The global e-bikes market size is anticipated to reach USD 52.37 billion by 2030, growing at a CAGR of 13.5% over the forecast period, according to a new report published by Grand View Research, Inc. Electric bikes are considered an eco-friendly and flexible mode of transportation. They are an ideal substitute for public transport, scooters, and smart cars as they help avoid traffic jams and achieve high speed with minimal effort. Moreover, they enable riders to maintain a healthy lifestyle through increased physical activity. These factors are contributing to the growth of the global market.
E-bikes Market Report Highlights
- The pedal-assisted segment is expected to dominate the market over the forecast period owing to the rising demand for pedal-assisted e-bikes among the youth and elderly population
- The lead-acid battery segment dominated the market with a 45.5% market share in 2021, owing to benefits such as low cost and robustness. However, the share is anticipated to decline as a result of a significant rise in demand for Li-ion batteries
- The Asia Pacific is expected to become the largest regional market over the forecast period owing to significant investments in the vehicle charging infrastructure and government subsidies for battery-powered vehicles
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E-bikes are the future and fast becoming the new norm. They are easy to use, give a safe commuting option, reduce congestion, reduce the load on infrastructure and the environment. As supporting infrastructure is going up around the world, the demand is expected to rise further. For instance, segment sales in the U.S. have grown threefold in the past five years. The COVID-19 pandemic has declined production and affected the supply chain, but post-covid-19 businesses going through a supercharged market that has accelerated sales and changed attitudes dramatically.
The declining consumer inclination toward cars owing to increased traffic on streets and growing urbanization is expected to offer lucrative growth opportunities for the market across the globe. Additionally, governments of several countries, including India, U.K., and Canada, are focused on developing infrastructures for bicycles owing to the growing consumer preferences for electric bikee-bikes. For instance, in 2017, Bikeep, a commercial bike parking systems, and bike racks manufacturer, introduced a smart bicycle rack solution that offers electric bicycle charging. The solution is designed to cater to various popular electric bicycles.
Key players in the market are focused on strategies such as new product launches and geographic expansion to enhance their business operations and product offerings. For instance, in October 2020, Giant Manufacturing Co. Ltd. announced the launch of a full-composite trail bike, Trance X Advanced Pro 29. The bike is equipped with an updated Maestro rear suspension and flip-chip feature that permits riders to modify the frame geometry. Similarly, in October 2020, Pedego Electric Bikes opened a new store in Boca Raton, Florida. The store offers a full range of electric bikes for rental and sale, along with related accessories and services.
E-bikes Market Insights By Demographics
The Asia Pacific held the largest revenue share, owing to the increasing consumption expenditure in countries such as China and India. The Asia Pacific is undergoing numerous technological advancements along with ever-developing charging infrastructure & presence of numerous prominent players. The low cost of raw materials and availability of cheap labor in the region are likely to provide lucrative opportunities for the regional market. North America is anticipated to grow at the highest CAGR. The rising number of manufacturing units and IT companies, coupled with the surging tech-savvy and urban population in the region. The rising demand for eco-friendly transportation and increasing government initiatives is anticipated to further drive the growth.
Competitive Analysis By Major Companies
Prominent players in the e-bikes market adopt various growth strategies, such as geographic expansion and new product launches, to strengthen their market presence. Moreover, they focus on enhancing their existing product offerings and improving brand awareness to gain a competitive edge in the market. Some prominent players in the global e-bikes market include:
- Pedego Electric Bikes
- Yamaha Motor Company
- Aima Technology Group Co. Ltd.
- Merida Industry Co. Ltd
- Trek Bicycle Corporation
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E-bikes Market Segmentation
Grand View Research has segmented the global e-bikes market based on propulsion type, battery type, power, application, and region:
- E-bikes Propulsion Type Outlook (Revenue, USD Million, 2018 – 2030)
- E-bikes Battery Type Outlook (Revenue, USD Million, 2018 – 2030)
- E-bikes Power Outlook (Revenue, USD Million, 2018 – 2030)
- E-bikes Application Outlook (Revenue, USD Million, 2018 – 2030)
- E-bikes Regional Outlook (Revenue, USD Million, 2018 – 2030)
- List of Key Players in the E-bikes Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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