can hold up to 625Wh.
Some of the key players in the electric bike market are Yadea, Accell Group, and Hero Electric.
The electric bike market is valued at USD 56.79 billion in 2023.
The pedelec segment is the largest and is likely to remain preferred through 2033.
Players opt for mergers and acquisitions, as well as partnerships and collaborations.
China, India, and Japan dominate the Asian market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product type 5.1. Electric Scooter 5.2. Electric Motorcycles 5.3. Pedelec 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Battery type 6.1. Li-Ion 6.2. NiMH 6.3. Lead-based 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology 7.1. Plug-In 7.2. Battery 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. ECCITY Motorcycles 18.2. Hero Electric Vehicles Private Limited 18.3. Gogoro Inc. 18.4. GOVECS GmbH 18.5. Vmoto Limited 18.6. Honda Motor Co. Ltd. 18.7. Piaggio & C. SpA 18.8. Terra Motors Corp. 18.9. Bayerische Motoren Werke AG 18.10. Jiangsu Xinri E-Vehicle Co. Ltd. 18.11. Giant Manufacturing Co Ltd. 18.12. Emotion Bikes USA 18.13. Pedego Electric Bikes 18.14. Volt 18.15. Energica Motor Company S.p.A. 18.16. Zero Motorcycles, Inc. 18.17. Mahindra Genze 18.18. Derby Cycle 18.19. Accell Group 19. Assumptions & Acronyms Used 20. Research Methodology
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Electric Bike Market
