Electric Bicycles Market Market Size
Electric Bicycles Market size was USD 21.83 billion in 2021 and projected to grow from USD 27.2 billion in 2023 to USD 74.6 billion by 2032, exhibiting a CAGR of 11.8% during the forecast period.
Electric bicycles, aka eBikes, e-bikes, and more, are motor-powered bicycles with an incorporated electric motor to support propulsion. E-bikes come in a variety of styles, but they are broadly divided into two groups: those adding a throttle and incorporate moped-like features, sometimes known as pedelecs, and others that do not. Rechargeable batteries power e-bikes, which can normally offer speeds of (16 - 20 mph) 25 - 32 km/h.
Market Highlights
Electric Bicycles Market is expected to project a CAGR of 11.8% during the forecast period, 2022-2032
Electric Bicycles Market is expected to reach USD 74.6 billion, growing at a CAGR of 11.8% during the forecast period owing to supportive regulations by government and guidelines to promote the use of electric bicycles, augmented fuel prices, and growing awareness for the benefits of cycling (recreational & fitness activity). Also, the adoption of e-bike applications in a number of industries, including e-bike rental services and logistics is anticipated to fuel the Electric Bicycles Market during the forecast period.
Electric Bicycles Market Segmentation
Pedal Assist with Power on Demand segment is expected to dominate in the forecast period
Electric Bicycles Market is classified based on the Electric Bicycle Type into Pedal Assist/ Pedelecs, Power on Demand, and Pedal Assist with Power on Demand. The Pedal Assist/ Pedelecs segment registered major share in 2021. Riders pedal more speedily and easily using bicycles’ electric motors since they generate more power from the motor. These factors fuel the segment growth. Eco bikes are also widely used on the peaks and mountains and many challenging terrains. The growing popularity of pedal-assisted electric bicycles among young people is expected to accelerate the segment's growth.
Mid Drive Electric segment is expected to dominate in the forecast period
Electric Bicycles Market is classified based on the Motor Type into Hub Motor and Mid Drive Electric. The Hub Motor category registered a major market share in 2021 and is predicted lead over the forecast period. Their demand is mostly driven by the fact that they operate independently, exert no stress on the drivetrain, and need no or just a little maintenance. On the other hand, the Mid Drive Motor segment is anticipated to accelerate during the forecast period since they are affixed directly to the bike's gears and cranks and provide higher performance and torque than the hub motors.
Market Dynamics
Growth Drivers
Rising Initiatives by Governments to Promote the Use of Electric Bikes is Expected to Boost the Market Growth
The use of smaller electric vehicles like bikes, electric bicycles, and scooters, is being encouraged by governments around the world in an effort to minimize their carbon footprints due to a growing awareness of the negative impacts of operating fossil fuel-powered vehicles. Governments are also building bicycle-friendly roadways, which is encouraging people to choose bicycles as a primary means of transportation. Governments from all around the world also support the purchase of e-bikes through tax credits and other incentives to promote the use of these vehicles.
Growing Use of Connectivity Applications for Driver Safety to Boost the Market Growth
Applications for connectivity like vehicle-to-everything, aka V2X, which alert drivers if a bicycle or scooter is in danger, keep drivers safe. Electric bicycles warm welcomed by municipal bike sharing organizations around the globe. Owing to the need for more secure and accessible public transit choices and needs for social distance, residents and travelers are riding e-bikes more regularly.
Restraint
Costly E-Bikes and Higher Maintenance of Electric Bicycles to Restrain the Market Growth
One of the main factors limiting the growth of the e-bike market is the high cost of the vehicles. E-bikes are more expensive than regular bicycles, scooters, or motorbikes due to the technology and battery costs. Moreover, rising electric bicycle buying and maintenance costs and prohibition on using electric bikes in China's major cities restrain the market growth.
Recent Developments
- In January 2022, Electric bicycles were first popularized as an urban sport by a newcomer to the electric mobility industry, VAAN Electric Moto. Bicycles are offered in Urban Sports Pro and Urban Sports. Both bikes have a max 25 kph speed and a range of 60 km with pedal assistance.
- Rui Hachimura and Cannondale joined hands in March 2022 to create the Stealth City Bike. The Quick 3 also features a lightweight aluminum frame and carbon fiber fork with 360-degree reflective accents, and the Shimano Acera/ Altus 18-speed gear having hydraulic disc brakes and an incorporated wheel sensor for speed tracking, calories burned, and distance.
Electric Bicycles Market
Key Players Covered:
- Yamaha Motor Corporation
- Yadea Group Holdings Ltd
- Trek Bicycle Corporation
- Merida Industry Co. Ltd.
- Accell Group
- Giant Manufacturing Co. Ltd.
- Polarity
- Royal Dutch Gazelle
- Derby Cycle
- Hero Lectro
- CSE EV GROUP CO LTD
- Fuji-ta Bicycle Co. Ltd.
- Easy Motion
- Moustache Bikes
- GoZero
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Regional Analysis
Electric Bicycles Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia-Pacific is anticipated to experience higher CAGR growth during the estimated period due to increased consumer expenditure in countries like China and India. The region is witnessing several technological advancements alongside a continually growing charging infrastructure. North America is projected to experience the fastest growing CAGR in the future. The region's growing tech-savvy and urban population, and also the growing number of manufacturing facilities and IT enterprises, are the main driving forces.
Impact of Covid-19 on Electric Bicycles Market
The Electric Bicycles Market is among the highly poised for improved growth post pandemic. However, the 1st quarter of 2020 saw a decline in e-bike sales as a result of lockdowns that forced bicycle shops to close. As the lockdown has been lifted in the majority of nations, including the Netherlands, China, the U.S., Japan, France, and Italy the sale of e-bikes has surged. In addition, the epidemic has changed commuting habits, and biking is now much more well-liked globally.
Electric Bicycles Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Electric Bicycles Market Scope and Segments:
|
ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
|
Growth Rate |
CAGR of 11.8% from 2022-2032 |
|
Unit |
Value (USD Billion) |
|
Segmentation |
Main Segments List |
|
Electric Bicycle Type |
|
|
Battery Type |
|
|
Motor Type |
|
|
By Region |
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Frequently Asked Questions (FAQ):
Electric Bicycles Market size was estimated at USD 21.83 billion in 2021 and is expected to reach USD 74.6 billion in 2032.
Electric bicycles, aka eBikes, e-bikes, and more, are motor-powered bicycles with an incorporated electric motor to support propulsion. E-bikes come in a variety of styles, but they are broadly divided into two groups: those adding a throttle and incorporate moped-like features, sometimes known as pedelecs, and others that do not.
Pedal Assist with Power on Demand and Mid Drive Electric segments accounted for the largest Electric Bicycles Market share.
Key players: Yamaha Motor Corporation, Yadea Group Holdings Ltd, Trek Bicycle Corporation, Merida Industry Co. Ltd., Accell Group, Giant Manufacturing Co. Ltd., Polarity, Royal Dutch Gazelle, Derby Cycle, Hero Lectro, CSE EV GROUP CO LTD, Fuji-ta Bicycle Co. Ltd., Easy Motion, Moustache Bikes, GoZero, and Other Prominent Players are the key players in the Electric Bicycles Market.
Supportive government regulations and several policies that promote the use of electric bicycles are the factors driving the Electric Bicycles Market.
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