As per Vantage Market Research, the worldwide E-Bike Market is poised to attain a valuation of USD 112.73 Billion by 2030, displaying a Compound Annual Growth Rate (CAGR) of 9.70% from 2023 to 2030. Additionally, the global Jojoba Oil Industry holds an estimated worth of USD 53.75 Billion as of 2022.
The growth of the E-bike market has been nothing short of remarkable. A convergence of factors, including heightened environmental awareness, traffic congestion, and advancements in battery technology, has propelled E-bikes into the spotlight. Urban dwellers, in search of efficient and eco-friendly modes of transportation, have found their match in these electric steeds. Market projections indicate a continued upward trajectory as governments and industries invest in infrastructure and innovation to support this transformative wave.
Prominent innovators have risen as trailblazers in this domain. Well-established bicycle manufacturers, tech industry giants, and burgeoning startups are all engaged in a competition for dominance in this evolving epoch of urban mobility. With an array of attributes ranging from elegant aesthetics to resilient battery configurations, each entity is contributing its distinct capabilities to the mix. Synergies formed between traditional cycling authorities and visionaries in electric propulsion have yielded E-bikes that seamlessly amalgamate performance, aesthetics, and ecological consciousness.
Top Report Findings
- Asia-Pacific is the largest market for e-bikes, accounting for 42.5% of the global market in 2022. Europe is the second largest market, followed by North America.
- The pedal-assisted segment is the largest segment of the e-bike market, accounting for 60.6% of the global market in 2022. The speed pedelecs segment is the fastest-growing segment, with a CAGR of 18.2% during the forecast period.
- The city/urban segment is the largest application segment of the e-bike market, accounting for 55.6% of the global market in 2022. The recreational segment is the second largest application segment, followed by the commuting segment.
- The lithium-ion battery segment is the largest battery type segment of the e-bike market, accounting for 75.5% of the global market in 2022. The lead-acid battery segment is the second largest battery type segment, followed by the nickel metal hydride battery segment.
- March 2023: Nibe Limited, an Indian e-bike company, raised INR 104.40 crores (USD 13.6 million) in a private placement round. The funds will be used to expand the company’s manufacturing capacity, develop new products, and increase its marketing and sales efforts.
- February 2023: Hero Motors and Yamaha Motor Co. signed an agreement to form a joint venture to manufacture e-cycles in India. The joint venture, called Hero Electric Vehicles, will have a manufacturing capacity of 1 million e-cycles per year.
- January 2023: Rad Power Bikes, a US-based e-bike company, raised USD 400 million in a Series D funding round. The funds will be used to expand the company’s manufacturing capacity, develop new products, and enter new markets.