The global electric bicycle market is gearing up for a significant boom, projected to leap from $24.90 billion in 2020 to a remarkable $66.53 billion by 2030, registering a robust compound annual growth rate (CAGR) of 10.5% over the forecast period, according to a recent report by Allied Market Research.
Asia-Pacific led the market in 2020, with China claiming the lion’s share, while regions like LAMEA are expected to experience the fastest growth, supported by rising government and private sector initiatives encouraging e-mobility.
Electric bicycles (e-bikes) combine traditional pedaling with electric propulsion powered by rechargeable batteries, offering a cost-effective, efficient, and eco-friendly transportation alternative. Their increasing adoption worldwide is driven by several factors:
- Government Incentives: Regulations like the U.S. Department of the Interior’s expanded trail access for e-bikes are opening new avenues for market penetration.
- Rising Fuel Prices: Skyrocketing fuel costs are steering commuters toward affordable alternatives.
- Fitness Trends: A growing interest in cycling as a recreational and health-conscious activity is boosting adoption.
- Technological Advancements: Innovations in lithium-ion battery technology and connectivity features are making e-bikes more attractive and reliable.
Despite initial pandemic-related disruptions in 2020, global sales have surged post-lockdowns as consumers seek personal, low-contact transportation options. China, the Netherlands, Japan, and the U.S. have all witnessed notable rebounds in demand.
Key Insights from the Report:
- Motor Type: Mid-drive motors dominated in 2020 and continue to lead due to superior torque and performance.
- Battery Type: Lithium-ion batteries are expected to post remarkable growth for their efficiency and lifespan.
- Application Segment: Fitness-related use tops demand, with rural consumers emerging as a high-growth segment.
- Power Output: High-power (751W and above) e-bikes are gaining popularity, especially for cargo and off-road uses.
Notable Market Players:
- Accell Group N.V.
- Giant Manufacturing Co. Ltd
- Derby Cycle
- Fuji-ta Bicycle Co Ltd
- Merida Industry Co, Ltd
- Yadea Group Holdings Ltd
- Yamaha Motor Corporation, USA
E-Bike Boom Highlights New Urban Mobility Era
The report emphasizes that infrastructure improvements and growing awareness of environmental benefits are laying the groundwork for continued expansion. With cities and consumers alike embracing sustainable transport, electric bicycles are poised to become a defining feature of the mobility landscape by the end of the decade.
