At a compound annual growth rate of 9.6%, the size of the worldwide Electric Bike market is projected to reach USD 40.98 billion in 2030.
Micro-economic and macro-economic factors are responsible for the growth of electric bike market. Continuous developments in technology are allowing the eco-friendly and comfortable development of electric bikes and is expected to fuel the demand of global electric bike market. The demand for electric bikes is positively encouraged by the growth in the awareness amongst customers for reducing carbon footprint and increasing the electric bikes market growth.
Factors that are playing major role in the growth of e-bike market are increase in demand for electric bikes amongst the tourists, offers the rides with less physical exertion and growth in the price of fuel. Increase in the concerns for the environmental pollution, governments across the world have started various policies and rules for reducing the emission of vehicle in the past years. The main threat created in the human being and environment is the global warming. In addition, evolution of the environment-friendly vehicles are playing the major role in increasing the sales of electric bikes. People of Europe are aware encouraged of using the eco-friendly bikes. Moreover, increase in the health concerns, rise in the demand for the e-bikes from tourists are propelling the electric bike market in Europe. Government with agencies like European Environment Agency and more, have given specific rules on vehicles for reducing the toxic emission.
Global electric bike market is experiencing the various opportunities, due to the strict rules and the support of government related to the electric bikes. In addition, increase in the focus of customer towards the usage of electric-bikes as the effective and eco-friendly solution to increase the price of fuel boosts the global electric bike market growth. Moreover, increase in the interest in cycling for the activity of recreation and fitness are increasing the use of e-bikes in the health-conscious customers, as electric bike are used in the long distance travelling with less peddling. Besides, cycling is the low-impact and healthy activity having mental and physical health advantages, like alleviating stress, building endurance, increasing the cardiovascular fitness and the muscle strength in the consumer worldwide.
Global electric bike market trend is the combination of electric bikes with smartphones. Value for the cycle telematics and connectivity is growing and refining the experience of riding amongst the cyclists. Rise in the interaction of riders with the mobile devices, demand for the better interfaces amongst users in electric bikes is growing and is increasing the use of global electric bike market size.
Growth in the initiatives of government and awareness regarding the use of eco-friendly vehicles. For example, grants provided for the purchase of electric vehicles by Office and electric bike scheme in states of Jersey are the initiatives of government for promoting the electric bikes. These initiatives are projected to offer the opportunities for the growth of electric bike market in the coming years.
Global electric bike market is segmented into battery type, drive mechanism, product type, and region. On the basis of battery type, e-bikes market is divided into Nickel-metal hydride (NiMH), lithium ion, lead acid and more. Based on drive mechanism, market is divided into mid-drive, hub motor and more. By product type, market is divided into motorcycle & scooter, throttle on demand, pedelecs and more.
Geographically, regions involved in the development of global electric bikes market are Europe, North America, Asia Pacific and Latin America. North America is anticipated to increase the electric bikes market in the coming years because of increase in the acceptance of the electric bikes for the activities of recreation and fitness.
Global e-bike market leaders are Hero electric vehicles private limited, Pedego Electric Bikes, Derby cycle, Terra Motors Corp and more.
Electric Bike Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 40.98 billion|
|Growth Rate||CAGR of 9.6 % during 2022-2030|
|Segment Covered||By Class, By Speed, By Battery Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||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.|
Key Segments in the “Global Electric Bike Market” are-
By Battery Type, market is segmented into:
- Nickel-metal hydride (NiMH)
- Lithium ion
- Lead acid
By Drive Mechanism, market is segmented into:
- Hub motor
By Product Type, market is segmented into:
- Motorcycle & scooter
- Throttle on demand
By Regions market is segmented into:
- North America
- Asia Pacific
- Latin AMerica