Electric bicycles, commonly known as e-bikes, are bicycles equipped with an electric motor for assisting the rider’s pedal-power or completely taking over propulsion duties. They provide advantages such as reduced physical effort for the rider and higher travel ranges. The growing demand for eco-friendly transportation alternatives and increasing health awareness are fueling the need for e-bikes.
The global Electric Bicycles Market is estimated to be valued at US$ 51.5 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the electric bicycles market is the rising popularity of electric bike drives. Electric bike drives are the engines or motors powering electric bicycles. Different types of drives available in the market include hub motors, mid-drive motors, and friction drive motors. Among these, mid-drive motors are gaining higher traction as they provide more power and range to e-bikes compared to hub motors. Mid-drive motors are mounted between the pedals and crankset of bicycles. They engage directly with the bicycle’s drivetrain rather than its wheel like hub motors. This allows for more torque and a more natural cycling feel similar to conventional bicycles. The higher performance of mid-drive electric bike motors is increasing their demand, especially among performance and mountain e-bike enthusiasts. This growing popularity of mid-drive electric bike drives is a crucial trend fueling the expansion of the global electric bicycles market.
Key players:
Key players operating in the electric bicycles market include 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. Accell Group and Derby Cycle AG dominate sales in Europe while factors like Yadea and Jiangsu Xinri are leading manufacturers in China.
Segment Analysis
The global electric bicycles market is dominated by the pedal-assisted segment, accounting for over 60% of the total market share in 2023. Pedal-assisted electric bicycles come with an electric motor that provides assistance when the rider pedals, removing the strain during uphills and prolonging the riding duration. Their functionality as both an exercise bike and means of transportation has made them a popular choice among daily commuters and recreational riders.
Key Takeaways
The global electric bicycles market is expected to witness high growth, exhibiting a CAGR of 8.5% over the forecast period, due to increasing consumer preference for eco-friendly modes of transportation and physical fitness.
Regional analysis:
Asia Pacific dominated the global market with nearly 50% share in 2023 owing to the large consumer base and government initiatives to promote non-polluting vehicles in highly populated countries like China and India. Europe is another major regional market for electric bicycles driven by supportive infrastructure for bicycling and incentives for electric vehicles.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it