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2021

Electric Bike Market

Electric Bike Market Size, Share, Competitive Landscape and Trend Analysis Report by Product (Pedelecs, Speed Pedelecs, Throttle on Demand, and Scooter & Motorcycle), Drive Mechanism (Hub Motor, Mid-Drive, and Others), and Battery Type (Lead Acid, Lithium-Ion (Li-ion), and Others): Global Opportunity Analysis and Industry Forecast, 2020-2030

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Author's: Akshay Jadhav | Lalit Janardhan Katare
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E-Bikes Market Statistics 2021-2030:

The global electric bike market was valued at $40,312 million in 2019, and is projected to reach $118,657 million by 2030, registering a CAGR of 10.5% from 2020 to 2030.

Electric bike is a bicycle with an integrated electric motor drive mechanism and battery, which produces power for causing or assisting propulsion. Various kinds of globally available e-bikes range from electric bikes with a small motor to assist the pedal-power of the rider to more powerful e-bikes that produce power to completely drive the bike using throttle. 

Electric-Bike-Market,-2020-2030

Electric bikes are a flexible, versatile, eco-friendly, and trendy mode of transport. Consumers look up to them as an ideal substitute for scooters, smart cars, and public transport. These bikes help tackle traffic congestion, owing to the smaller size of e-bikes, attain higher speed with lesser effort, and health benefits attained with peddling. These factors lead to rise in popularity of electric bikes across the globe.

Factors such as implementation of government regulations to encourage the use of electric bikes, consumer inclination toward use of e-bikes as an eco-friendly & efficient solution for commute, increase in fuel costs, and rise in interest in cycling as a fitness & recreational activity are expected to drive the market growth. However, high cost of e-bikes and ban on use of e-bikes in major cities of China hinder the market growth. Furthermore, improvement in bicycling infrastructure & battery technology is expected to offer lucrative opportunities for the electric bike market growth.

The global electric bike market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Rise in awareness among people toward the environmental benefits of adopting e-bikes considerably fuels the growth of the global electric bikes market. In addition, increase in air & noise pollution and the desire for a clean and better future propel the demand for e-bikes over the conventional ones. Furthermore, government support in regions such as North America, Europe, and developing countries in Asia-Pacific to promote the usage of electric bikes drives the market growth. Inclination toward personal well-being and the urge to maintain physical fitness further propel the need for electric bikes for commuting in Europe.

Asia-Pacific has  garnered a significant share in the e-bikes market, due to huge adoption in high populous cities such as China and Japan. In addition, increase  in initiatives for environmentally friendly vehicles & bikes and development of related infrastructure from the several governments such as India are anticipated to boost the growth of electric bike market in Asia-Pacific.

China has strengthened its industry leadership by making profits across all scopes of the supply side of electric bicycles including current & projected production of electric bicycle and their components, such as electric motors and lithium-ion battery cells. For instance, according to the Ministry of Industry and Information Technology, in the first 10 months of 2020, over 25.48 million units of electric bicycles were produced in China, a year-on-year increase of 33.4%. In addition, China launched various initiatives for green transportation and implemented regulations regarding emissions, which drive the electric bike market.

Netherlands is leading the European market in terms of electric bikes. Owing to the strong cycling infrastructure, two out of five new bikes sold in the Netherlands are e-bikes. For instance, according to the data by Rai Association and Bovag, 420,000 new e-bikes were bought in 2019, accounting 41.7% of total new bicycle sales in the Netherlands. Conversely, 34% and 12% of the bike sales were normal tour/city bicycles and children bikes, respectively. Furthermore, increase in adoption of electric bikes is expected to overtake the mechanical bikes in near future in Netherlands, which, in turn, is driving the market growth.

Electric Bike Market
By Product
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Throttle on demand is projected as the most lucrative segments

The global electric bike market is segmented into product type, drive mechanism, battery type, and region. Depending on product type, the market is bifurcated into pedelecs, speed pedelecs, throttle on demand, and scooter & motorcycle. By drive mechanism, it is fragmented into hub motor, mid drive, and others. On the basis of battery type, it is classified into lead-acid, lithium-ion (Li-ion), and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

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, and Yamaha Motor Co., Ltd. are some of the leading key players operating in the electric bike market.

Key Development:

  • In September 2020, Giant Manufacturing Co., Ltd. launched Trance X E+ Pro 29, an all-new E-bike for trail riding. It has high-performance SyncDrive Pro motor, new Maestro suspension system, and adjustable frame geometry.
  • In September 2020, Trek Bicycle Corporation launched Domane + ALR, an electric road bike. This electric road bike is made of aluminum and has range up to 104 kilometers with 250 Wh battery.
  • In July 2020, Raleigh Bicycles, the subsidiary of Derby Cycle, launched a new electric cargo bike range called Raleigh E-Cargo in the UK and Ireland. The Raleigh E-Cargo bikes are designed to carry up to 100kg in weight and have a range of up to 75km (46 miles) on one single charge.
  • In February 2019, Mahindra & Mahindra Ltd. collaborated with Silicon Valley-based electric personal mobility startup GenZe, for North American automotive division. This collaboration is aimed to expand Mahindra’s zero-emissions personal transportation solution in North America.

Electric Bike Market
By Drive Mechanism
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Others is projected as the most lucrative segments

Implementation of government regulations to encourage the use of electric bikes

Governments of various countries are taking initiatives to reduce the carbon footprints by encouraging the use of electric bikes, electric vehicles, and bicycles, owing to increase in awareness toward the hazardous effects of using vehicles running on fossil fuels. Moreover, governments are constructing bicycle-friendly streets, which are encouraging individuals to opt for bicycle as a key mode of commute. Electric bicycles, scooters, and motorcycles have gained significant attention from various governments as reliable and efficient types of light motor vehicles (LMVs), which help in reducing the carbon footprint. Furthermore, to encourage the use of these environment-friendly vehicles, governments around the world are supporting for the purchase of electric mobility, in terms of tax credits and incentives. For instance, in June 2019, the Indian Government announced a plan to lower the goods & service tax (GST) on e-vehicles from 12% to 5% for faster adoption of electric vehicles. Furthermore, infrastructure facilities such as guarded bicycle parking facilities, construction of more bicycle (express) routes, and establishment of battery charging stations in many countries by the governments significantly boost the adoption of electric bikes by users, thereby propelling the growth of the E-bikes market.

Consumer inclination toward use of e-bikes as an eco-friendly & efficient solution for commute

Increase in global carbon emission by fuel combustion has been one of the major concerns for governments and environmentalists from the past few decades. This, in turn, boosts the demand for electric vehicles across the globe, thereby supplementing the growth of the market. In addition, due to rise in cost of fuel at international level, increase in pollution, and traffic congestion especially in urban areas have increased the popularity of electric bikes across every continent. Moreover, higher running and maintenance cost of fuel vehicle leads to shift in preference for electric bike in daily commute, which, in turn, propels the E-bikes market growth.   

Electric Bike Market
By Battery Type
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Others is projected as the most lucrative segments

High cost of e-bikes

High cost of e-bikes is a major factor that restrains the growth of the E-bikes market. The cost of the battery and technology makes e-bikes costlier as compared to traditional bicycles, conventional scooters, or motorcycles. Hence, consumers find conventional scooters or motorcycles superior in performance with same or less price. Moreover, the use of lithium–ion batteries or drive mechanism of motor incurs maximum cost, thereby restraining the growth of the market. Hence, upsurge in adoption of e-bikes in countries other than China is limited by high costs. However, the E-bikes market is growing at a rapid rate globally, which may reduce the impact of this restraint in the near future.

Improvement in bicycling infrastructure & battery technology

E-bikes are less expensive than cars, do not require license, and can be used on existing bicycling infrastructure. Rapid urbanization and less preference of consumers to use cars due to increased traffic congestion are anticipated to offer lucrative opportunities for market expansion. In addition, governments of various countries focus on the development of infrastructure for e-bikes, including bicycle tracks and public charging stations with the inclination of consumers toward e-bikes. For instance, Sanyo (Japan) opened two solar parking lots in Tokyo where around 100 electric bicycles can be recharged from solar panels. Moreover, consistent technological innovations in e-bike by market players is propelling the market growth. For instance, in 2017, commercial bike racks & bike parking systems manufacturer, Bikeep introduced the solution of smart bicycle rack that provides electric bicycle charging. The solution will be available for the most popular e-bikes. Thus, all these factors collectively are expected to offer remunerative opportunities for the expansion of the global E-bikes market during the forecast period.  

Electric Bike Market
By Region
2030
Asia-pacific 
North America
Europe
LAMEA

LAMEA would exhibit the highest CAGR of 14.00% during 2020-2030.

Covid-19 Scenario Analysis 

  • Due to the COVID-19 pandemic, commuters are mostly preventing public transportation and adopting e-bikes as a safe, convenient, and affordable alternative to public transportation.
  • The COVID-19 pandemic has changed the way people commute, and bicycling has become even more popular around the world. As a major bicycle manufacturer and with the largest market for e-bikes, China has witnessed a growing demand in this field.  
  • Owing to the government restrictions on public transport due to social-distancing guidelines, commuters are adopting the e-bike as the mode of day-to-day transportation.
  • Industry participants see short-term disruption in electric bike development and its services during outbreak, owing to the travel ban for vehicles including cars and bus, which may create new opportunities for adoption of electric bikes.  

Key Benefits For Stakeholders

  • This study presents analytical depiction of the global electric bike market analysis along with current trends and future estimations to depict imminent investment pockets.
  • The overall electric bike market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to the key drivers, restraints, and opportunities of the global electric bike market with a detailed impact analysis.
  • The current electric bike market is quantitatively analyzed from 2019 to 2030 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Electric Bike Market Report Highlights

Aspects Details
Electric Bike Market By Product
By Product
  • Pedelecs
  • Speed Pedelecs
  • Throttle on Demand
  • Scooter or motorcycle
Electric Bike Market By Drive Mechanism
By Drive Mechanism
  • Hub motor
  • Mid-drive
  • Others
Electric Bike Market By Battery Type
By Battery Type
  • Lead acid
  • Lithium ion (Li-ion)
  • Others
Electric Bike Market By Region
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Netherlands, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, Vietnam, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Electric Bike Market By KEY PLAYERS
By KEY PLAYERS
  • 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.

Analyst Review

An e-bike is a bicycle with an integrated electric motor, a battery, and a controller that assists with increased propulsion. It makes use of chargeable batteries, which have different capacities depending upon their size. Peddle assist, throttle on demand, speed pedelec, and electric moped or motorcycle are the different categories of electric bikes. Increase in government support for electric bikes and implementation of stringent laws toward CO2 emission drive the growth of the global electric bikes market. Moreover, consumer inclination toward the use of e-bikes as an eco-friendly and efficient solution for commute and increase in fuel costs supplement the market growth. In addition, rise in interest in cycling as a fitness and recreational activity and improvement in cycling infrastructure & battery technology fuel the market growth.

At present, electric bikes are widely being used in various applications, including daily commuting, food & medicine deliveries, logistics, and others. Numerous companies such as Accell Group, Derby Cycle, Giant Manufacturing Co., Ltd., Trek Bicycle Corporation, and Yamaha Motor Co., Ltd. have been operating effectively in the electric bike market to offer advanced products, which further propels the growth of the global market.

However, high cost of e-bikes and ban on use of e-bikes in major cities of China hinder the market growth. On the contrary, improvements in bicycling infrastructure & battery technology are anticipated to offer potential opportunities for the market growth.

Among the analyzed regions, Asia-Pacific is the highest revenue contributor, followed by Europe, North America, and LAMEA. On the basis of forecast analysis, LAMEA is expected to lead during the forecast period, due to increase in concerns related to emission of hazardous pollutants in the developing countries such as Brazil, Argentina, South Africa, and Saudi Arabia. 
 

Author Name(s) : Akshay Jadhav | Lalit Janardhan Katare
Frequently Asked Questions?

The global electric bike market was valued at $40,312.00 million in 2019, and is projected to reach $118,657.00 million by 2030, registering a CAGR of 10.5% from 2020 to 2030.

Due to the COVID-19 pandemic, commuters are mostly avoiding public transportation. E-bikes are considered a safe, convenient, and affordable alternative to public transportation. Thus, coronavirus pandemic has changed the way people commute, and bicycling has become even more popular around the world. As a major bicycle manufacturer and with the largest market for e-bikes, China has witnessed a growing demand in this field. Therefore, the electric bike industry is one of those industries that is poised for better growth post-Covid-19.

The sample for global e-bikes market report can be obtained on demand from the AMR website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.

There are certain upcoming trands in electric bike such as improvement in bicycling infrastructure, battery technology and ongoing R&D in the field of electric motors.

The key growth strategies adopted by the electric industry players includes collaboration, product launch, agreement and partnership. These strategies opted by various industry players is leading to the growth of the electric bike market as well as the players.

The company profiles of the top market players of electric bike industry can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the electric bike market.

Asia-PAcific region is leading the market presently in terms of revenue. However, LAMEA and North America region is expected to provide more business opportunities for the key players operating in the global electric bike market.

By product, throttle on demand is expacted to gain traction over the forecast period as well as domainate the market share in the global electric bike market

Mexico, Vietnam and Africa has wirnessed as a key matured markets growing in the global electric bike market

The adjacencies such as high cost of electric bikes and ban on the use of electric bikes in major cities of China has impacting the electric bike market.

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Electric Bike Market

Global Opportunity Analysis and Industry Forecast, 2020-2030