During the projection period, the electric bike market share are anticipated to grow at a CAGR of 10%. The electric bike market is expected to grow from US$ 52.05 Billion in 2022 to US$ 122.1 Billion by 2032.
Key Takeaways from Electric bike Market
- With a CAGR of 3.2% over the forecast period, pedestals are predicted to be the most popular product category in the electric bike market.
- The lead-based battery type sector holds a commanding share of more than 85% in the electric bike industry.
- Battery-powered bikes are anticipated to experience a significant sales surge during the projected period, dominating the demand for electric bikes.
- Due to the high prevalence of two-wheelers, APEJ is the largest market for electric bikes. During the projected period, the electric bike market is expected to rise at a robust CAGR of 3.2% and create a US$ 6.1 Bn growth opportunity.
- Electric bike sales in the EU are projected to reach 13.1 million units by 2032, with 60% of those bikes being produced in Europe.
- The electric bike market in North America is expected to grow rapidly.
“Due to the rising consumer trend toward environmentally friendly modes of transportation, the global e-bike market is extremely opportunistic and competitive. Additionally, e-bikes are seen by manufacturers as an affordable alternative to electric automobiles. E-bike sharing services and government organization support to encourage e-bike application and acceptance will blossom industry expansion in the ensuing years. – FMI Analyst
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Sales of electric motorcycles are expected to rise as a result of their many benefits. Electric bikes are a practical, versatile, eco-friendly, and fashionable mode of transportation. Consumers believe that e-bikes are the best alternative to scooters, smart cars, and public transportation.
As a result of government policies that support their usage and rising consumer demand for them as an effective and environmentally responsible method of transportation, the market for electric bikes is anticipated to grow.
Sales of electric motorcycles are expected to rise as a result of their many benefits. Electric bikes are a practical, versatile, eco-friendly, and fashionable mode of transportation. Consumers believe that e-bikes are the best alternative to scooters, smart cars, and public transportation.
The market for electric bikes is predicted to expand as a result of government policies that encourage their use and increased customer demand for them as an efficient and eco-friendly mode of transportation.
A number of significant firms are developing profitable revenue streams as the use of lighter, more durable e-bikes increases. To suit the various needs of consumers on their daily urban commute, manufacturers of electric bikes are also expanding their assortment of automobiles with a range of mileage and amenities. Sales of electric bikes are also predicted to increase as a result of higher gasoline prices and increased interest in cycling as a sport and leisure activity.
Competition Landscape in the Electric bike Market
Due to considerable expenditures made to improve the performance of the electric bikes and make them more comfortable to use, the top players in the global electric bike market fiercely compete with one another. The primary objective of these investments is to position e-bikes as the clientele’s preferred alternative to private cars and other vehicles. To improve the efficiency of the e-bike drive unit, some of the players have made considerable investments.
The producers of electric bikes are also expected to expand through strategic activities like new launches, expansion, collaborations, and acquisitions.
The top competitors in the electric bike market are Piaggio & C. SpA, Terra Motors Corp., Bayerische Motoren Werke AG, Jiangsu Xinri E-Vehicle Co. Ltd., Giant Manufacturing Co Ltd., Emotion Bikes USA, Pedego Electric Bikes, Volt, Energica Motor Company S.p.A., Zero Motorcycles, Inc., Mahindra Genze, Derby Cycle and Accell Group ECCITY Motocycles, Hero Electric Vehicles Private Limited, Gogoro Inc., GOVECS GmbH, Vmoto Limited, Honda Motor Co. Ltd.
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Key Segments Covered in the Electric Bike Market Report
By Product type:
- Electric Scooter
- Electric Motorcycles
- Pedelec
By Battery type:
- Li-Ion
- NiMH
- Lead-based
By Technology:
- Plug-In
- Battery
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
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Recent Developments in the Electric bike Market:
- In October 2021, Pon.Bike made the acquisition of the Dorel Sports division of Dorel Industries as part of a strategy to build a portfolio of high-end e-bikes that would span all e-bike segment categories.
- In July 2021, Pedego opened a brand-new location in Bethesda, Maryland, offering a wide range of e-bike sales, rentals, services, and accessories.
- In April 2022, Trek Bicycle Corporation purchased David’s World Cycle. Trek Bicycle Corporation purchased 21 retail chains to assist its expansion strategy and grow its dealer network.
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