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electric bikes ebikes market

Electric Bikes/E-Bikes Market Share, Size, Trends, Industry Analysis Report, By Product; By Battery Type (Lead Acid, Li-ion, Others); By Usage; By Drive Mechanism (Hub Motor, Mid Drive, All Wheel Drive (AWD))By Region; Segment Forecast, 2022 - 2030

  • Published Date: Jun 2022
  • Pages: 119
  • Format: PDF
  • Report ID: PM1357
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

The global electric bikes/e-bikes market was valued at USD 46.87 billion in 2021 and is expected to grow at a CAGR of 11.5% during the forecast period. Raising environmental concerns due to increasing carbon emissions has surged consumers' interest in adopting eco-friendly commute solutions such as electronic bikes/e-bikes which has propelled the market demand.

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The electric bikes/e-bikes are electrically powered equipment that gives electromagnetic momentums to an existing bicycle, allowing the rider to avoid providing the energy required to operate the vehicle. These bikes have a powerful engine and adequate battery capacity to assist in hill climbing, create higher driving speeds, and give entirely free electronic mobility.

The global Covid-19 pandemic has altered how individuals traverse cities and crowded places. The ongoing Covid-19 outbreak and the resulting necessity for a secure yet healthy and energetic mode of transportation have prompted a surge in electronic bikes/e-bikes vehicle purchases. Furthermore, due to the outbreak, the growth in healthcare awareness among consumers worldwide has increased, which has boosted the demand for electronic bikes/e-bikes. For instance, according to a report, the sale of electric bicycles in the U.S. grew by 145% in 2019 and 2020.

Industry Dynamics

Growth Drivers
Some of the positive drivers include rising federal subsidies for electronic bikes/e-bikes sales, alternatives to gasoline-operated vehicles as gasoline prices rise, and technological advancements in the construction of electronic bikes/e-bikes. Furthermore, It is expected that e-bikes may help with a range of logistical mobility issues such as congestion and parking in crowded locations, which in turn will propel electric bikes/e-bikes market growth.

Moreover, the increasing entrance of motorbike manufacturers into the electronic bike business, along with the introduction of advanced and connected e-bikes, are expected to propel electric bikes/e-bikes market growth. For instance, in June 2022, Evelo introduced a new "comfort cruiser." With a throttle-enabled mid-drive motor, this electric bike can reach speeds of 25 mph.

Customers' purchasing power has surged in tandem with their disposable money, growing knowledge of health problems, and advancements in lithium battery technology, resulting in rising demand for e-bikes. Further, rapid economic development in emerging nations, including India and China, is also expected to boost market growth over the forecast period.

Electric Bikes/E-Bikes Market
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Report Segmentation

The market is primarily segmented based on product, battery type, usage, drive mechanism, and region.

By Product

By Battery Type

By Usage

By Drive Mechanism

By Region

  • Pedal Assisted
  • Throttle Assisted
  • Lead Acid
  • Li-ion
  • Others
  • Mountain/trekking
  • City/urban
  • Cargo
  • Others
  • Hub Motor
  • Mid Drive
  • All Wheel Drive (AWD)
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Product

The pedal-assisted segment is expected to hold a significant share in the global electric bikes/e-bikes market over the forecast period. Increasing consumer knowledge of healthcare and the ecosystem results in much less sound and traffic congestion and a decreased risk of overweight and medical comorbidities. Furthermore, low service cost coupled with increased battery life compared to others are some additional factors expected to propel segment growth over the projected timeframe.

Insight by Usage

Mountain/trekking usage segment is expected to grow rapidly throughout the forecast period due to the increasing younger population's interest in mountaineering and pleasure sports. Furthermore, increasing the adoption of these bikes for daily commuting in developed nations, including the U.S., is expected to propel market growth.

Geographic Overview

Asia Pacific dominated the global electric bikes/e-bikes market in 2021 and is anticipated to maintain its dominance throughout the projected period due to high automobile and public transport congestion levels. Furthermore, the presence of significant players such as AIMA Technology Group Co., Ltd., Yadea Group Holdings Ltd., and others are expected to contribute to the regional growth in the coming years.

Europe is anticipated to grow at a considerable pace during the forecast period due to increasing trends and the adoption of e-bikes among consumers. Furthermore, increasing use of high-quality components and innovative technology, coupled with attractive discounts and offers, are additional factors expected to propel the regional electric bikes/e-bikes market demand.

Competitive Insight

Major players operating in the global electric bikes/e-bikes market include Accell Group, Bionx International Corporation, Derby Cycle, Fuji-ta Bicycle Co., Ltd., Giant Bicycles, Giant Manufacturing Co., Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., Mahindra & Mahindra Limited, Panasonic Corporation, Pedego Electric Bikes, Prodeco Technologies LLC, Rad Power Bikes, Robert Bosch GmbH, Shimano Inc., Tianjin Golden Wheel Group Co., Ltd., Trek Bicycle Corporation, VanMoof, and Yamaha Motor Co. Ltd.

These players are continuously investing in research & development in order to introduce new products and are indulging in marketing strategies such as mergers & acquisitions, partnerships, and collaboration in order to cater to the rising demand and to increase their regional footprint. For instance, in January 2022, Giant announced a new agreement with team Bikeexchange-Jayco, confirming the world's biggest cycling brand's return to competitive road racing in the UCI world tour category.

Electric Bikes/E-Bikes Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 46.87 Billion

Revenue forecast in 2030

USD 121.10 Million

CAGR

11.5% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2022 to 2030

Segments covered

By Product, By Battery Type, By Usage, By Drive Mechanism, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key Companies

Accell Group, Bionx International Corporation, Derby Cycle, Fuji-ta Bicycle Co., Ltd., Giant Bicycles, Giant Manufacturing Co., Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., Mahindra & Mahindra Limited, Panasonic Corporation, Pedego Electric Bikes, Prodeco Technologies LLC, Rad Power Bikes, Robert Bosch GmbH, Shimano Inc., Tianjin Golden Wheel Group Co., Ltd., Trek Bicycle Corporation, VanMoof, and Yamaha Motor Co. Ltd.

Key Take-Away
Polaris Market Research
Electric bikes/e-bikes Market Size Global Report, 2022 - 2030