Electric Bicycle Market

Global Electric Bicycle Market Size (2024 To 2032)

The global electric bicycle market was valued at USD 30.3 billion in 2023 and is anticipated to reach USD 33.12 billion in 2024 and is anticipated to reach USD 51.66 billion by 2029, growing at a CAGR of 9.30% during the forecast period from 2024 to 2032.

A bicycle with an integrated electric motor drive mechanism and a battery that produces power for causing or assisting propulsion is known as an electric bike. Electric bikes with tiny motors are available globally to help riders pedal force more powerful e-bikes that create enough power to operate the motorcycle using the throttle.

E-bikes are less expensive than cars, do not require a driver's license, and can be utilized on existing bike paths. Rapid urbanization and decreased customer desire for driving due to increased traffic congestion are expected to provide lucrative market expansion prospects.

According to the National Health Service (NHS), exercise-based rehabilitation programs can lower death risks by 25%. The use of these bikes reduces cardiac exertion for patients with current coronary problems. In addition, patients who cannot exercise due to obesity can utilize these bicycles, which allow them to take short rests from pedaling.

MARKET DRIVERS

Global carbon emissions from fuel burning have been a significant source of worry for governments and environmentalists in recent decades. As a result, demand for electric vehicles increases around the world, supporting the market's expansion. Furthermore, the popularity of electric bikes has grown across every continent due to rising fuel costs on a global scale, increased pollution, and traffic congestion, particularly in urban areas. Furthermore, increasing fuel vehicle operating and maintenance prices lead to a shift in daily commute preference for electric bikes, which propels the E-bike market forward.

As people become more aware of the dangers of driving cars that operate on fossil fuels, governments worldwide are taking steps to minimize carbon emissions by encouraging the use of electric bikes, electric automobiles, and bicycles. Furthermore, governments are developing bicycle-friendly roadways, encouraging people to use bicycles as a primary form of transportation. Electric bicycles, scooters, and motorbikes have gotten a lot of attention from governments as reliable and efficient light motor vehicles (LMVs) help reduce carbon emissions. Furthermore, governments worldwide are encouraging the purchase of electric mobility through tax credits and incentives to stimulate the usage of these environmentally beneficial vehicles.

MARKET RESTRAINTS

The motor and battery are the two most essential components of an e-bike. The engine provides the force, and the energy is stored and supplied by the battery. One of the issues for bike makers is controlling the motor's speed and torque throughout a wide variety of speed and load circumstances. With a finite amount of stored energy in a battery, the battery's capacity must be utilized as efficiently as feasible. The battery's capacity would increase as the battery size was raised, but the weight of the e-bike would increase as well. As a result, battery makers must determine the appropriate battery capacity in terms of operation and range. In addition, smartphones and tablets have made consumers more technologically savvy. As a result, e-bike makers confront the issue of offering functionality and intelligence in e-bikes that are compatible with smartphones and tablets while using the least amount of power, either through a dedicated onboard device or by connecting the smartphone or tablet to the e-bike.

The high cost of e-bikes is one of the primary factors limiting the market's growth. E-bikes are more expensive than regular bicycles, scooters, or motorbikes due to the battery and technology costs. As a result, people consider traditional scooters or motorbikes superior in performance for the same or less money. Furthermore, the usage of lithium-ion batteries or motor driving mechanisms incurs the highest cost, limiting market expansion.

REPORT COVERAGE

SEGMENT ANALYSIS

Global Electric Bicycle Market Analysis By Propulsion

The global market is divided into two categories: pedelecs and throttle. Because of its longer battery life, cheaper maintenance requirements, and flexibility to choose from three to five pedal modes, the pedelec sector captured the most significant market proportion. However, during the forecast period, the throttle segment is expected to grow at a faster rate.

Global Electric Bicycle Market Analysis By Battery

Lead-acid, lithium-ion, nickel-metal hydride, and other types of batteries make up the market. The lead-acid sector commanded the most market share. The dominance of this market is attributable to factors such as low cost and ease of recycling. During the projected period, the lithium-ion battery segment is expected to grow at a faster rate. This is owing to the superior battery chemistry, excellent power-to-weight ratio, efficient charging, and longer battery life cycle of lithium-ion batteries.

REGIONAL ANALYSIS

With a market value of $8.72 billion in 2020, Asia Pacific dominated the market. The dominance of the market in this region is attributable to factors such as significant cycling infrastructure in developed and developing countries, high traffic and public transit congestion, and the rising stringency of pollution regulators for gasoline motorcycles.

The market in Europe is likely to increase significantly. E-bike producers and parts makers may be found in 23 of the EU's 27 member countries. Around 900 SMEs employ approximately 120,000 people directly and indirectly and invest more than one billion euros in R&D. 60 percent of e-bikes sold in the EU are made in the country, and sales are predicted to reach 13.5 million units by the end of the forecast period.

The market in North America is also predicted to rise rapidly. E-bike sales in the region are expected to grow from 28% in 2019 to 44% in 2020. In addition, several communities in the United States have lowered speed restrictions and built bike lanes to encourage the usage of electric bicycles.

LEADING COMPANY

The Accell Group is currently the e-bike juggernaut in the world, with a workforce of approx. Three thousand one hundred employees across 15 countries and sales stretching over 80 countries.

KEY PLAYERS IN THE GLOBAL ELECTRIC BICYCLE MARKET

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, Energica Motor Company. These are the market players that are dominate the global electric bicycle market.

RECENT HAPPENINGS IN THE GLOBAL ELECTRIC BICYCLE MARKET

• Corrit Electric, an electric mobility startup, is preparing to unveil its first electric bike in November 2021 and India's first indigenous fat tire e-bike at the end of this month. The electric bike, known as the Hover scooter, will debut in Delhi first, followed by Mumbai, Bengaluru, and Pune in the first phase.
• In September 2021, Italian design firm ARES presented the ARES Super Leggera electric bicycle, which it says is the world's lightest electric bicycle. The 9 kg (19.8 lb) electric road bike was developed between ARES, a design business, and HPS, an advanced engineering firm developing mobility technology. The Super Leggera e-bike is powered by a 200-watt motor that provides users with a small amount of electrical assistance.
• Raliegh, a British e-bike business, has renewed its distribution license for its DACH model in Germany with Accell Group, a Dutch e-bike juggernaut.

DETAILED SEGMENTATION OF THE GLOBAL ELECTRIC BICYCLE MARKET IN THIS REPORT

This research report on the global electric bicycle market is segmented and sub-segmented into the following categories.

By Propulsion

• Pedelecs
• Throttle

By Battery

• Lead-acid
• Lithium-ion
• Nickel-metal hydride
• Others

By Country

• North America
• Europe
• Asia-pacific
• Middle-east and Africa
• Latin America