E Bike Market Size, Share, Growth & Trends Analysis Report, Competitive Landscape By 2024-2032

Posted 2024-03-15 08:28:02

E-Bike Market Overview:

The global E-Bike Market is expected to register a CAGR of ~ 8.2% from 2021 to 2030 and hold a value of over ~USD 85.73 billion by 2030.

The global e-bike market is an extremely opportunistic and competitive market due to the ever-changing consumer trend toward an eco-friendly mode of vehicles. In addition, manufacturers find e-bikes as an economical substitute for electric vehicles. E-bike sharing services along with support from a government organization to encourage the application and adoption of e-bikes flourish the market growth over the imminent years. The global e-bike market was harshly affected by the COVID-19 epidemic during the 2020 lockdowns and stoppage of manufacturing facilities and supply chain disruptions. However, the sector has been recuperating well since the limits were lifted. An upsurge in house sales, new project launches, and growing demand for e-bikes have been leading the market recapture over the last two years.

Request Free Sample of Report

Market Trends:

The E-bike market is experiencing notable trends driven by shifting consumer preferences towards sustainable transportation solutions and increasing awareness regarding environmental concerns. One prominent trend is the growing adoption of electric bicycles as an alternative mode of commuting, especially in urban areas where congestion and pollution are significant issues. Additionally, technological advancements such as lightweight batteries, efficient motors, and smart connectivity features are shaping the market, making e-bikes more appealing to a broader audience.

Market Segment Insights:

The E-bike market can be segmented based on various factors such as battery type, motor type, application, and geography. Battery type segmentation includes lithium-ion, lead-acid, and others, each offering distinct advantages in terms of energy efficiency and range. Similarly, motor types range from hub motors to mid-drive motors, catering to different riding preferences and terrain conditions. Furthermore, applications of e-bikes vary from recreational and commuting to cargo and mountain biking, each segment demanding specialized features and functionalities.

Key Market Players & Competitive Insights:

Several key players dominate the E-bike market, including established brands like Bosch eBike Systems, Yamaha Motor Co., Ltd., Shimano Inc., and Giant Manufacturing Co. Ltd. These companies leverage their extensive experience and technological expertise to offer a diverse range of e-bike models catering to various consumer needs. Moreover, strategic partnerships, mergers, and acquisitions are common strategies employed by market leaders to expand their market presence and gain a competitive advantage in the rapidly evolving e-bike industry.

Industry Developments:

The E-bike industry is witnessing significant developments aimed at enhancing performance, safety, and user experience. Manufacturers are investing in research and development to introduce innovative features such as regenerative braking systems, advanced suspension technologies, and integrated GPS tracking solutions. Furthermore, collaborations between e-bike manufacturers and electric vehicle charging infrastructure providers are facilitating the development of convenient charging solutions, addressing one of the key concerns of e-bike users.

Market Dynamics

The global market for electric bikes continues to be influenced by a mix of different macro-economic and micro-economic factors. Consistent advances in technology have allowed the development of comfortable, environmentally-friendly electric bikes. Demand for electric bikes is also greatly affected by rising customer perception of the need to reduce their carbon footprint.

Extended government funding and implementation of strict rules in different geographies have driven the sale of electric bikes. In metro cities, particularly in North America and European countries, the concepts of public charging infrastructure and e-bike rental services are on the rise. Increased investment in research and development by a range of industry players, the growth of new high-efficiency batteries, and the production of high-performance vehicles have played a pivotal role in accelerating the adoption of electric bikes.

Nevertheless, some factors pose challenges to the development of the global market for electric bikes. Electric bikes are very expensive and cannot be purchased by all. As these bikes run on batteries, they need regular charging – which remains a challenge due to the limited charging stations. Maintenance of the product is also of the utmost importance, and also requires a proper charging system. High maintenance costs are another primary factor that dissuades customers from purchasing electric bikes.

EBike Industry News

The EBike market was predicted to grow from a global rate of $47 billion in 2021 to $72.73 billion in 2027. This particular growth was seen keeping in constant a substantial and healthy CAGR rate of 7.89%.

Regional Analysis

The Asia-Pacific region has the utmost e-bike market share. The Chinese have empathy for e-bikes, so China dominates the region’s market share. Currently, 75% of all e-bikes in the world are traded in China.

The second nominee is the European Union. What’s largely driving growth in this region is the strict standards for vehicle emissions that governments throughout Europe have forced on drivers and bike riders. This is part of the reason why sales have augmented dramatically throughout the European Union. Another factor is that people are progressively practicing social distancing in light of COVID-19. North America occupies the third position in the E-Bike market.

Market Segmentation

The global E-Bike Market has been segmented into class, and motor type

Based on Class, the global E-Bike Market has been segmented into Class 1, Class 2, and Class 3. Class 1 e-bikes capture the largest revenue share of nearly 45% in 2020 and predictable to maintain their dominance during the imminent years as well. The increasing demand for peddles because of their health assistance along with power assistance within the variety of 25 kph that does not have any regulation on its pouring likely to drive the growth for Class 1 e-bikes.

Based on Motor Type, the global E-Bike Market has been segmented into Hub and Mid-drive. Hub motor dominated the global e-bike market with the highest revenue share market of nearly 77% in the year 2020 and is anticipated to maintain the same trend over the estimated time frame as well. The main factor pouring their demand is minimum maintenance required as they do not use pressure on the drivetrain and operate independently.

Key Players

Some of the key market players are 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, and Motor Co. Ltd.

E-Bikes Market Segmentation

E-Bikes Type Outlook