A study by Canadian consultancy Precedence Research points out that the E-bike market moved $17.56 billion in 2021. It is expected that this figure will scale more than 9.6% per year by 2030 when it is expected to move to more than $41 billion worldwide.
E-bike Market 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.
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E-bike Market Scope
|Market Size||USD 40.98 billion by 2030|
|Growth Rate||CAGR of 9.6% from 2021 and 2030|
|Largest Market||Asia Pacific|
|Fastest Growing Market||Middle East & Africa|
|Forecast Period||2021 to 2030|
|Segments Covered||Class, Speed, Battery Type, Motor Type, Mode, Application, Region|
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.
E-bike Market Key Players
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.
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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.
The global e-bike market research report classifies the market as follows:
- Class 1
- Class 2
- Class 3
- Up to 25 km/h
- 25-45 km/h
By Battery Type
- Nickel Metal Hydride (NiMH)
- Lead Acid
By Motor Type
- Pedal Assist
By Regional Outlook
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of the Middle East & Africa
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
Chapter 7. Global E-bike Market, By Class
Chapter 8. Global E-bike Market, By Speed
Chapter 9. Global E-bike Market, By Battery Type
Chapter 10. Global E-bike Market, By Motor Type
Chapter 11. Global E-bike Market, By Mode
Chapter 12. Global E-bike Market, By Components
Chapter 13. Global E-bike Market, By Usage
Chapter 14. Global E-bike Market, Regional Estimates and Trend Forecast
Chapter 15. Company Profiles
Chapter 16. Research Methodology
Chapter 17. Appendix
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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Frequently Asked Questions:
[sc_fs_multi_faq headline-0=”h5″ question-0=”How much is the CAGR of global e-bike market?” answer-0=”The global e-bike market is expected to drive growth at a CAGR of 9.6% between 2021 and 2030. ” image-0=”” headline-1=”h5″ question-1=”What is the current size of e-bike market?” answer-1=”According to Precedence Research, the global e-bike market size was reached at USD 16.42 billion in 2020 and is predicted to surpass over USD 40.98 billion by 2030. ” image-1=”” headline-2=”h5″ question-2=”Which are the driving factors of the e-bike market?” answer-2=”Factors such as customer’s perception about e-bikes as an eco-friendly alternative for pollution creating vehicles, rapidly increasing fuel costs, rising interest in cycling activity as a fitness activity are also driving the market growth over the past few years. ” image-2=”” headline-3=”h5″ question-3=”Who are the major players operating in the e-bike market?” answer-3=”The major players operating in the e-bike market 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, Yamaha Motor Co. Ltd.. ” image-3=”” headline-4=”h5″ question-4=”Which region will lead the global e-bike market?” answer-4=”The Asia Pacific emerged as the global leader in the e-bike industry owing to prominent growth in the production and demand volume of e-bikes in the region. ” image-4=”” count=”5″ html=”true” css_class=””]