The electric bicycles market has observed considerable growth in recent years. Electric bicycles, also known as e-bicycles, are bicycles equipped with an electric motor for assistance. The motor helps in propelling the bicycle and can be powered by a battery or human pedaling. Elderly and less active individuals find electric bicycles useful for short-distance commute as they provide extra power without much physical effort. Rising health consciousness and environmental awareness among consumers have facilitated the adoption of electric bicycles as they help reduce emissions and promote active transportation. Additionally, technological advancements including improved battery life and efficiency along with a broader product range in terms of speed, design, and price have further popularized electric bicycles. The Global electric bicycles Market is estimated to be valued at US$ 51.5Bn in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period from 2023 to 2030.
Key Takeaways
Key players operating in the electric bicycles market are Accell Group, Derby Cycle AG, Easy Motion, Jiangsu Xinri E-Vehicle Co. Ltd., Panasonic, Pedego, Stromer, and Yadea Technology Group Co. Ltd., BionX, Bosch, Electric Bike Technologies LLC, Giant Bicycles, GRACE, Superpedestrian, and Trek. These players are focusing on new product launches and partnerships for business expansion. For instance, in 2022, Giant Bicycles launched its newest electric bicycle models Revolt and Trance X E+ to offer high-performance e-bikes.
The growing awareness about health, wellness, and environmental protection has opened lucrative opportunities for players in the electric bicycles market. Countries across the globe are promoting the use of e-bikes through subsidies and infrastructure development, which is further encouraging their adoption.
Moreover, major players are exploring opportunities in international markets for global expansion. For example, in 2022, Yadea Technology Group partnered with European retailers to strengthen its foothold in key European markets. Such initiatives are fueling the electric bicycles market growth on a global scale.
Market Drivers
Rising environmental consciousness: Consumers are switching from gasoline-powered vehicles to eco-friendly transportation modes like electric bicycles to reduce carbon footprint. This is a major driver for the electric bicycles market.
Growing infrastructure for cyclists: Investments in infrastructure including dedicated cycle lanes and parking facilities are encouraging the adoption of electric bicycles for short-distance commute.
Market Restraints
High initial costs: Though totals costs of electric bicycles are lower than gas vehicles over time, their high initial prices limit their mass adoption in price-sensitive regions. This acts as a restraint for the electric bicycles industry.
Range limitations: Existing battery technologies restrict the range of electric bicycles which hinders their uptake for long-distance commuting. However, technological advancements are aiding to improve riding range over time.
Segment Analysis
The electric bicycles market is dominated by pedelecs sub segment which accounts for over 65% market share. Pedelecs or pedal-assisted electric bikes comes with small electric motors that assist the rider’s pedaling. It provides assistance up to 25 kmph. Its growing popularity over traditional e-bikes can be attributed to its close resemblance to regular bicycles while providing pedaling assistance. Riders do not require registration or license to ride pedelecs.
Global Analysis
Regionally, Europe dominates the electric bicycles market with over 50% share globally. Holland, Germany and Belgium are among the leading countries in Europe for electric bicycle adoption and infrastructure. High population density, investments in cycling infrastructure and government incentives for adopting electric bicycles have boosted the market in Europe. Asia Pacific is the fastest growing market for electric bicycles. China is the largest producer and consumer of electric bicycles globally. Increasing eco-consciousness among consumers and supportive policies by the Chinese government for electric mobility are driving market growth. North America is also witnessing healthy growth in demand for electric bicycles supported by innovations and increasing production capacities in the US and Canada.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
