Electric Bikes Global Market Report 2024

The electric bike market size has grown rapidly in recent years. It will grow from $49.54 billion in 2023 to $56.79 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth observed in the historical period can be attributed to environmental awareness, government incentives and policies, urbanization and traffic congestion, consumer interest in health and fitness, and cost savings on transportation.

The electric bike market size is expected to see rapid growth in the next few years. It will grow to $96.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The anticipated growth in the forecast period can be attributed to the cultural shift towards electric mobility, the rise of sharing and rental services, product innovation, and design diversity, global sustainability focus, and the increasing fuel costs and economic benefits. Major trends in the forecast period include e-bike subscription and ownership models, the market entry of new players, environmental sustainability messaging, a focus on lightweight designs, and customization and personalization.

The anticipated growth of the electric bikes market in the upcoming years is expected to be propelled by the implementation of government regulations encouraging their use. Electric bikes, with their extended range and user-friendly features, offer the convenience of travel without the need for excessive effort, enabling users to carry larger loads, run errands more efficiently, and embark on longer journeys. For example, the FAME India Scheme (Faster Adoption and Manufacturing of (Hybrid & Electric Vehicles) was implemented in 2021 with a substantial budget of $1.36 billion, emphasizing the electrification of public and shared transportation. Additionally, in the same year, the California state budget allocated $10 million to the Air Resources Board for the implementation of an e-bike rebate program set to launch by July 2022. As a result, the proactive approach of government regulations promoting the use of electric bikes plays a pivotal role in driving the growth of the electric bikes market.

The anticipated growth of the electric bike market in the future is expected to be driven by an increase in fuel costs resulting from a supply shortage. Fuel costs encompass the total expenditure associated with acquiring and using fuel sources to power various machines, vehicles, and equipment. Such as fuel prices, electricity prices tend to be more stable, offering a sense of predictability and assurance for e-bike users. For example, in August 2022, the US Department of Transportation reported unprecedented increases in motor fuel prices, with regular motor gasoline experiencing a 49% surge and diesel fuel seeing a slightly higher spike at 55% between January and June. This surge marked a significant shift from the decline observed in early 2020, a period characterized by economic recession and widespread stay-at-home orders in response to the COVID-19 pandemic. The resultant rise in fuel costs is poised to contribute to the growth of the electric bike market.

The electric bikes market is being significantly influenced by technological advancements. Key players in the electric bikes sector are directing their efforts towards developing technological solutions that align with customer demand, aiming to enhance their market position. For instance, in September 2021, Bosch, a Germany-based technology company, introduced its innovative Smart System - a comprehensive package featuring cutting-edge digital enhancements. This includes a new mobile app and a wireless remote control designed to elevate the digital experience of bikes utilizing the company's drivetrain system. Through the new mobile app, riders have the capability to set riding modes, automatically record their activity, and seamlessly integrate with fitness apps such as Apple Health. This technological push showcases the commitment of major companies to stay at the forefront of advancements and cater to evolving customer needs within the electric bikes market.

In the electric bike market, major companies are at the forefront of innovation, developing products such as commuter e-bikes to deliver reliable services to customers. A commuter e-bike, also referred to as an electric commuter bike, is a specialized electric bike designed specifically for efficient and practical urban transportation. For instance, in September 2022, Pedego unveiled its latest electric bike model, the Pedego Avenue. The Pedego Avenue is a commuter e-bike available in two frame styles and sizes, featuring a 28” 6061-T6 aluminum alloy frame with an integrated downtube battery and semi-internal cable routing. It comes equipped with PedalSense offering 5 levels of pedal assist, an LCD display, adjustable handlebars, sturdy double-wall wheels with heavy-duty spokes, and a twist-and-go throttle for full power on demand. This commitment to innovation showcases major companies' dedication to providing advanced and efficient solutions to meet the diverse needs of customers in the electric bike market.

In January 2022, TVS Motor Company, a prominent Indian motorcycle manufacturer, completed the acquisition of Swiss E-mobility Group (SEMG). This strategic move by TVS Motors reflects its commitment to developing eco-friendly transport solutions, aligning with the company's vision of progressing towards a more sustainable future. Notably, SEMG holds the distinction of being the largest e-bike manufacturer in Switzerland.

Major companies operating in the electric bikes global market report are Panasonic Corporation, Yamaha Motor Company, Mahindra & Mahindra Limited, Pon Holdings BV, Giant Manufacturing Co. Ltd., Pon Bicycle Holding B.V., Yadea Group Holdings Ltd., Accell Group NV, Trek Bicycle Corporation, Merida Industry Co. Ltd., Tianjin Golden Wheel Bicycle Group Co. Ltd., FRITZMEIER Systems GmbH & Co. KG, Specialized Bicycle Components Inc., Cube Bikes GmbH, Derby Cycle AG, Derby Cycle Holding GmbH, Brompton Bicycle Ltd., Beistegui Hermanos S.A., VanMoof, Koninklijke Gazelle N.V., Pedego Electric Bikes, Cannondale Bicycle Corporation, Electra Bicycle Company, BionX International Corporation, Focus Bikes GmbH, Gocycle Limited, Klever Mobility Europe GmbH, Tianjin Fuji-ta Group, Bulls Bikes GmbH, KTM Fahrrad GmbH, Cycles Lapierre S.A.S., M1-Sporttechnik GmbH & Co. KG, Orbea S. Coop. Ltda., Pivot Cycles LLC.

Asia-Pacific was the largest region in the electric bikes market in 2023. Europe is expected to be the fastest growing region in the forecast period. The regions covered in the electric bikes global market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric bikes global market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Electric bikes are broadly classified into class-I, class-II, and class-III. Class-I electric bikes feature an electric motor that operates solely when pedaling. These bikes utilize different motor types, including mid-motor and hub motor, coupled with a range of battery options such as lead-acid, lithium-ion (Li-ion), nickel-metal hydride (NiMH), among others. They find applications in various settings such as mountain or trekking, city or urban commuting, cargo transport, and more.

The electric bikes market research report is one of a series of new reports that provides electric bikes market statistics, including electric bikes industry global market size, regional shares, competitors with a electric bikes market share, detailed electric bikes market segments, market trends and opportunities, and any further data you may need to thrive in the electric bikes industry. This electric bikes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electronic bikes market consists of sales of e-moped, e-cycles and e-scooters. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.