E-Bike Market Projected to reach $77.2 billion by 2028
The global E-Bike market is projected to reach USD 77.2 billion by 2028 from USD 51.5 billion in 2023, at a CAGR of 8.4% from 2023 to 2028. The growth in the E-Bike industry is expected mainly because E-Bikes offer a healthy, eco-friendly solution for commuting at a much lower price than electric two-wheelers and help deal with increasing traffic congestion. The E-Bikes are mainly popular in European and American countries where governments have invested in dedicated bicycle lanes and incentivized the E-Bikes to promote emission-free transport. e-MTBs have witnessed a rapid increase in demand compared to other E-Bike types, such as city/urban and cargo E-Bikes, in recent years. It is suitable for off-road, as its robustness provides safety even on wet and slippery terrain.
Lithium-ion is expected to be the largest E-Bike battery segment during the forecast period.
The E-Bikes with lithium-ion batteries are estimated to account for the largest share of E-Bike due to the various benefits offered by these batteries, such as being eco-friendly, having a better lifecycle, and generating more power-to-weight ratio than other battery types. These batteries have also shown a sharp decline in price in recent years. Overall, lithium-ion battery prices have declined by almost 90% approx. Economies of scale have a significant role in reducing battery prices. Due to the growing demand for batteries, manufacturers can invest more in production facilities, resulting in a low cost per unit. Increased competition in the market has put pressure on manufacturers to reduce prices to remain competitive. With the growth of the E-Bike industry, the lithium-ion battery market is expected to grow and explore this new technology. In 2019, the output of high-end products such as lithium-ion battery E-Bikes stood at nearly 5 million units, accounting for ~14% of total E-Bike output in China. The efforts of manufacturers to produce lightweight E-Bikes have also resulted in the higher adoption of lithium-ion batteries.
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City/Urban bikes are expected to be the largest segment during the forecast period.
The city/urban e-bikes are mostly used for daily commutes in metro areas; these are low-step frame bicycles designed for gentle terrain and trips around cities and urban areas. The price range of city/urban e-bikes ranges between USD 1,500-USD 5,000, depending on their features. China, Japan, India, and South Korea in Asia Oceania face traffic congestion due to high population and vehicle density. Government policies and rebates are driving the market of city/urban E-Bikes. Additionally, Asia Oceania is considered the major exporter of E-Bikes across the globe. Hence Asian region holds the largest market for City E-Bikes due to the increased use of e-bikes for daily commuting, recreation, and fitness activities. Pedego (City commuter), Rad Power Bikes (Rad city 5 plus), Vanmoof S3 are some top-selling city E-Bikes.
Asia Oceania estimated to be the largest city/urban e-bike market
Asia Oceania is the largest e-Bike market in terms of production and sale. In Asia Oceania, China was the largest market for e-Bikes in 2022, followed by Japan and India. China’s e-bike market is projected to grow at a CAGR of 45%, contributing to global e-bike sales. City/Urban segment is expected to lead the e-bike market in this region. China witnessed a growth in E-Bike sales in 2022. E-Bikes are slowly being adopted in China, where the Chinese government introduced regulations in some cities, increasing e-bikes sales by 2%. Despite declining sales during the forecast period, China is still predicted to lead the e-Bike market in Asia Oceania.
Key Market Players:
Major players operating e-bike market are Accell Group NV (Netherlands), Pon Bike (Netherlands), Giant Manufacturing Co. Ltd (Taiwan), Yamaha Motor Company (Japan), Merida Industry Co. (Taiwan), and Specialized Bicycle Components Inc. (US).
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