According to The Insight Partners’ report the E-Bike Market Forecast is projected to increase from $39.66 billion in 2022 to $108.60 billion by 2030. The study anticipates a compound annual growth rate (CAGR) of 13.4% from 2022 to 2030. The analysis covers various factors including battery types (Lithium-Ion, Lithium-Ion Polymer, Lead Acid, Nickel Metal Hydride), motor types (Hub Motor, Mid Motor), bike classes (Class-I, Class-II, Class-III), and operational modes (Pedal Assist Mode, Throttle Mode), across different geographic regions.
The outdoor sports industry has experienced significant growth in the aftermath of the COVID-19 pandemic. With a rising focus on health and fitness, consumers are increasingly engaging in activities like trekking and cycling. Cycling, in particular, offers numerous health benefits such as immune system strengthening, weight loss, and muscle building. This trend has contributed to a surge in demand for e-bikes, fueled by the global increase in spending on outdoor recreational activities.
According to data from the U.S. Bureau of Economic Analysis (BEA), the U.S. economy has seen substantial output from the outdoor recreational activities sector, valued at approximately USD 682 billion. The number of participants in outdoor activities reached 164 million, accounting for 54.0% of the U.S. population. Among these participants, 54 million individuals were actively involved in biking, bolstering the e-bike market. Moreover, Americans spent a substantial amount, around USD 6.9 billion, on bicycles, indicating a robust market demand.
Additionally, governments of various countries have taken proactive measures to promote e-bikes and electric vehicles, aiming to reduce carbon footprints. For instance, the U.S. government introduced the Electric Bike Incentive Kickstart for the Environment (E-BIKE) Act Scheme. This initiative provides subsidies of up to 30% of the electric bike’s cost, with incentives reaching up to USD 300 for e-bikes and up to USD 500 for cargo bikes, particularly benefiting lower-income residents. Similarly, the Canadian government incentivized electric bike purchases by offering cash discounts ranging from USD 250 to USD 750, further driving the adoption of e-bikes.
E-Bike Market Analysis: Competitive Landscape and Noteworthy Developments
The E-Bike market is bustling with activity from major players such as Haibike, Aventon Bikes, Giant Manufacturing Co Ltd, Merida Industry Co., Ltd., Pedego Electric Bike, Robert Bosch GmbH, Specialized Bicycle Components, Inc., Shimano Inc., Trek Bicycle Corp., and Yamaha Motor Co Ltd. These industry leaders, featured in the report, play a vital role in global traffic management. Many E-Bike manufacturers are venturing into the realm of advanced technology-based electric cycles, contributing to the market’s dynamic landscape. The E-Bike market report offers in-depth insights, enabling significant players to craft strategic growth plans.
In March 2023, Acer Group unveiled the Ebii, a lightweight electric bike tailored for urban areas. The Acer ebii stands out for its innovative features, including an artificial intelligence-powered application. Weighing merely 35 pounds, it boasts a maximum assist speed of approximately 32 km/h (20mph) and impressively quick charging, fully replenished within 2.5 hours.
In May 2023, Heybike, a prominent e-bike manufacturer based in the United States, introduced a series of lightweight e-bikes. These eco-friendly commuting solutions are crafted using corrosion-proof aluminum and rust-resistant alloys, catering to the growing demand for environmentally conscious transportation alternatives.
China Leads the E-Bike Market in the Asia Pacific Region:
China stands as the epicenter of E-bike production, driven by its numerous manufacturers capitalizing on low labor costs and abundant raw materials. According to data from the China Bicycling Association, bicycle production in 2021 reached an impressive 76.4 million units, with E-bike production reaching approximately 45 million units. The trend in China involves consumers investing in bicycles and E-bikes for short-distance travel, a choice motivated by the need to avoid traffic congestion.
As of 2022, China solidified its position as the hub for E-bike production, housing approximately 74.4% of manufacturing plants, primarily located in North and East China. Key regions contributing significantly to E-bike production include Zhejiang in East China, Tianjin in North China, and Jiangsu Province. Notably, in Beijing, China, nearly half of the population, accounting for 47.8%, preferred traveling by bicycle in 2021. This growing preference translated into substantial spending, reaching approximately USD 14,800 on bicycles, including E-bikes. The heightened expenditure on outdoor and adventurous activities has become a driving force behind the robust growth of the E-bike market in China.
