Electric Bike Market is projected to Cross a worth of 195.50 Billion by Registering a CAGR of 7.7% Between Forecast Period of 2021-2031| Transparency Market Research, Inc.
- Increase in number of government-funded financial incentive programs for vehicle electrification opens up new revenue streams in the market
- Rise in demand for sustainable ways of commuting presents significant opportunities for market players
WILMINGTON, Del., Dec. 7, 2022 /PRNewswire/ -- The global electric bike industry is estimated to grow at a CAGR of 7.7% from 2021 to 2031. Rise in need for restricting or reducing rising levels of toxic urban pollution has motivated the population to shift focus toward zero emission mobility solutions. This has resulted in increased demand for e-bikes. Manufacturers operating in this domain are focused on designing and producing next generation of electric bikes that are less bulky, feature enhanced engine performance, and boast bigger battery & range. Furthermore, rise in commercialization of electric vehicles in both developed, as well as developing economies, is propelling market development.
Electric Bike Market - Key Findings of the Report
- Increasing Popularity of Li-ion Batteries Bolsters Business Growth: Manufacturers operating in the global market offer various types of batteries for operation of an e-bike. These include lithium-ion polymer, lead acid, and lithium-ion batteries. Among these, the lithium-ion or li-ion batteries have started to gain prominence in the past few years. This can be ascribed to fast-charging cycles, and higher portability, as these are lighter than other types.
- Growing Emphasis on Automobile Electrification to Achieve Zero Emission in Transportation: Governments across the world are making extensive efforts to achieve zero emission in terms of mobility in public transportation sector. To achieve this, they are offering significant incentives and financial aid for electrification of automotive vehicles. These efforts can be prominently observed in European countries, such as the U.K. Furthermore, certain populations from several developed nations prefer public transportation solutions that offer zero or near-zero carbon emission capabilities.
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Electric Bike Market - Growth Drivers
- Rise in need for zero carbon emission in mobility increases adoption of electric bikes
- Surge in production of e-bikes that feature longer battery life and lightweight battery systems propels market growth
- Rapid adoption of cargo electric bikes in developed regions, such as North America, drives market expansion
Electric Bike Market - Key Players
Prominent players in the global electric bike market are Harley Davidson, Giant Manufacturing Co. Ltd., Douze Factory SAS, Butchers & Bicycles, Bionx International Corporation, Accell Group N.V., Johammer E-Mobility GmbH, Govecs Group, Energica Motor Company, Derby Cycle Holding GmbH, BMW Group, and AIMA Technology. Original equipment manufacturers in the industry are looking to expand their market share through incorporation of high-performance electric assistance tools and systems in automotive vehicles, including e-bikes, to attract a larger base of customers. Rise in commercialization of e-bikes that feature longer battery life and are lightweight is creating lucrative opportunities for industry stakeholders. Moreover, original equipment manufacturers are working towards enhancing the engine performance in e-bikes, in order to bridge the gap between IC engine operated bikes and electric bikes.
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Electric Bike Market: Regional Growth Assessment
Early and rapid adoption of sustainable methods for everyday commute is an emerging proposition that is estimated to open up new and attractive revenue streams for market players in Europe. A number of start-ups in the region are keen on capitalizing on such emerging market trends to enhance their industry share. Europe accounted for a considerable global market share in 2020. North America is another attractive region that exhibits significant potential for growth in the next decade. Market expansion in the region can be ascribed to increase in number of financial incentive programs funded by governments for automotive electrification, as well as early and increasing adoption of cargo electric bikes in the region.
Electric Bike Market: Segmentation
Electric Bike Market, by Mode
- Pedal Assist Mode
- Throttle Mode
Electric Bike Market, by Class
- Class 1
- Class 2
- Class 3
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Electric Bike Market, by Usage
- Mountain & Trekking
- City/Urban
- Cargo
- Others
Electric Bike Market, by Motor Type
- Mid Motor
- Hub Motor
Electric Bike Market, by Battery Type
- Cargo
- Cargo Polymer
- Lead Acid
- Others
Electric Bike Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East& Africa
- Latin America
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