E-Bike Market Forecast: Growth Potential and Market Dynamics

Posted by Devanand on May 5th, 2023

Market Research Future Insights

The e-bike market has experienced rapid growth in recent years, fueled by increasing consumer demand for sustainable transportation options and advancements in e-bike technology.

According to MRFR analysis, the global E-Bike Market is expected to register a CAGR of ~ 13.5% from 2022 to 2030 and hold a value of over USD 40.98 billion by 2030.

A bicycle having a combined electric motor drive mechanism and battery that generates electricity for causing or supporting propulsion is recognized as an electric bike. Electric bikes with a tiny motor to help the rider pedal force to more powerful e-bikes that generate enough power to operate the bike using the throttle are available worldwide. The global pandemic COVID-19 has sparked a rush in interest in zero-emission forms of transportation to decrease urban pollution. In the electric vehicle business, electric bikes have had a substantial impact. The popularity of electric bikes is owing to automotive manufacturers' ongoing efforts to make the bikes less bulky, enlarge battery range, and improve overall engine performance. OEMs are taking advantage of these consumer proposals to enter into profitable markets for electric bikes. 

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Regional Analysis

Asia-Pacific dominates the electric bike market in terms of market share and market revenue and will continue to flourish dominance during the estimated period. This is owing to the introduction of advanced technologies in this region. Additionally, the existence of major key players will further propel the market's growth rate in this region.

Europe on the other hand is anticipated to exhibit the highest growth rate during the forecast period of 2022 to 2030 owing to the strict standards for vehicle emission and progressively practicing social distancing owing to COVID-19 in this region.

Market Segmentation

The Global E-Bike Market has been segmented into Propulsion Type and Battery Type

 By Propulsion Type Analysis, The Global E-Bike Market has been segmented into pedal assist and throttle. The pedal assist segment held the largest share of the market during the forecast year Owing to its better battery life, minor servicing needs, and the ability for users to choose from the three to five modes of pedal assist dependent on the model.

Based on battery type, The Global E-Bike Market has been segmented into lead-acid, lithium-ion, nickel metal hydride, and others. The lead-acid segment held the largest market share during the forecasted period. Lead acid batteries are low-cost, relaxed to recycle, and are cast off in most of the e-bikes available in the market. Despite being economic, these batteries are now getting substituted by lithium-ion batteries as the latter offers better durability, range, and efficiency. Lead acid batteries are criticized as they are not environment-friendly and also not durable associated with lithium-ion batteries.

Key Players

Some of the key market players are AIMA TECHNOLOGY CO.,LTD (China), Karbon Kinetics Ltd (UK),  Solex Cycle North America Inc., A2B (London),  Amego Electric Vehicles Inc. (Canada), Pedego Electric Bikes (US), Riese & Müller GmbH (Germany), Accell Group (Netherlands), Merida Industry Co., Ltd. (Taiwan),  Giant Bicycles (Taiwan), Yamaha Motor Corporation (Japan), Derby Cycle (Germany), and JIANGSU XINRI E-VEHICLE CO.,LTD. (China)