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.
- Electric bicycles, electric cycles, and electric vehicles are about to undergo a revolution that will affect both developed and developing nations. E-bikes, a newer development, use electric batteries.
- E-bike sales have increased as a result of government subsidies, low carbon emissions, and fuel-free costs. Additionally, people are embracing environmentally friendly modes of transportation.
- New electric bike launches with longer ranges, more powerful motors, more sophisticated transmissions, and better designs are also finding success. Companies are now adopting high-power batteries in bikes since the performance and acceleration of the batteries are the main selling points.
- 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.
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Key Points
- In terms of market share in North America, the United States market dominates the electric bike market. In 2022, the United States had a 22.1% market share. Leading two-wheel vehicle manufacturers, assistance from the government for environmentally friendly businesses, and informed consumers are cited as the causes.
- In 2022, the German electric bike market had a 6.9% market share. Germany’s position as the centre of the automobile industry and its expanded R&D infrastructure are to blame for the market expansion. While the German government strives to limit its carbon impact by the end of the forecast period, these facilities are improving battery performance.
- Between 2023 and 2033, the Indian market expands at a consistent CAGR of 10.0%. In order to boost regional performance on the global market, the government concentrates on the transfer of energy from conventional sources like fossil fuels and petroleum to alternative sources like electric and solar energy.
- The Chinese market also thrives at a CAGR of 10.5% during the forecast period.
- Based on product type, the market is led by the pedelecs segment, which had a 47.3% market share in 2022. The segment is anticipated to maintain its leadership during the projection period thanks to its health advantages, lower power usage, and regenerative braking choices.
- 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.
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.
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Key Players
- 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.
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 Market Developments
- 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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