The global e-bike market sales accounted for USD 17.56 billion in 2021 and are expected to hit around USD 40.98 billion by 2030, at a steady CAGR of 9.6% from 2021 and 2030, according to a new study published by Precedence Research.
Growth Factors
- Growing Preference for Bicycles as an Eco-friendly Vehicle
- The growing popularity of e-MTB
- Increasing Popularity of Mid-drive Motors
What are the key trends in the electric bike (e-bike) market?
The growth of the global electric bike (e-bike) market is being driven by the growing popularity of electric mountain bikes. The demand for electric mountain bikes is growing due to the rising trend of adventure travel and tourism. The electric mountain bikes are also used for off-road trips as it is very safe to drive and robust in nature. Thus, this factor is boosting the expansion and development of the global electric bike (e-bike) market. Another factor driving the growth of the global electric bike (e-bike) market is technological developments.
The electric bike (e-bike) is embedded with advanced features such as it can be connected through smartphones. The rising penetration of the internet and smartphone all around the globe is also driving the growth of the global electric bike (e-bike) market. One of the unique trends shaping the market dynamics for electric bikes (e-bikes) is growing awareness regarding the health benefits of electric bikes (e-bikes). Riding an electric bike (e-bike) helps to increase the efficiency and endurance of the body. This can be a good cardiovascular exercise for people.
Challenges and developments in the electric bike (e-bike) market
A bicycle having a combined electric motor energy device and battery that produces electricity for supplementary thrust is known as an electric bike (e-bike). Electric bikes range in power from modest motors that aid the rider’s pedal strength to additional controlling electric bikes (e-bikes) that create enough control to totally operate the bike using an accelerator. Electric bikes are the perfect solution for this issue. They are both environmentally friendly and convenient, which drives up the demand for electric bikes (e-bikes). Travel is becoming more important as people’s lives get busier. However, as environmental and health concerns develop, transportation-related emissions are increasing.
As a result, governments and international organizations all around the world are establishing strict emission standards to limit carbon emissions. All of these factors are propelling the growth of the global electric bike (e-bike) market. In the coming years, the global electric bike (e-bike) market is predicted to explode, with enormous development in Asia, Europe, and North America. Due to the expanding number of worldwide sales, there will be an increasing number of electric bikes (e-bikes) on the roads around the world. As a result, by 2023, the total number of electric bikes (e-bikes) in use worldwide is estimated to exceed 300 million.
What are the challenges in the electric bike (e-bike) market?
The growth of the global electric bike (e-bike) market is being restricted by the high cost of an electric bike (e-bike) as compared to a traditional bike or bicycle. All the people cannot afford to purchase electric bikes (e-bikes). Thus, this factor is hampering the growth of the global electric bike (e-bike) market. In addition, the major challenge to the growth of the global electric bike (e-bike) market is the lack of favorable government regulations regarding the promotion of the use of electric bikes (e-bikes) on a large scale. Moreover, the government is not making enough effort into the development of the electric bike (e-bike) market. The developing and developed countries lack proper road infrastructure. To ride an electric bike (e-bike), good roads are required. The lack of infrastructure such as road infrastructure is the biggest obstacle to the growth and development of the global electric bike (e-bike) market.
Leading players are profiled in the report include 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, Yamaha Motor Co. Ltd.
Which regions are driving the electric bike (e-bike) trend?
Among all the regions, the Asia-Pacific region is dominating the global electric bike (e-bike) market. China is the leading nation in the Asia-Pacific electric bike (e-bike) market. China leads the electric bike (e-bike) market in terms of manufacturing electric bikes (e-bikes), sales of electric bikes (e-bikes), and electric bikes (e-bikes) on road. For a long time, China has led the world in annual electric bike (e-bike) sales. In 2013, China produced 37 million electric bikes (e-bikes) with 32 million sold in the same year. Thus, China is regarded as the top country delivering electric bikes (e-bikes) all around the globe.
Another region leading the global electric bike (e-bike) market is Europe. Germany, Italy, and France are the top three countries in Europe that are dominating the electric bike (e-bike) market. The Netherlands and Germany, according to the Royal Society for the Prevention of Accidents are Europe’s two largest electric bikes (e-bike) markets, responsible for 44% and 21% of total European sales respectively. The electric bike (e-bike) sales in Germany amounted to 25% of the total electric bike (e-bike) market in 2019. Electric bikes (e-bikes) are used by the majority of Germans for sports and leisure as well as a space-saving mode of transportation.
The North American region is growing at a modest rate in the global electric bike (e-bike) market. The U.S. holds the largest market share in the North American electric bike (e-bike) market. The factors such as growing environmental concerns, issues regarding carbon emissions, rising government initiatives, and the development of road infrastructure are contributing to the growth of the electric bike (e-bike) market in the North American region.
