During the projection period, the electric bike market size 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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Due to its numerous advantages, electric motorcycle sales are anticipated to increase. Electric bikes are a useful, adaptable, environmentally beneficial, and stylish means of transportation. E-bikes, in the opinion of consumers, are the ideal substitute for 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.
Due to its numerous advantages, electric motorcycle sales are anticipated to increase. Electric bikes are a useful, adaptable, environmentally beneficial, and stylish means of transportation. E-bikes, in the opinion of consumers, are the ideal substitute for scooters, smart cars, and public transportation.
It is anticipated that the market for electric bikes would grow as a result of government initiatives to promote their use and rising consumer demand for them as an effective and environmentally friendly means of transportation.
As the usage of lighter, more durable e-bikes grows, a number of big businesses are creating lucrative revenue streams. Electric bike makers are also broadening their selection of cars with a range of mileage and amenities to meet the diverse needs of consumers on their daily urban commute. Increased interest in cycling as a sport and leisure activity, as well as higher petrol prices, are expected to boost sales of electric bikes.
Competition Landscape in the Electric bike Market
The major companies in the global electric bike market compete aggressively with one another as a result of significant investments made to enhance the performance and comfort of the electric bikes. Positioning e-bikes as the clientele’s preferred substitute for private cars and other vehicles is the main goal of these expenditures. Some of the players have invested a lot to increase the e-bike drive unit’s efficiency.
Additionally, it is anticipated that the manufacturers of electric bikes would grow through strategic initiatives such product introductions, growth, alliances, 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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