Electric Bike Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Japan, Germany, The Netherlands - Size and Forecast 2024-2028

E-Bike Market Size 2024-2028

The global e-bike market size is estimated to grow by USD 16.48 billion between 2023 and 2028. The market is accelerating at a compound annual growth rate of 6.95%. The market is witnessing significant growth driven by several key factors. There is a growing emphasis on sustainability and environmental concerns, prompting consumers to adopt eco-friendly transportation solutions like e-bikes and electric two-wheelers. Additionally, the popularity of connected electric bikes, equipped with advanced features and connectivity options, is further fueling market expansion. However, challenges such as product recalls due to potential failures of electric bikes pose challenges to e-bike market growth. Despite these challenges, the market is expected to continue its upward trajectory owing to increasing urbanization and the shift toward greener modes of transportation. This electric bike market research and growth report includes key drivers, trends, and challenges during the forecasted period. 

Electric Bike Market Overview

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E-Bike Market Segmentation

In the battery segment of the global electric bikes market, various factors influence the choice of batteries for electric bicycles. E-bikes offer an eco-friendly solution to transportation needs, particularly in urban areas facing issues like pollution and traffic congestion. Factors such as wars, inflation, and overstocks affect the availability and pricing of battery types, impacting consumer choices. Throttle-assisted e-bikes utilize batteries to provide additional power when needed, offering benefits like increased speed and ease of use for people of all ages. Different battery types cater to various needs, including those of cargo e-bikes designed for transporting goods over short distances. Despite advancements, some battery types may lack the range or power needed for certain commutes or applications, leading to a continuous need for innovation. Electric motorcycles, another segment of the market, utilize similar battery types but often require larger capacities due to their higher power demands. Overall, the demand for electric bikes and advancements in battery technology continue to drive innovation in the market, offering environmentally friendly alternatives for various transportation needs.

By Battery Type

The SLA batteries segment is estimated to witness significant growth during the forecast period. SLA batteries segment refers to a type of rechargeable e-bike battery commonly used in various applications, including electric bikes (e-bikes). In addition, they have been widely used for their affordability, reliability, and ease of maintenance, although newer models often utilize more advanced lithium-ion battery technology due to their higher energy density. Furthermore, SLA batteries are sealed and do not require regular maintenance, such as adding water or electrolytes. The SLA batteries segment was the largest segment and was valued at USD 21.93 billion in 2018. Moreover, SLA batteries, also known as gel cells, are a type of lead-acid battery with coagulated sulfuric acid electrolyte. In addition, these batteries are partially sealed and have vents to eliminate gases that are accidentally formed while overcharging. Furthermore, SLA batteries generally have lower energy density and capacity compared with lithium-ion batteries. Hence, such factors are fuelling the growth of this segment, which in turn drives the market growth during the forecast period.

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By Propulsion Industry Segmentation

Based on propulsion, the market has been segmented into pedal assist and throttle assist. The pedal assist segment will account for the largest share of this market.

Geographical Analysis of the Electric Bike Market

APAC is estimated to contribute 50% during the forecast period.

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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.  China, Vietnam, Japan, and India are key countries contributing to the markets in APAC.  In addition, China is the largest contributor to the market in the region. Moreover, the sales of electric bikes market, in terms of unit shipment, have registered tremendous growth in the country. In addition, this increase in sales was triggered by the Chinese government's initiatives to restrict motorcycles in city areas to avoid traffic disruption and accidents. Furthermore, this led to the rapid adoption in the country of short-distance commutes. In addition, the increasing popularity of shared mobility and growing acceptance of micro-mobility, especially in India, is expected to further fuel the market in the region. Hence, such factors are driving electric bike market growth in APAC during the forecast period.

E-Bike Market Dynamics

The global electric bikes market is experiencing rapid growth as consumers increasingly turn to eco-friendly solutions amidst rising fuel prices, congestion, and concerns over pollution. Governments are offering incentives and implementing regulations to encourage electric bike adoption. E-bike components, including lithium-ion batteries and motors, continue to advance, providing riders with efficient and convenient commuting options. Bicycle highway lanes are being introduced to support alternative modes of transportation and reduce congestion. Market players are introducing various e-bike models, catering to different needs such as commuting and mountain biking. With their low weight, cargo-carrying capabilities, and reduced noise pollution, e-bikes are meeting the needs of modern riders. Our researchers analyzed the market research and growth data with 2023  as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key E-Bike Market Drivers

One of the key factors driving the market growth is the increasing sustainability and environmental concerns. The growing awareness about environmental issues and the desire to minimize carbon footprints drive the demand for eco-friendly transportation alternatives. In addition, they offer a green mode of commuting that does not rely on fossil fuels. 

Moreover, eco-friendly transportation options that produce zero emissions while in use. In addition, as people become more conscious of the environmental impact of traditional vehicles, present a cleaner alternative for short- to medium-distant travel, contributing to air quality improvement in urban areas. Furthermore, electric bikes align with the global push toward sustainable transportation solutions. Hence, such factors are driving the market growth during the forecast period.

Significant E-Bike Market Trends

A key factor shaping the market growth is the popularity of connected e-bikes. The emergence of ride-sharing, ride-hailing, and vehicle rental services has played a key role in fuelling the adoption of connected vehicles. In addition, the popularity of e-bike-sharing services across regions has led to the advent of connected. Furthermore, the real-time location of a connected can be tracked by E-Bike-sharing companies as well as users.

Moreover, connected vehicles can enhance the bike-sharing business model and evolve it to make it an integral part of urban mobility. In addition, with the integration of connectivity features, have the potential to become a part of the seamless Mobility-as-a-Service (MaaS). Furthermore, seamless connectivity with public transportation systems will also enable connected bikes to become a last-mile connectivity solution. Hence, such factors are driving the market growth during the forecast period.

Major E-Bike Market Challenges

Product recalls due to possible failures of electric bikes are one of the key challenges hindering market growth. Product defects or the potential failure of systems can result in the recall of vehicles. In addition, in the past, manufacturers bore the complete cost of product recalls. For example, in September 2022, the US Consumer Product Safety Commission announced the recall of 3,300 due to fire and burn hazards.

Moreover, in October 2022, about 22,000  sold by retailers, including Amazon, Sears, and Walmart, were recalled due to fire, explosion, and burn hazards. In addition, improvements in company relationships and collaborations with suppliers across the upstream of the value chain have encouraged suppliers and manufacturers to share the cost of product recalls. However, it hurts their profit margins, which, in turn, will hinder the growth of the global market during the forecast period.

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Key Major E-Bike Market Companies

Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.

Accell Group NV: The company offers e bikes under its brands Haibike, Winora, Ghost, Batavus, Koga, Lapierre.

The electric bike market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

Avon Cycles Ltd., BH BIKES Europe SL, Cortina Bikes, Giant Manufacturing Co. Ltd., Greenwit Technologies Ltd., Hero Cycles Ltd., Hero Ecotech Ltd., Kalkhoff Werke GmbH, Klever Mobility Europe GmbH, myStromer AG, PEDEGO Inc., PIERER Mobility AG, Riese and Muller GmbH, SCOTT Sports SA, SHIMANO INC., Trek Bicycle Corp., TVS Motor Co. Ltd., Yamaha Motor Co. Ltd., and Zhejiang Luyuan Electric Vehicle Co. Ltd.

Qualitative and quantitative analysis of market growth and trends of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, market growth and forecasting it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Analyst Overview

The market is experiencing remarkable growth globally, driven by several factors and key players. Governments across the world are encouraging the use of electric bikes, offering incentives, and implementing regulations to promote this low-emission mode of transportation. The market is witnessing advancements in technological innovation, including motor drive technologies like hub motors and mid-drive motors. E-bike types and categories, such as electric mountain bikes (e-MTB), city/urban e-bikes, and cargo e-bikes, cater to diverse consumer demographics and trends. The market is experiencing rapid growth, driven by an increasing demand for eco-friendly solution, rising fuel prices, and the expansion of bicycle highway lanes. Despite challenges such as wars, inflations, and overstocks, the market continues to thrive due to the popularity of e-bike components. All-wheel drive e-bikes are revolutionizing the e-bike market, offering enhanced traction and control for riders across various terrains, from urban streets to rugged trails.

The rise of e-bikes addresses various concerns, including health benefits, congestion, air and noise pollution, energy security, and cycling popularity. The market also faces challenges, such as a lack of infrastructure, legal road use regulations, and the need for bike paths and lanes. Intelligent and omniscient bikes, equipped with data-gathering capabilities, contribute to the growing trend. Despite facing headwinds like the decline in electric bike sales due to factors like build quality, performance, and pricing incentives, the electric bike industry continues to evolve and capture the interest of riders worldwide.

Segment Overview

The electric bike market analysis growth report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in USD Billion for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments. 

• Battery Type Outlook
  • SLA Batteries
  • Li-ion Batteries

• Propulsion Outlook
  • Pedal assist
  • Throttle assist
• Region Outlook
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Brazil
    • Argentina 
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
    • Vietnam
    • Japan
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

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What are the Key Data Covered in this E-bike Market Research Report?

• CAGR of the electric bike market value forecast during the forecast period
• Detailed information on factors that will drive the growth of the electric bike market between 2023 and 2028
• Precise estimation of the e-bike market size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across APAC, Europe, North America, South America, and Middle East and Africa
• Thorough e-bike market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of e-bike market companies

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