Electric Bike [E-Bike] Market Size & Share to Surpass $ 86.0 Billion by 2028 | Vantage Market Research

WASHINGTON, Jan. 02, 2023 (GLOBE NEWSWIRE) -- Global E-Bike Market is valued at USD 49.1 Billion in 2021 and is projected to reach a value of USD 86.0 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 9.8% over the forecast period 2022-2028.

One of the most significant economic areas is the E-Bike business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.

The report provides a thorough analysis of international producers and suppliers and their current situation and future prospects. It also details the global drivers of the demand for E-Bike, including rising investment requirements, developing technology, and new laws.

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Market Overview

According to Vantage Market Research, some of the key factors anticipated accelerating the E-Bike Market growth over the forecast period. Electric bikes are environmentally friendly, convenient and adaptable transportation. Due to their compact design, they enable higher speed with little effort and provide several health advantages. They also help to reduce traffic congestion. These major elements are anticipated to increase demand for E-Bikes on a global scale.

We forecast that the pedal-assisted category in the E-Bike Market sales will account for more than 30% of total sales by 2028. An electric bike's pedal-assisted mode uses pedals that the user must actively press to turn the wheels. However, depending on the type of bike, additional power is provided by a battery-operated motor installed on the front or back wheel.

North America region dominates the market throughout the projection period. The rising consumer consciousness of health and hygiene and increasing medical spending are the main contributors to the company's expansion in North America. Additionally, due to worries about infections and diseases and a growing emphasis on environmental preservation by the governments in the U.S. and Canada, the product demand is estimated to increase over the anticipated timeframe.

Top Players in the Global E-Bike Market

  • Accell Group (Netherlands)
  • Derby Cycle (Germany)
  • Fuji-ta Bicycle Co. Ltd. (China)
  • Giant Manufacturing Co. Ltd. (Taiwan)
  • Jiangsu Xinri E-Vehicle Co. Ltd. (China)
  • Mahindra & Mahindra Ltd. (India)
  • Prodecotech LLC (US)
  • Tianjin Golden Wheel Group Co. Ltd. (China)
  • Trek Bicycle Corporation (US)
  • Yamaha Motor Co. Ltd. (Japan)

For Additional Information on E-Bike Market Players and Detail List, Download a Report PDF Brochure

Market Dynamics

Growing preference for Bicycles as an Eco-Friendly Vehicle in Developing Nations to Boost Market Growth

Bicycles are becoming increasingly popular worldwide as the need for eco-friendly transportation grows. This is mostly due to the many advantages of cycling, including lower CO2 emissions, reduced air pollution, reduced noise pollution from other forms of transportation, reduced fuel costs, improved public health, and more.

Growing Popularity of e-MTB to Drive the Market Growth

Mountain biking has had a notable boost in popularity due to the increased demand for cycling worldwide. According to an analysis, the hiking and mountain biking market is predicted to expand quickly. The incredible growth in travel and adventure sports is projected to fuel the market's expansion for e-MTB.

Top Trends in Global E-Bike Market

  • One trend Vantage Market Research (VMR) expects to see in the E-Bike industry is the increasing popularity of mid-drive motors. Hub motors are the most popular type of E-Bike motor since they are the lightest, simplest, and least expensive for the makers. However, a considerable number of advantages that mid-drive motors have over hub motors are anticipated to increase demand for them in the future. Mid-drive motors, which drive the crank instead of the wheel, have more torque and performance than conventional hub motors.

  • Another trend that VMR predicts will continue in the E-Bike industry is the rising adoption rate of shared micro-mobility. The market for electric bikes (E-Bikes) will experience rapid expansion due to the increased adoption rate of shared micro-mobility. The public transportation ecosystem includes shared micro-mobility. Shared electric micro-mobility can supplement long-term fixed transit systems by offering digital capabilities for numerous travels at a cheaper per-traveler cost as a flexible mode of transportation with low operational expenses and overhead.

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Recent Developments:

  • March, 2022: Cannondale and Rui Hachimura came under a mutual alliance for manufacturing a Stealth Quick 3 City Bike. The Quick 3 comes equipped with a lightweight aluminum frame and carbon fiber fork with 360-degree reflective accents, along with Shimano Altus/Acera 18-speed drivetrain with hydraulic disc brakes and an integrated wheel sensor to help track speed, distance and calories burned.
  • March, 2022: Yamaha announced the introduction of two all-new, class 3, power assist bicycles: the Wabash RT and the Cross Core RC, e-Bikes with the all-new Yamaha PW Series ST drive unit, frame, and internally integrated batteries.
  • February, 2022: e-mobility startup VAAN Electric Moto Pvt Ltd launched its electric bicycle-Urban sport in the country. The e-bike is available in two variants- Urban sport and Urban sports Pro and these vehicles offer maximum assistance (top speed) of 25 km/h and a pedal-assisted range of 60 kilometers.
  • January, 2022: Momentum, Giant Group’s “lifestyle-inspired” cycling brand launched two new electric bicycles the Voya E+1 and Voya E+3. The Voya E+1 takes the form of a drop bar urban bike with an 11-speed Shimano GRX derailleur, while the Voya E+3 has typical flat bars and a 9-speed micro–SHIFT ADVENT derailleur. The 250 Wh battery claims to provide a range of between 40-72 km (25-45 miles) on a single charge. A provided 4A fast charger can give the battery an 80% charge in less than two hours.
  • January, 2022: Lekker Bikes expanded the store network in Australia. Lekker opened its first flagship at the Albion Fine Trades precinct in Brisbane CBD. The new store is stocked with Lekker’s full portfolio of bikes which comprises two core ranges: the Amsterdam e-bike range which is a sporty yet lightweight electric bike and the Jordaan range which is a modern take on classic Dutch bikes.

Top Report Findings

  • Based on Class, most of the E-Bike Market's revenue is controlled by the class 1 category. Class 1 E-Bike sales are projected to increase due to the increased demand for pedelecs, which provide power assistance and health benefits up to 25 kph without any driving restrictions.
  • Based on Speed, most of the E-Bike Market's revenue is controlled by the upto 25Kph category. Because they can be easily ridden on an incline and hilly terrain, E-Bikes with a power output above 250W have become increasingly popular. Throughout the projection period, this is anticipated to continue to fuel the segment's expansion.
  • Based on Battery Type, most of the E-Bike Market's revenue is controlled by the lead acid mid category. The segment's expansion can be ascribed to the many advantages that lead-acid batteries provide, including their affordability and durability.
  • Based on Motor Type, most of the E-Bike Market's revenue is controlled by the mid category.
  • Based on Modes, most of the E-Bike Market's revenue is controlled by the pedal assist category. E-Bikes with pedal assistance produce more power from the motor, allowing riders to pedal more quickly and easily. Additionally, these bikes are frequently used on hills and another difficult terrain.
  • Based on Components, most of the E-Bike Market's revenue is controlled by the battery category. Global use of diverse battery-operated products has increased due to expanding battery technology breakthroughs.
  • Based on Usage, most of the E-Bike Market's revenue is controlled by the trekking category. E-Bike use is expanding quickly for leisure and hiking purposes. Additionally, the rising demand for leisure activities would help fuel market expansion and greater awareness of achievement adventure.

Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on E-Bike Market Forecast Report (2022-2028).

Top 10 Players Generates More Than 45% of the Global E-Bike Market Revenue

The report also found that the largest players in the E-Bike Market are technology providers such as Accell Group (Netherlands), Derby Cycle (Germany), Fuji-ta Bicycle Co. Ltd. (China), Giant Manufacturing Co. Ltd. (Taiwan), Jiangsu Xinri E-Vehicle Co. Ltd. (China). These companies are expected to benefit from increased demand for their products and services and growing investments in new products. Other major players include Mahindra & Mahindra Ltd. (India), Prodecotech LLC (US), Tianjin Golden Wheel Group Co. Ltd. (China), Trek Bicycle Corporation (US), Yamaha Motor Co. Ltd. (Japan). As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.

Battery Category in E-Bike Market to Generate Over 30% Revenue

E-Bike are an expensive investment. Vantage Market Research has analyzed the market for E-Bike to understand its current state and potential future growth factors. For better understanding, based on thecomponent, the E-Bike Market is divided into batteries, electric motors , frames with forks, wheels, crank gears, brake systems, and motor controller.

During the forecast period, the market for E-Bike is anticipated to experience the highest CAGR for the battery category. When a battery is plugged into an electronic generator, it is a storage device for electricity generated. Battery testers will become more necessary as more portable electronics with batteries are created.

On the other hand, the electric motor category is estimated to grow significantly over the forecast period. Automated and robotic technologies are becoming more widely used, which will increase demand for electric motors for use in driving units. With the use of technology and automation, a wide range of multiple industries, including the production of semiconductors, the beverages and food sector, and the car industry, have benefited.

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Global E-Bike Market Segmentation

By Class

  • Class-I
  • Class-II
  • Class-III

By Speed:

  • Up to 25km/h
  • 25-45km/h

By Battery Type:

  • Lithium-ion
  • Lithium-ion Polymer
  • Lead Acid
  • Other Battery Types

By Motor Type:

  • Hub
  • Mid

By Mode:

  • Pedal Assist
  • Throttle

By Components

  • Batteries
  • Electric Motors
  • Frames With Forks
  • Wheels
  • Crank Gears
  • Brake Systems
  • Motor Controller

By Usage:

  • Mountain
  • Trekking
  • City/Urban
  • Cargo
  • Other Usages

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regional Analysis

  • The Asia Pacific region is the largest market for E-Bikes, accounting for more than half of the global market in 2021. The region is expected to continue to dominate the market during the forecast period. The high growth in the Asia Pacific region is due to the growing awareness about the benefits of E-Bikes, increasing disposable income, and supportive government policies.
  • The European Union is the second-largest market for E-Bikes, followed by North America and Latin America. The high growth of the E-Bike Market in Europe is driven by factors such as rising environmental concerns, the need for cost-effective and energy-efficient transportation solutions, and supportive government policies.
  • In North America, the E-Bike Market is driven by factors such as increasing environmental concerns and the need for alternative transportation solutions.

Scope of the Report:

Report AttributesDetails
Market Size in 2021USD 49.1 Billion
Revenue Forecast by 2028USD 86.0 Billion
CAGR9.8% from 2022 to 2028
Base Year2021
Forecast Year2022 to 2028
Key PlayersAccell Group, Derby Cycle, Fuji-ta Bicycle Co. Ltd., Giant Manufacturing Co. Ltd., Jiangsu Xinri E-Vehicle Co. Ltd., Mahindra & Mahindra Ltd., Prodecotech LLC, Tianjin Golden Wheel Group Co. Ltd., Trek Bicycle Corporation, Yamaha Motor Co. Ltd.

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