The Global E-Bike Market was valued at USD 53.75 Billion in 2022 and is projected to reach a value of USD 112.73 Billion by 2030. The Global Market is anticipated to grow to exhibit a CAGR (Compound Annual Growth Rate) of 9.70% over the forecast period.
Electric bicycles, or E-Bikes, have been gaining in popularity in recent years. And it’s no wonder. E-Bikes offer a great way to get around without breaking a sweat, and they’re eco-friendly to boot. The number of people using electric scooters has been growing rapidly in recent years. There are a number of factors driving this growth, including the increasing availability of electric scooters, the declining cost of ownership, and the growing awareness of the environmental benefits of electric scooters. Electric scooters offer a number of advantages over traditional petrol-powered scooters. They are much cheaper to operate and maintain, and they produce zero emissions. Additionally, electric scooters have a significantly shorter range than gasoline-powered scooters, thus they are better suited for short city trips. In recent years, the availability of electric scooters has expanded substantially. Several companies now provide electric scooter-sharing programs that allow customers to pick up and return scooters at defined places. This has made it much easy for individuals to test out electric scooters. In recent years, the cost of ownership has also decreased considerably. The price of batteries and other components has decreased significantly, and electric scooter producers have grown more efficient. This has reduced the cost of ownership for many individuals. The environmental benefits of electric scooters also contribute to their expansion. Electric scooters emit zero pollutants, making them significantly more environmentally friendly than gasoline-powered scooters. As awareness of climate change rises, the significance of this issue grows for the public.
E-Bike Market Size, 2022 To 2030 (USD Billion)
The technological advancements in the E-Bike industry are one of the key drivers for the growth of the E-Bike Market. The new and improved battery technology is one of the main reasons for this growth. With the help of new battery technology, E-Bikes are now able to travel further distances and for longer periods of time than ever before. This is a major selling point for those who are looking to use an E-Bike as their main mode of transportation. Additionally, the improvements in motor technology have also contributed to the growth of the E-Bike Market. Motors are now more powerful and efficient than ever before, which makes them much more appealing to consumers. Unlike traditional bicycles, E-Bikes are equipped with a motor and battery that allow riders to pedal with less effort. This makes them ideal for commuting, running errands, and even exercising. In addition, E-Bikes are becoming more affordable as manufacturers continue to improve technology. Many models now come with features like LCD displays, USB ports, and Bluetooth connectivity. This makes them even more appealing to consumers who are looking for an alternative to driving. With all of these factors working in its favor, it's no wonder that the E-Bike Market is expected to grow significantly in the coming years. Technology has come a long way in the past few years, and this has had a big impact on the E-Bike Market. Newer, more powerful batteries and motors are making E-Bikes more efficient and affordable than ever before. This is one of the main reasons why the E-Bike Market is expected to grow so much in the next few years. Other improvements in technology are also making E-Bikes more appealing to buyers. For example, there are now apps that can track your rides, help you find charging stations, and even give you turn-by-turn directions. This makes it easier than ever to use an E-Bike as your primary mode of transportation.
As more and more people become interested in reducing their carbon footprint, E-Bikes are becoming an increasingly popular mode of transportation. Not only do they require no gasoline, but they also emit no emissions. Additionally, riding an E-Bike is a great way to get some exercise. E-Bikes are becoming more prevalent on city streets as well. In many cities, there are now dedicated E-Bike lanes, making it even easier for people to make the switch from driving. And as the infrastructure around E-Bikes continues to improve, we can expect even more people to start using them for their daily commute.
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However, currently, the growth of the E-Bike Market is being restrained by a few key factors. Firstly, the high cost of E-Bikes relative to traditional bicycles means that they are still largely seen as luxury items. This is particularly true in markets where labor costs are low, such as China, where many of the bikes are produced. As such, there is still a large price barrier to entry for many potential customers. Secondly, E-Bikes also tend to be much heavier than traditional bicycles, which can be off-putting for potential riders who are used to the lighter weight of a regular bike. This can make them difficult to transport and maneuver, which can be a major deterrent for people considering making the switch to an E-Bike. Finally, range anxiety continues to be a common concern amongst potential E-Bike riders. The fear that the battery will run out of power before reaching one's destination can dissuade people from using these bikes for their everyday commute or errands. However, as technology improves and batteries become more powerful, this should become less of an issue over time.
Top Market Trends
- There's been a recent surge in the popularity of E-Bikes with built-in solar panels. And it's not hard to see why – solar-powered E-Bikes offer a sustainable and environmentally friendly way to travel. Solar E-Bikes are equipped with a solar panel that charges the battery as you ride. This means that you can theoretically go for endless rides without ever having to plug into an outlet. Plus, solar E-Bikes are often outfitted with other features that make them even more appealing, like LED lights, fenders, and racks.
- The continued growth of the Chinese E-Bike Market. China is currently the largest market for E-Bikes, and it's expected to continue growing at a rapid pace.
- An increasing focus on quality. As the market for E-Bikes continues to grow, manufacturers are under pressure to produce higher-quality products.
- A growing interest in electric mountain bikes. Mountain biking is one of the fastest-growing segments of the cycling market, and e-MTBs are a small but growing part of that trend. As more people discover the joys of riding off-road on an electric bike, we're seeing a growing demand for electric mountain bikes (e-MTBs). This is especially true in markets like Europe and North America, where there's already a strong interest in mountain biking.
- A shift towards mid-priced models. E-Bikes have traditionally been seen as either high-end luxury products or low-budget alternatives, but there's an increasing demand for mid-priced models that offer good value for money. As the technology behind E-Bikes continues to evolve and become more refined, we're seeing a number of manufacturers offer more affordable options.
- Improved battery technology: Battery technology is one of the most important aspects of any E-Bike, and it's an area that's seen a lot of advancements in recent years. These days, you can find E-Bikes with longer ranges and shorter charge times thanks to advances in battery technology. This is one trend that we expect to continue in the coming years as manufacturers continue to push the envelope when it comes to battery performance.
The market is segmented based on Class, Speed, Battery Types, Motor Types, Modes, Components, Usage, Ownership, and Region. On the basis of Class, the market is segmented into Class-I, Class-II, and Class-III. Based on Speed, the market is segmented into Up to 25km/h and 25-45km/h. Based on Battery Types, the market is segmented into Lithium-ion, Lithium-ion Polymer, Lead Acid, and Other Battery Types. On the basis of Motor Types, the market is segmented into Hub and Mid. Based on Modes, the market is segmented into Pedal Assist and Throttle. Based on Components, the market is divided 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 Other Usages. On the basis of Ownership, the market is segmented into Shared and Personal.
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Based on Class
The E-Bike Market is expected to grow significantly in the next few years. Class 1 E-Bikes are expected to capture the largest market share, with nearly 45% of the total market revenue in 2021. Class 1 E-Bikes are pedal-assist bikes that have a motor that helps the rider when pedaling. These bikes are becoming increasingly popular as they offer a great way to get around without having to worry about traffic or parking. They are also very affordable, making them a great option for those on a budget. With their growing popularity, it is no surprise that Class 1 E-Bikes are expected to generate the most revenue in the E-Bike Market in the forecast period. This segment is expected to continue to grow at a strong pace in the coming years, making it an important one to watch for those interested in the E-Bike Market.
Based on Speed
In the E-Bike Market, 25-45km/h captured the largest market share. This is likely due to the fact that this speed range is most conducive to urban commuting, which is the primary use case for E-Bikes. At 25-45km/h, E-Bikes are able to keep up with traffic and offer a comfortable riding experience. The next largest market segment was 45-70km/h, which is likely due to the fact that this speed range offers the best of both worlds: it's fast enough for longer commutes or weekend rides, but not so fast that it becomes dangerous or impractical. Finally, the Up to 25km/h market segment was the smallest, likely because very few people need an E-Bike that can go at that speed.
Based on Battery Types
In 2021, lead-acid batteries dominated the E-Bike Market, accounting for over 54% of the total market share. Lead-acid batteries are popular due to their low cost and high energy density. However, they are also heavy and have a shorter lifespan than other types of batteries. Lithium-ion batteries are the second largest type of battery used in E-Bikes, accounting for around 30% of the market. Lithium-ion batteries are lighter and more efficient than lead-acid batteries, but they are also more expensive. In other battery types, Nickel-metal hydride (NiMH) batteries are the third most common type of battery used in E-Bikes. NiMH batteries offer a good balance between cost and performance, but they are not as energy-dense as lithium-ion batteries.
Based on Motor Types
As the name suggests, hub motors are placed in the center of the wheel. These motors are either direct-drive or gearless and are known for their simplicity and reliability. Hub motors are often used in entry-level E-Bikes, as they are less expensive to produce than mid-drive or rear-hub motors. In 2021, hub motors dominated the Global E-Bike Market with a revenue share of nearly 75%. This is due to the fact that hub motors are more affordable than other motor types, and offer a simpler design that is easier to maintain. Additionally, hub motors tend to be more reliable than other motor types, making them a popular choice for budget-conscious consumers.
Based on Modes
In 2021, the pedal-assisted segment dominated the E-Bike Market and accounted for over 58% market share. This segment is expected to grow at a CAGR of over 8% from 2023 to 2030. Pedal-assisted E-Bikes are powered by a motor that assists the rider when pedaling. These bikes are ideal for riders who want a little extra help when cycling on hills or long distances. The throttle-controlled segment is expected to be the second largest segment in the E-Bike Market, with a market share of over 18% in the forecast period. Throttle-controlled E-Bikes are powered by a motor that can be activated without pedaling, making them ideal for riders who want a more relaxed riding experience.
Based on Usage
Mountain E-Bikes had the largest market share in 2021, accounting for 36.4% of the Global E-Bike Market. This is due to the growing popularity of mountain biking as a sport and leisure activity, as well as the increased availability of mountain E-Bikes on the market. Mountain E-Bikes are designed for off-road riding and are typically equipped with wider tires and suspension systems to handle rough terrain. They are also generally heavier than other types of E-Bikes, which can make them more difficult to ride up hills. However, the extra weight can also provide more stability and control when descending down steep slopes. The second largest market segment was city/commuter E-Bikes, which accounted for 28% of the total E-Bike Market. City/commuter E-Bikes are designed for use on paved surfaces and are typically lighter and smaller than mountain E-Bikes. The third largest market segment was leisure/recreational E-Bikes, which accounted for 18% of the total E-Bike Market. Leisure/recreational E-Bikes are designed for use on both paved and unpaved surfaces and are often used for recreational activities such as camping or hiking. The fourth largest market segment was cargo/utility E-Bikes, which accounted for 10% of the total E-Bike Market. Cargo/utility E-Bikes are designed to haul heavy loads and are often used by businesses to deliver goods or by families to transport children or groceries.
Based on Region
The Asia Pacific region is the largest market for E-Bikes, accounting for more than half of the global market in 2021. The region is expected to continue to dominate the market during the forecast period. The high growth in the Asia Pacific region is due to the growing awareness about the benefits of E-Bikes, increasing disposable income, and supportive government policies. The European Union is the second-largest market for E-Bikes, followed by North America and Latin America. The high growth of the E-Bike Market in Europe is driven by factors such as rising environmental concerns, the need for cost-effective and energy-efficient transportation solutions, and supportive government policies. In North America, the E-Bike Market is driven by factors such as increasing environmental concerns and the need for alternative transportation solutions.
The key players in the Global E-Bike Market include- Accell Group (Netherlands), Derby Cycle (Germany), Fuji-ta Bicycle Co. Ltd. (China), Giant Manufacturing Co. Ltd. (Taiwan), Jiangsu Xinri E-Vehicle Co. Ltd. (China), Mahindra & Mahindra Ltd. (India), Prodecotech LLC (US), Tianjin Golden Wheel Group Co. Ltd. (China), Trek Bicycle Corporation (US), Yamaha Motor Co. Ltd. (Japan) and others.
Recent Market Developments:
● The Yamaha Engine Corporation USA released the 2021 YDX Moro Pro, their first full-suspension electric mountain bike, in April of that year. The eMTB features a Yamaha PWX-2 motor, 500 Wh battery, 160 mm of travel, and 27.5-inch wheels.
● Ford, Trek, and Bosch joined forces in January 2021 to create Bicycle-To-Vehicle (B2V) Communication safety software. If successful, this would enable various forms of micro-mobility to exchange information with nearby vehicles, potentially making motorists in densely populated areas more alert to riders who are hidden from view. When cars draw too close, it might also cause bicycles to flash warning lights.
● The Mahle ebike motion X35+ rear hub electric motor provides 250 watts of output and 40Nm of torque, while Merida's new 250Wh-battery-equipped eScultura drop-bar road bike, eSpeeder flat-bar hybrid, and eSilex dirt bike were all revealed in January 2021.
● Lekker Bikes grew its Australian retail footprint in January 2022. The Albion Fine Trades precinct in Brisbane's central business district is the site of Lekker's first flagship store. Lekker's whole line of bicycles, including the fast yet lightweight Amsterdam E-Bike range and the updated classic Dutch bikes of the Jordaan range, are now available at their newest retail location.
● In March of 2022, Yamaha introduced two new class 3 power assist bicycles: the Wabash RT and the Cross Core RC. Both of these E-Bikes included the brand new Yamaha PW Series ST drive unit, frame, and internally integrated batteries.
● Both the Voya E+1 and Voya E+3 electric bikes were released in January 2022 by the "lifestyle-inspired" cycling company Momentum, part of the Giant Group. The Voya E+1 is a drop-bar city bike equipped with a Shimano GRX 11-speed rear derailleur, while the Voya E+3 features more conventional flat-bar geometry and a 9-speed micro-SHIFT ADVENT rear derailleur. The 250 Wh battery has an advertised range of 25–45 miles (40–72 km). When using the included 4A rapid charger, the battery may be charged to 80% capacity in under two hours.
Segmentation of the Global E-Bike Market
- Class (Class-I, Class-II, Class-III)
- Speed (Up to 25km/h, 25-45km/h)
- Battery Types (Lithium-ion, Lithium-ion Polymer, Lead Acid, Other Battery Types)
- Motor Types (Hub, Mid)
- Modes (Pedal Assist, Throttle)
- Components (Batteries, Electric Motors, Frames With Forks, Wheels, Crank Gears, Brake Systems, Motor Controller)
- Usage (Mountain, Trekking, City/Urban, Cargo, Other Usages)
- Ownership (Shared, Personal)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Accell Group (Netherlands)
- Derby Cycle (Germany)
- Fuji-ta Bicycle Co. Ltd. (China)
- Giant Manufacturing Co. Ltd. (Taiwan)
- Jiangsu Xinri E-Vehicle Co. Ltd. (China)
- Mahindra & Mahindra Ltd. (India)
- Prodecotech LLC (US)
- Tianjin Golden Wheel Group Co. Ltd. (China)
- Trek Bicycle Corporation (US)
- Yamaha Motor Co. Ltd. (Japan)
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