Electric Bicycle/Cycle Market Size (2024 – 2030)

The Global Electric Bicycle/Cycle Market was valued at USD 54.72 Billion and is projected to reach a market size of USD 107.31 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 10.1%.

Bicycles with an electronic engine and battery to help the rider pedal are referred to as electric bicycles, also known as e-bikes or electric cycles. The electronic engine is made to help the user while they peddle, making it simpler to travel farther or uphill. The arising demand for environmentally friendly transportation choices is one of the main reasons propelling the development of the electric bicycle market. The fact that electric bicycles produce fewer greenhouse emissions than conventional gasoline-powered cars makes them an ecologically beneficial means of transit. Electric bicycles are a desirable choice for those who care about the environment because they can also help lessen traffic congestion and air pollution in metropolitan areas. Improvements in battery technology and motor design have also improved the effectiveness and affordability of electronic bicycles in addition to these other factors. The batteries used in electronic bicycles can now be more easily incorporated into the frame of the bicycle because they are now lighter and smaller. Electric bicycles are now more visually pleasing and more comfortable to ride than earlier models, which frequently had bulky batteries and motors. 

Global Electric Bicycle/Cycle Market Drivers:

Environmental Concerns and Government Support is boosting the sales of e-bicycles worldwide:

The rising concern over environmental problems like air pollution and carbon emissions is what is driving the worldwide market for electric bicycles. Electric bicycles are a perfect match for the transition to sustainable and environmentally friendly means of transportation because they produce no emissions and are powered by clean energy. Governments all over the world are promoting the market's expansion through different programmes like subsidies, tax breaks, and the construction of infrastructure. For instance, many European nations now encourage the use of electric bicycles as a result of Europe's goal to decrease greenhouse gas emissions by at least 40% by 2030. Electric bicycles are being promoted in Asia by nations like China and India to combat city air pollution. Due to the lower chance of transmission compared to public transportation, the COVID-19 pandemic has also boosted interest in riding as a method of transportation. Government spending on cycling facilities, such as designated bike lanes and bike-sharing programmes, is also contributing hugely to the expansion of the electric bicycle industry.

Advancements in Battery and Motor Technology is propelling the growth of the global market:

Additionally boosting the global market for electric bikes are recent developments in battery and motor technology. Longer energy life, quicker charging periods, and greater range are now attainable due to advancements in lithium-ion battery efficiency, weight, and cost over time. More powerful and efficient motors can now be easily integrated into bicycle frames, making riding more enjoyable, due to advancements in motor technology. Due to these developments, electric bicycles are now more beneficial, practical, and affordable, and as technology develops, we can anticipate to witness even more cutting-edge features and looks.

Global Electric Bicycle/Cycle Market Challenges:

The absence of infrastructure that supports using bicycles as a mode of transportation is one of the biggest issues the electric bicycle industry confronts globally. It's difficult and unsafe for people to ride electric bicycles in many cities because there aren't any designated bike lanes or other bicycle-friendly amenities. The difficulty of feeling secure while pedalling an electric bicycle on congested streets may deter people from buying them. It might be challenging for retailers to advertise electric bicycles if there aren't enough test rides or secure storage options available. Therefore, hindering the growth of the global market size.

Global Electric Bicycle/Cycle Market Opportunities:

The arising acceptance of e-bike-sharing programmes represents a significant business opportunity for electric bicycles worldwide. E-bike-sharing programmes are becoming more and more common in cities because they offer a cheap and practical mode of transit for local trips. Electric bicycle producers have an increasing chance to work with these programmes and provide high-quality, dependable e-bikes that can withstand the demands of frequent use as more cities invest in e-bike-sharing infrastructure. The market for electric bicycles has a large growth opportunity as a result. 

COVID-19 impact on the Global Electric Bicycle/Cycle Market:

The COVID-19 pandemic has had both favourable and unfavourable effects on the world market for electric bicycles. Positively, as people look for alternatives to public transportation to reduce their chance of infection, the pandemic has raised interest in cycling as a form of transportation. Electric bicycle demand has increased as a consequence, especially in urban areas. The pandemic has negatively affected global supply networks, causing shortages of some parts used in electric bicycles, such as batteries and motors. Additionally, the pandemic's effect on the economy has caused consumers in some markets to spend less money, which has affected the sales of electric bicycles.

Global Electric Bicycle/Cycle Market Recent Developments:

• In February 2022, VAAN Electric Moto Pvt Ltd launched electric bicycles in India with a maximum speed of 25 kmph and a range of 60 km on pedal assistance. The bicycles come in Urban Sports and Urban Sports Pro variants to promote electric transportation in metropolitan regions.
• In February 2023, Porsche took its e-bike ambitions seriously by recently acquiring Fazua, a maker of lightweight and compact e-bike drive systems. Furthering this commitment, Porsche has now purchased the entirety of Greyp, a Croatian electric bicycle company. This move solidifies Porsche’s presence in the e-bike space.

ELECTRIC BICYCLE/CYCLE MARKET REPORT COVERAGE:

Global Electric Bicycle/Cycle Market Segmentation:Global Electric Bicycle/Cycle Market Segmentation: By Type

• Power on Demand

• Pedal Assist

• Pedal Assist with Power on Demand

Power on demand, pedal assist, and pedal assist with power on demand are the three categories into which the worldwide market for electric bicycles and electric cycles can be divided. Electric bikes with power-on-demand capabilities can be propelled purely by their motors, eliminating the need for pedalling. The rider of a pedal-assist electric bicycle receives assistance while pedalling, making long-distance or uphill riding simpler. Electric bicycles that combine Pedal Assist and Power on Demand give riders the best of both worlds by letting them choose whether to pedal or use the motor for help as required. The pedal-assist electric bicycle segment, which makes up about 60% of the global electric bicycle market, presently has the biggest market share, according to market insights. Since pedalling activates motor assistance, pedal-assist electronic bicycles offer a more natural riding experience. With only 15% of the market, power-on-demand electric bicycles are less common because they are usually heavier and less energy-efficient. With a market share of about 25%, pedal assists with power-on-demand electronic bicycles are becoming more and more common because they provide the versatility of both pedal assist and power-on-demand modes.

Global Electric Bicycle/Cycle Market Segmentation: By Battery Type

• Lithium-ion Battery

• Lead-acid Battery

The lithium-ion and lead-acid battery types make up the two major categories for segmenting the global market for electric bikes and cycles. Since lead-acid batteries are inexpensive and have a lengthy lifespan, they dominated the market in 2022. However, due to their weight and rapid rate of discharge, lead-acid batteries are predicted to become less popular over the forecast period of 2022–2030. As a consequence, it is anticipated that the lithium-ion battery segment will expand more quickly during this time. Since lithium-ion batteries have a higher energy density, are lighter, and have a longer lifespan than other types of batteries, they are favoured for use in electric bicycles. Given the rising demand for lighter, more efficient batteries, market research indicates that the lithium-ion battery segment presently commands a larger market share, accounting for roughly 70% of the global market for electric bicycles.  

Global Electric Bicycle/Cycle Market Segmentation: By Application

• City/Urban

• Cargo

• Trekking

• Others

Based on the intended use, the market for electric bicycles and cycles can be divided into four groups: city/urban, cargo, hiking, and others. City/urban electric bicycles are lightweight, manoeuvrable vehicles that are specifically made for use in cities. Electric bicycles with cargo racks are made for hauling large loads, and companies frequently use them for delivery. Trekking electric bicycles are built for off-road use and have features like suspension and bigger tires to perform better on rough ground. Electric bicycles made for particular uses, like sports and leisure, are included in the "others" group. The city/urban electric bicycle segment, which makes up about 60% of the worldwide electric bicycle market, has the largest market share at the moment. This is a result of electric bicycles' rising acceptance as a practical and environmentally friendly means of transportation in urban settings. Due to the rising demand for environmentally friendly delivery choices, the cargo segment is also becoming more and more popular. The trekking and other market segments presently have lower market shares but are anticipated to increase as more people use electric bicycles for recreational and athletic pursuits in the years to come.

Global Electric Bicycle/Cycle Market Segmentation: By Region

• North America

• Europe

• Asia Pacific

• Middle East

• Latin America

The global market for electric bicycles and electric cycles can be split into North America, Europe, Asia Pacific, the Middle East, and Latin America. Europe currently holds the second-largest market share for electric bicycles, which is primarily a result of the product's innovative nature, appealing designs, and use of premium materials. The European Commission's anti-dumping and anti-subsidy measures against Chinese electric bicycles have also had a major impact on the market's impressive growth since 2018. The market for electric bicycles in North America is anticipated to expand at the fastest rate between 2023 and 2030, propelled by the region's urbanising and technologically savvy population as well as the escalating number of manufacturing facilities and IT businesses. Canada is currently developing at the fastest pace, but the US still holds the bulk of the regional market share for electric bicycles. Because electric bicycles are increasingly popular in countries like China and Japan, where people value them as an accessible and ecologically friendly mode of transportation, the Asia Pacific area presently holds the biggest market share. 

Global Electric Bicycle/Cycle Market Key Players

1. Accell Group N.V. (Spain)
2. Merida Industrial Co. Ltd. (China)
3. Giant Manufacturing Co. Ltd. (Taiwan)
4. Derby Cycle
5. Easy Motion (United states)
6. Yamaha Motor Corporation (Germany)
7. Mustache
8. Bikes Bike (United states of America)
9. NYCeWheels