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Valued at $14.4 billion in 2019, the global e-bike market is projected to surpass $25.9 billion by 2025, witnessing a CAGR of 10.3% during the forecast period (2020–2025).
North America is expected to witness the fastest growth among all regions in the e-bike market, in terms of volume, during the forecast period. This can be mainly attributed to the increasing preference for these bikes for trekking and short-distance commutation. Additionally, in North America, the market for shared bikes enabled with electric propulsion is rising at significant rate and is projected to witness a CAGR of 27.2%, by value, during the forecast period.
Fundamentals Governing E-Bike Market
The key trend observed in the e-bike market is the increasing integration of the smartphones into electric bikes. When integrated with it, the smartphone can enable rear view and provides the real-time information related to speed, bike battery status, navigations, and others to the riders.
The government subsidies and incentives act as major growth driver for the e-bike market. Subsidy in the form of discounts or reduction in the price of these bikes encourages more people in various countries to purchase these bikes. For instance, in 2018, Swedish government granted subsidy of 25% (or up to about $1,119) per electric bike to all the citizens for up to the next three years. With this subsidy, the sale of these bikes surpassed 100,000 unit sales in 2018 from over 67,000 unit sales in 2017.
Integration of these bikes in the bike sharing systems represents ample growth opportunities for the players in the e-bike market. Government in various countries are putting efforts and introducing targets to include these low speed two-wheelers in the public and private bike sharing services. For instance, Mexico City has recently established a goal of 30% bike to be electric in both public and private bike sharing systems by 2030.
Structural Analysis of E-Bike Market
The personal category under ownership type dominated the e-bike market, accounting for over 95% volume share, in 2019. This is majorly due to the fact that these bikes in the sharing systems has been introduced by only few operators in the global market, whereas heavy number of users have been buying these bikes for personal usage from several years.
The lithium-ion (Li-ion) battery category is expected to witness fastest growth, in both value and volume terms, during the forecast period in the e-bike market. This can be mainly ascribed to its lesser weight and higher energy density features, which provide the rider the more range per charge than other types of batteries.
The pedal-assist category under propulsion type led the e-bike market in 2019 and accounted for over 85% volume share. This is mainly due to the fact that bikes under pedal-assist do not require registration and licensing, and face lesser regulations than the throttle-based ones.
Geographical Analysis of E-Bike Market
The APAC region dominated the e-bike market, during the historical period, in volume terms, and is expected to maintain the trend during the forecast period as well. It is majorly due to the huge sales of low-speed electric two-wheelers in countries including China, Japan, and Indonesia.
During the forecast period, the e-bike market is projected to witness fastest growth in North America, in terms of volume, mainly based on the increasing preference for using this category of low-speed electric two-wheelers for trekking and short-distance commutation.
Competitive Landscape of E-Bike Market
The e-bike market is fragmented in nature, characterized by the presence of various domestic and global players, such as Yadea Group Holding Ltd., AIMA Technology Group Co. Ltd., Giant Manufacturing Co. Ltd., Zhejiang Luyuan Electric Vehicle Co. Ltd., Dongguan Tailing Electric Vehicle Co. Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., Dongguan Tailing Electric Vehicle Co. Ltd., and Accell Group N.V.
Recent Strategic Developments of Major E-Bike Market Players
In recent years, major players in the e-bike market are majorly engaged in product launch and several other business activities to gain the competitive edge. For instance, in October 2019, Giant Manufacturing Co. Ltd. introduced bike FastRoad E+ EX Pro. The company has installed an advanced motor system, a battery pack, and a control unit in it to make it more convenient to the rider.
Similarly, in September 2019, Hero Cycles Ltd., under its partnership with Yamaha Motor Co. Ltd. and Mitsui and Co. Ltd., launched Lectro EHX20 brand of electric bikes at about $1,811 price in India. Hero Cycles Ltd. will manufacture the Lectro bikes at its Ghaziabad, India, manufacturing unit.
Market Size Breakdown by Segment
The electric bike market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2025.
Based on Ownership Type
Based on Battery
Key Questions Addressed in the Report