Electric Bicycle Market Size, Share & Trends Analysis Report - Forecast(2024 - 2030)
Electric Bicycle Market Overview:
Electric Bicycle Market size is estimated to reach $50 billion by 2030, growing at a CAGR of 8% during the forecast period 2024 – 2030. The increased focus on sustainability and eco-friendliness has led to rise in the usage of bicycles. However, not everybody is fit or capable of riding a bicycle. Thus, an alternative in the form of Electric Bicycle has entered the market. Electric bicycle, being suitable for people that can ride a bicycle as well as for those who can’t is leading to the growth of demand for electric bicycles.
Like regular bicycles, an electric bicycle can be ridden by using its pedals. Unlike regular bicycles, electric bicycles also have a propulsion system which uses electricity to propel the bicycle. It makes the electric bicycle a little cheaper, albeit slower, alternative to electric motorbikes.
Market Snapshot
Electric Bicycle Market – Report Coverage:
The “Electric Bicycle Market Report – Forecast (2024 – 2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Electric Bicycle Market.
Attribute | Segment |
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By Class |
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By Propulsion System |
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By Battery Types |
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By Motor Type |
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By Price Range |
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By Application |
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By Power |
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By Torque |
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By Distribution Channel |
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By Geography |
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COVID-19 / Ukraine Crisis – Impact Analysis:
• With the COVID-19 pandemic leading to a decline in public transit, such as a 90% drop in subway ridership in New York City in 2020, a wave of electric mobility initiatives had emerged. Electric bikes saw a remarkable surge in adoption, even displacing traditional non-motorized bikes in several areas. The e-bike industry responded favorably amidst the challenges posed by the pandemic.
• In March 2023, the U.K. transport department announced a $2 billion plan to boost cycling and walking during and after the lockdown. The country’s government announced $200 million for new active travel schemes across England, including $35 million for the National Cycle Network and $8 million for the new e-cycle program.
• Ukraine is a major exporter of raw materials and components used in various industries, including electronics and manufacturing. Disruptions to the supply chain originating from Ukraine has led to delays or shortages in the production of electric bicycles and their components.
Key Takeaways:
• Pedal Assisted Electric Bicycles Dominates the Market
The pedal assist category has dominated the market in 2023, boasting superior battery longevity, reduced maintenance requirements, and the flexibility for users to select from three to five pedal assist modes, depending on the model.
Meanwhile, the throttle segment is poised to experience a higher CAGR in the forecast period 2024 - 2030. This surge is fueled by factors like reduced pedaling exertion, particularly evident when accelerating uphill or cruising. Moreover, the increasing popularity of mountain off-road biking will further fuel the expansion of throttle propulsion systems.
• Lithium-ion Batteries is the Fastest Growing Battery Type
Lithium-ion batteries reign as the top choice for e-bikes, boasting a significant market share of 65% in 2023, prized for their ideal balance of weight and capacity. They boast superior efficiency and ample energy storage, with twice the voltage and three times the capacity of lead-acid batteries. This superiority has propelled the lithium-ion segment to become the market's fastest-growing sector, while lead-acid batteries, with their lower cost and ease of recycling, maintain a significant presence as the second-largest segment.
• Urban Cycling Remains the Primary Application
The urban cycling sector has stood as the primary and swiftest expanding domain in 2023. The surge in eco-conscious transportation preferences, coupled with governmental backing, has propelled the proliferation of city bikes for everyday commuting purposes.
Meanwhile, the mountain biking realm is poised for significant expansion during the projected period 2024 - 2030, driven by the escalating global appetite for sports and adventurous pursuits, thus fostering the widespread adoption of mountain/off-road bikes, marking it as the second-largest market segment. Notably, the integration of e-bikes into recreational and trekking endeavors is witnessing a sharp uptick, buoyed by a burgeoning recognition of performance-centric adventure sports, further bolstering segmental advancement.
Additionally, the cargo transportation niche is slated for growth, attributed to its utility in ferrying small-scale goods for both commercial and personal endeavors, thereby serving as a catalyst for market expansion.
• Governments Promote the Use of Electric Vehicles
Governments worldwide are actively developing the charging infrastructure required for adopting electric bicycles. In addition, the federations are offering overall cost benefits with respect to e-bikes by offering incentives, schemes, and subsidies. For example, the Electric Bicycle Incentive Kickstart for the Environment Act, introduced on 21st March 2023, allows individual taxpayers a new tax credit for 30% of the cost of a qualified electric bicycle. The bill defines qualified electric bicycle to mean a bicycle or tricycle that does not cost more than $8,000 and that is equipped with fully operable pedals, a saddle or seat for the rider, and an electric motor of less than 750 watts. As a result, consumers are more inclined toward the use of electric bicycles considering the benefits and eco-friendly nature. Bicycles equipped with electric motors help in maintaining higher speed more effectively as well as make the ride more comfortable on rough roads.
• High Purchase Costs and Lack of Standard Regulation
Electric bicycle adoption remains limited on the grand scale due to high purchase costs. In the US, average cost of standard bicycle was $308 in 2022. In comparison, average price of an electric bicycle ranges from $1700 to $2618.
Class 1 and Class 2 Electric Bicycles can be ridden in bike paths and bike lanes, same as traditional bicycles. However, one cannot be sure about where they need to ride when using Class 3 Electric Bicycle. There are regulations that differ country to country, state to state.
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Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Electric Bicycle Market. The top 10 companies in this industry are listed below:
- Hero Lectro
- Trek Bicycle Corporation
- Giant Bicycle, Inc.
- Verlinvest (Pedego Electric Bikes)
- Aventon
- Leebike
- Kalkhoff Werke GmbH
- Juiced Bikes
- Mobility Holdings, Ltd. (Tern)
- Shimano Inc.
Scope of Report
Report Metric | Details |
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Base Year Considered |
2023 |
Forecast Period |
2024-2030 |
CAGR |
8% |
Market Size in 2030 |
$ 50 billion |
Segments Covered |
Class, Propulsion System, Battery Type, Motor Type, Price Range, Application, Power, Torque, Distribution Channel and Region |
Regions Covered |
North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (Middle East, and Africa). |
Key Market Players |
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1. Electric Bicycle Market- Market Overview
1.1 Definitions and Scope
2. Electric Bicycle Market - Executive Summary
2.1 Key Trends by Class
2.2 Key Trends by Propulsion System
2.3 Key Trends by Battery Types
2.4 Key Trends by Motor Types
2.5 Key Trends by Components
2.6 Key Trends by Application
2.7 Key Trends by Battery Capacity
2.8 Key Trends by Motor Power
2.9 Key Trends by Geography
3. Electric Bicycle Market – Comparative analysis
3.1 Market Share Analysis- Major Companies
3.2 Product Benchmarking- Major Companies
3.3 Top 5 Financials Analysis
3.4 Patent Analysis- Major Companies
3.5 Pricing Analysis (ASPs will be provided)
4. Electric Bicycle Market - Startup companies Scenario Premium
4.1 Major startup company analysis:
4.1.1 Investment
4.1.2 Revenue
4.1.3 Product portfolio
4.1.4 Venture Capital and Funding Scenario
5. Electric Bicycle Market – Industry Market Entry Scenario Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing Business Index
5.3 Successful Venture Profiles
5.4 Customer Analysis – Major companies
6. Electric Bicycle Market - Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porters Five Force Model
6.3.1 Bargaining Power of Suppliers
6.3.2 Bargaining Powers of Buyers
6.3.3 Threat of New Entrants
6.3.4 Competitive Rivalry
6.3.5 Threat of Substitutes
7. Electric Bicycle Market – Strategic Analysis
7.1 Value/Supply Chain Analysis
7.2 Opportunity Analysis
7.3 Product/Market Life Cycle
7.4 Distributor Analysis – Major Companies
8. Electric Bicycle Market – By Class Type (Market Size -$Million/Billion)
8.1 Class 1
8.2 Class 2
8.3 Class 3
9. Electric Bicycle Market – By Propulsion System (Market Size - $Million/Billion)
9.1 Pedal Assist
9.2 Throttle
10. Electric Bicycle Market – By Battery Types (Market Size -$Million/Billion)
10.1 Lead Acid Batteries
10.2 Lithium-Ion Batteries (Li-ion)
10.3 Lithium Polymer Batteries (LiPo)
11. Electric Bicycle Market – By Motor Types (Market Size -$Million/Billion)
11.1 Hub Drive
11.2 Mid Drive
12. Electric Bicycle Market – By Components (Market Size -$Million/Billion)
12.1 Battery
12.2 Electric Motor
12.3 Motor Controller
12.4 Throttle
12.5 Brake
12.6 Wheels
12.7 Others
13. Electric Bicycle Market – By Application (Market Size -$Million/Billion)
13.1 Mountain Trekking
13.2 Urban Riding
13.3 Light Cargo Hauling
13.4 Others
14. Electric Bicycle Market – By Battery Capacity (Market Size -$Million/Billion)
14.1 Less than 250W
14.2 250W – 450W
14.3 450W – 650W
14.4 More than 650W
15. Electric Bicycle Market – By Motor Power (Market Size -$Million/Billion)
15.1 Less than 40Nm
15.2 40Nm – 60Nm
15.3 60Nm – 85Nm
15.4 More than 85Nm
16. Electric Bicycle Market - By Geography (Market Size -$Million/Billion)
16.1 North America
16.1.1 USA
16.1.2 Canada
16.1.3 Mexico
16.2 South America
16.2.1 Brazil
16.2.2 Argentina
16.2.3 Colombia
16.2.4 Chile
16.2.5 Rest of South America
16.3 Europe
16.3.1 UK
16.3.2 Germany
16.3.3 France
16.3.4 Italy
16.3.5 Netherlands
16.3.6 Spain
16.3.7 Russia
16.3.8 Belgium
16.3.9 Rest of Europe
16.4 Asia-Pacific
16.4.1 China
16.4.2 Japan
16.4.3 India
16.4.4 South Korea
16.4.5 Australia and New Zealand
16.4.6 Indonesia
16.4.7 Taiwan
16.4.8 Malaysia
16.4.9 Rest of APAC
16.5 Rest of the World
16.5.1 Middle East
16.5.1.1 Saudi Arabia
16.5.1.2 UAE
16.5.1.3 Israel
16.5.1.4 Rest of the Middle East
16.5.2 Africa
16.5.2.1 South Africa
16.5.2.2 Nigeria
16.5.2.3 Rest of Africa
17. Electric Bicycle Market – Entropy
17.1 New Product Launches
17.2 M&As, Collaborations, JVs and Partnerships
18. Electric Bicycle Market – Industry / Segment Competition landscape Premium
18.1 Company Benchmarking Matrix – Major Companies
18.2 Market Share at Global Level - Major companies
18.3 Market Share by Key Region - Major companies
18.4 Market Share by Key Country - Major companies
18.5 Market Share by Key Application - Major companies
18.6 Market Share by Key Product Type/Product category - Major companies
19. Electric Bicycle Market – Key Company List by Country Premium
20. Electric Bicycle Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
20.1 Hero Lectro
20.2 Trek Bicycle Corporation
20.3 Giant Bicycle, Inc.
20.4 Verlinvest (Pedego Electric Bikes)
20.5 Aventon
20.6 Leebike
20.7 Kalkhoff Werke GmbH
20.8 Juiced Bikes
20.9 Mobility Holdings, Ltd. (Tern)
20.10 Shimano Inc.
“Financials would be provided on a best-efforts basis for private companies"
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The Electric Bicycle Market is projected to grow at a CAGR of 8% during the forecast period 2024-2030.
The global Electric Bicycle Market is projected to reach $50 billion by 2030, with Asia-Pacific dominating the market.
The leading players in the Electric Bicycle Market are Hero Lectro, Giant Bicycle Inc., Trek Bicycle Corporation, Shimano Inc., Juiced Bikes and Others.
Investment in the infrastructure necessary for electric bicycles by the governments around the world and the rising cost of fossil fuels are some of the major Electric Bicycle trends in the industry which will propel growth of the market during the forecast period.
The increasing emphasis on sustainability and the innovative features of electric bicycles are the driving factors of the market.