The Electric Bike Market is anticipated to thrive at a steady CAGR of 10.2% between 2023 and 2033. The market is expected to have a market share of US$ 150.01 Billion by 2033, while it is likely to be valued at US$ 56.79 Billion in 2023.
The electric bike market is expected to grow rapidly across Europe. According to the report, 23 of the EU’s 27 nations have an active electric bike manufacturing and parts business. Approximately 900 small and medium-sized enterprises (SMEs) directly and indirectly employ approximately 120,000 people and spend more than one billion euros on research and development. Electric bike sales in the EU are expected to reach 13.1 billion units by 2032, with 60% of those bikes manufactured in Europe.
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- The revolution of e-bikes, e-cycles, and electric cars is around the corner and is experienced not only in first-world countries but also the emerging economies. The recent addition of E-bikes run on electric batteries.
- Higher sales of e-bikes are due to the no-fuel prices, minimum carbon emissions, and government subsidies. Alongside this, citizens are also adopting environmentally friendly ways of transportation.
- New e-bike launches with high mileage, improved power, advanced transmission, and better design are also gaining traction in the market. The battery performance and acceleration being the center of the deal, companies are now using high-power batteries in the bike.
- Local governments around the world, especially in population-dense countries in the east like China and India, are introducing community e-bike programs. These programs charge the minimum while delivering the maximum benefits.
- The growing electric vehicle infrastructure is also flourishing with the expansion of charging spots and stations around the world. These stations also offer service, repair, and replacement of the electric bike.
Key Points:
- The United States market leads the North American electric bike market in terms of market share in North America. The United States held a market share of 22.1% in 2022. The factors are attributed to leading two-wheel vehicle brands, government support for sustainable industries, and aware citizens.
- The German electric bike market held a market share of 6.9% in 2022. The market growth is caused by Germany being the automotive hub and extended research and development facilities. These facilities are advancing the battery performance while the German government target to limit the carbon footprint by the end of the forecast period.
- The Indian market thrives at a steady CAGR of 10.0% between 2023 and 2033. The government focuses on the energy transition from fossil and petroleum sources to alternative sources like electric and solar, garnering regional performance in the global market.
- Market in China is also expected to thrive at a CAGR of 10.5% during the forecast period 2023 to 2033.
- Based on product type, the pedelecs segment leads the market as it held a market share of 47.3% in 2022. Its health benefits, lower power consumption, and regenerative braking options are expected to help the segment keep its lead during the forecast period.
- Based on battery type, the lead-based battery segment strives as it accumulated a revenue share of 85.7% in the global market in 2022.
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Competitive Landscape:
The key vendors focus on durability, high battery life, and improved performance. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Top Players are:
- ECCITY Motorcycles
- Hero Electric Vehicles Private Limited
- Gogoro Inc.
- GOVECS GmbH
- Vmoto Limited
- Honda Motor Co. Ltd.
- 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
- Accell Group.
Recent Market Developments in this Market:
- Pedego Electric Bikes has introduced several e-bikes, including Avenue – Electric Commuter Bike, City Commuter: Lite Edition, City Commuter Mid Drive Edition, and City Commuter: Platinum Edition.
- Vespa has introduced the electric mobility vehicle named Elettrica with integrated smart technology and a TFT dashboard.
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Key Segmentation:
By Product type:
- Electric Scooter
- Electric Motorcycles
- Pedelec
By Battery type:
- Li-Ion
- NiMH
- Lead-based
By Technology:
- Plug-In
- Battery
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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