The global e-bike market size is expected to advance at a CAGR of 10.4% during 2022–2030, to reach $89,736 million by 2030.
This is ascribed to the lower weight and cost-efficiency of these vehicles, growing concerns over climate change, government incentives, and the higher energy density of the newer batteries, which supports riders in covering more distance with each charge. Moreover, the continuously declining prices of Li-ion battery packs are expected to support the fastest growth of the lithium-ion battery category.
In addition, modern city planning and development initiatives are focused on enhancing traditional transportation systems. Thus, lots of people are switching from cars to e-bikes for short distances, to enable the environment to heal.
The e-bikes market is also growing because of the advancing technology and rising number of fitness enthusiasts. Hence, folding e-bikes, fat-tire e-bikes, e-assist road bikes, and city e-bikes are growing in popularity. In addition, many new entrants have emerged in this space, such as Aventon, Rad Power Bikes, Charge, and Ride1Up.
The personal category held the larger share in 2022, and it is forecast to dominate the e-bike market during the forecast period. The growth of this category is mainly attributed to the heavy usage of owned or personal bikes for transportation, last-mile delivery, and sports activities globally. In addition, major markets, such as China, Japan, the Netherlands, and France, display a high preference for personal bikes for commuting.
For instance, in the Netherlands, more than 4.5 million residents own an e-bicycle. Moreover, in France, the government is paying people $4,073 to switch to e-bikes.
Asia-Pacific is expected to hold the largest market share till 2030, attributed to the increasing sales of these vehicles in Japan, China, and Indonesia. Pedal-assist variant demand growing in the region as many countries limit e-bikes in terms of speed and power.
The e-bike market, especially for pedal-assist variants in China and Japan, is reaching a saturation point, as the growth in unit sales is stagnant. However, Indonesia, India, Singapore, and South Korea are expected to witness significant growth in the near future, driven by the strategic measures taken by domestic two-wheeler and low-speed e-vehicle producers and governments’ plans for the fast electrification of two-wheelers. Moreover, the growth in shared e-bike systems in India, Singapore, Thailand, and several other countries is supporting the advance of the e-bike market in the region. In the same way, in India, e-bikes and pedal assist are also use for last-mile delivery.
In addition, as per the Japanese Bicycle Promotion Unit, out of the 10 bikes on the roads, 6 are electric. The Japanese rules for e-bikes are much different than other countries. For instance, the motor cannot exceed 250 W in power output.
Moreover, APAC has major market players, including Yadea Group Holdings Ltd., AIMA Technology Group Co. Ltd., Yamaha Motor Co. Ltd., and Merida Industry Co. Ltd, who manufacture e-bikes, related parts, and accessories and sell them across the globe. Moreover, many manufacturers in China intend to establish their business in the U.S. and the European region.
Some of the major players operating in the global e-bike market are Accell Group N.V., Yadea Group Holdings Ltd., Giant Manufacturing Co. Ltd., AIMA Technology Group Co. Ltd., Zhejiang Luyuan Electric Vehicle Co. Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., Dongguan Tailing Electric Vehicle Co. Ltd., Trek Bicycle Corp., Yamaha Motor Co. Ltd., and Merida Industry Co. Ltd.