Global Electric Bike Market – Industry Trends and Forecast to 2031

Global Electric Bike Market , Battery Type (Lithium-Ion, Lithium-Ion Polymer, Nickel Metal Hydride, Lead Acid, Sealed Lead Acid, Others), Hub Motor Location (Mid Drive Hub Motor, Rear Hub Motor, Front Hub Motor), Mode (Pedal Assist, Throttle), Battery Power (Under 750W, Over 750W), Class (Class I (Pedal Assist/Pedelec), Class II (Throttle), Class III (Speed Pedelec)), Usage (City/Urban, Cruise, Mountain/Trekking Bikes, Racing, Cargo, Others) - Industry Trends and Forecast to 2031.

Electric Bike Market Analysis and Size

According to statistics provided by the European Cycling Industry Federation (ECF), e-bike sales in Europe experienced an 11% reduction in the first half of 2023, marking a substantial downturn from the 22% growth observed in 2022. Nevertheless, there is optimism for a market resurgence in the latter part of 2024. This optimism is fueled by the increasing popularity of e-bikes for commuting and leisure, coupled with global governmental initiatives investing in infrastructure and incentives to encourage the adoption of e-bikes.

Data Bridge Market Research analyzes that the global electric bike market which was USD 51.55 billion in 2023, is likely to reach up to USD 72.54 billion by 2031, and is expected to undergo a CAGR of 4.36% during the forecast period.

The “class I (pedal assist/pedelec)” dominates the class segment of the market due to several factors, including technological advancements, increasing urbanization, growing health and wellness concerns, government incentives, and a rising demand for city e-bikes for short-distance commutes.

In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Report Scope and Market Segmentation

Market Definition

An electric bike, also known as an e-bike, is a bicycle equipped with an integrated electric motor that assists in propulsion, offering riders a combined human and electric power-driven mode of transportation.

Global Electric Bike Market Dynamics

Drivers

• Environmental Awareness

Electric bikes, also known as e-bikes, offer a sustainable and eco-friendly alternative to conventional modes of transportation. They produce zero emissions during operation, making them an attractive option for environmentally conscious consumers looking to reduce their carbon footprint. Due to growing concerns about pollution and carbon emissions from traditional vehicles and advancements in e-bike technology, such as improved battery life and motor efficiency, are making electric bikes more accessible and appealing to a broader range of consumers. As a result, the market is experiencing rapid growth, with projections indicating continued expansion in the coming years.

• Government Incentives

Supportive policies and incentives worldwide, such as subsidies and tax benefits, encourage consumers to adopt electric bikes, fostering market growth. Further more, governments throughout the world are fostering the growth of the e-bike market by circumventing tough automobile emissions standards. The goal is to clean the air by minimizing the number of harmful particles emitted by cars.

• Urbanization and Traffic Congestion

The increasing urban population and rising traffic congestion drive the need for efficient and agile transportation solutions, positioning electric bikes as a viable and convenient option.

• The rising adoption rate of shared micro-mobility.

The upsurge in adoption rate of shared micro-mobility will propel the growth rate of electric bike (e-bike) market. Shared micro mobility is part of the public transportation ecology. As a flexible transportation option with low operating costs and overhead, shared electric micro-mobility can augment higher-volume fixed-route transit systems by providing mobility services for multiple journeys at a lower per-traveller cost.

Opportunities

• Growing Urbanization and Traffic Congestion

 As urban populations continue to grow and cities become more congested, there is a significant opportunity for the electric bike market to expand. Electric bikes offer a convenient and efficient mode of transportation for urban dwellers, allowing them to navigate through traffic quickly and easily. In addition, many cities are investing in infrastructure to support cycling, such as bike lanes and bike-sharing programs, further boosting the demand for electric bikes.

• Technological Advancements and Innovation

The electric bike market is ripe for technological advancements and innovation, presenting opportunities for companies to differentiate their products and attract new customers. Improvements in battery technology, motor efficiency, and connectivity are making electric bikes more powerful, efficient, and user-friendly. Furthermore, the integration of smart features, such as GPS tracking, smartphone connectivity, and electric assistance modes, is enhancing the overall user experience and expanding the market appeal of electric bikes.

Challenges/ Restraints

• High Initial Cost

 The long-term savings on fuel and maintenance can offset this cost, but the upfront investment may deter some potential buyers, especially in regions where electric bikes are not subsidized or where disposable income is limited. The relatively high initial cost compared to traditional bicycles is one of the primary challenges for the market.

• Infrastructure and Regulation

Many cities do not have adequate bike lanes or charging stations for electric bikes, making it challenging for riders to use them safely and conveniently. In addition, regulations governing the use of electric bikes vary widely between regions, leading to confusion and inconsistency in enforcement. the lack of infrastructure and regulations to support their widespread adoption is another challenge for the market.

The electric bike market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the electric bike market contact the Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Development

• In February 2022, a bill suggesting a 30% tax credit for the acquisition of new electric bicycles in the U.S. was approved by the US House of Representatives. The North American Electric Bike Association (NAEB) reported a significant 40% surge in e-bike sales throughout North America in 2022, with Class 1 e-bikes leading the growth trajectory. The overarching objective is to enhance affordability for Americans interested in electric bikes, leading to a rising global demand for Class 1 e-bikes

Global Electric Bike Market Scope

The electric bike market is segmented on the basis of battery type, hub motor location, mode, battery power, class, usage. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Battery Type

• Lithium-Ion
• Lithium-Ion Polymer
• Nickel Metal Hydride
• Lead Acid
• Sealed Lead Acid
• Others

Hub Motor Location

• Mid Drive Hub Motor
• Rear Hub Motor
• Front Hub Motor

Mode

• Pedal Assist
• Throttle

Battery Power

• Under 750W
• Over 750W

Class

• Class I (Pedal Assist/Pedelec)
• Class II (Throttle)
• Class III (Speed Pedelec)

Usage

• City/Urban
• Cruise
• Mountain/Trekking Bikes
• Racing
• Cargo
• Others

Global Electric Bike Market Region Analysis/Insights

The electric bike market is analyzed and market size insights and trends are provided by country, battery type, hub motor location, mode, battery power, class, usage as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, rest of Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Brazil, Argentina, rest of South America U.A.E., Saudi Arabia, Oman, Qatar, Kuwait, South Africa, and rest of Middle East and Africa.

North America is expected to dominate and be the fastest growing region in the market due to the increased adoption of electric bikes for daily commuting, recreation, and fitness activities. The region's growing popularity of trekking and mountain biking, both as off-road sports and recreational activities, contributes to a rising demand for e-MTBs.

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.   

Increased Efficiency and Productivity

The electric bike market also provides you with a detailed market analysis for every region’s growth in infrastructure development for capital equipment, installed base of different kinds of products for electric bike market, the impact of technology using lifeline curves, and changes in battery regulatory scenarios and their impact on the electric bike market. The data is available for the historic period 2010-2020.

Competitive Landscape and Global Electric Bike Market Share Analysis

The electric bike market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to electric bike market.

Some of the major players operating in electric bike market are:

• Accell Group (Netherlands)
• Merida Industry Co., Ltd. (Taiwan)
• Giant Bicycles (Taiwan)
• Yamaha Motor Corporation (Japan)
• Derby Cycle (Germany)
• JIANGSU XINRI E-VEHICLE CO.,LTD. (China)
• AIMA TECHNOLOGY CO.,LTD (China)
• Karbon Kinetics Ltd (U.K.)
• Solex Cycle North America Inc. (Canada)
• ITALJET SPA (Italy)
• GenZe (U.S.)
• A2B (London)
• Amego Electric Vehicles Inc. (Canada)
• Pedego Electric Bikes (U.S.)
• Riese & Müller GmbH (Germany)
• Sporttechnik GmbH & Co. KG (Germany)
• F.I.V. E. Bianchi S.p.A. (Italy)
• Kawasaki Motors Corp. (U.S.)
• Trek Bicycle Corporation (U.S.)
• myStromer AG (Switzerland)
• Specialized Bicycle Components, Inc. (U.S.)