According to the latest report by IMARC Group, titled “E-Bike Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global e-bike market size reached US$ 23.2 Billion in 2022. An e-bike, short for electric bike, is a bicycle equipped with an integrated electric motor and battery system. It combines the traditional pedaling mechanism of a regular bicycle with the assistance of an electric motor, providing riders with an enhanced and more efficient cycling experience. The electric motor can be activated through various means, such as a throttle or pedaling, depending on the specific e-bike model. E-bikes offer several advantages over conventional bicycles. They also make cycling more accessible to a wider range of people, including those who are less physically fit or have mobility challenges. The battery system of an e-bike stores and supplies the required electrical energy to power the motor. These batteries are typically rechargeable and can be charged using a standard electrical outlet. The distance an e-bike can travel on a single charge varies depending on factors, such as battery capacity, motor power, terrain, and the rider's input. The electric motor in an e-bike serves to enhance the rider's pedal power, helping during uphill climbs, against strong headwinds, or simply when the rider wants to travel at a faster pace with less physical exertion. The motor's power output and assistance level can often be adjusted to suit the rider's preference and the terrain they are traversing.
Global E-Bike Market Trends:
The rising awareness regarding the harmful effects of vehicles that run on fossil fuels represents a significant factor driving the market growth across the globe. This, coupled with the increasing concerns about climate change and environmental sustainability, is acting as a major growth-inducing factor. The market is also driven by the rising demand for a greener alternative to cars and motorcycles. Since e-bikes release zero or minimal emissions and consume less energy as compared to traditional vehicles, this is contributing to the market growth. In line with this, the increasing need for efficient and practical modes of transportation due to the rise in urbanization and traffic congestion in cities is contributing to the growth of the market. In addition to this, governments in several countries around the world addressing transportation challenges and promoting sustainable mobility are undertaking initiatives to alleviate carbon footprints by influencing the usage of electric bikes, which, in turn, is facilitating the growth of the market. Apart from this, increasing awareness about the health and fitness benefits of e-bikes is driving the growth of the market. Other factors, including advances in battery technology, electric motors, and overall e-bike design, cost advantages as compared to cars and motorcycles, and changing lifestyles, are creating a positive outlook for the market across the globe. Looking forward, the market value is projected to reach US$ 34.6 Billion by 2028, expanding at a CAGR of 6.78% during 2023-2028.
- Based on mode, the market has been bifurcated into throttle and pedal assist. Currently, pedal assist holds the largest market share worldwide.
- On the basis of the motor type, the market has been segregated into hub motor, mid-drive, and others. Currently, hub motor is dominating the market across the globe.
- Based on the battery type, the market has been classified into lead acid, lithium-ion, nickel-metal hydride (NiMH), and others. Presently, lead acid is holding the largest market share worldwide.
- On the basis of the class, the market has been segmented into class I, class II, and class III. Currently, class I is leading the market worldwide.
- Based on the design, the market has been segregated into foldable and non-foldable e-bikes. Presently, non-foldable e-bikes hold the largest market share across the globe.
- The market has been categorized on the basis of the application into mountain/trekking bikes, city/urban, cargo, and others. Currently, city/urban is dominating the market across the globe.
- On a geographical front, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Presently, Asia Pacific is dominating the market share across the world.
- The competitive landscape of the market has also been examined with some of the key players being Accell Group, BIONX International Corporation, Robert Bosch GmbH, Yamaha Motor Group, Derby Cycle Holding GmbH, Giant Group, KWANG YANG MOTOR CO., LTD., Merida & Centurion Germany GmbH (MCG), Samsung Electronics Co., Ltd., Continental AG, Prodeco Technologies LLC, Tianjin Fuji-ta Group Co., Ltd., Trek Bicycle Corporation, PEDEGO INC, and Shimano Inc.
|Base Year of the Analysis
||Mode, Motor Type, Battery Type, Class, Design, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||Accell Group, BIONX International Corporation, Robert Bosch GmbH, Yamaha Motor Group, Derby Cycle Holding GmbH, Giant Group, KWANG YANG MOTOR CO., LTD., Merida & Centurion Germany GmbH (MCG), Samsung Electronics Co., Ltd., Continental AG, Prodeco Technologies LLC, Tianjin Fuji-ta Group Co., Ltd., Trek Bicycle Corporation, PEDEGO INC, and Shimano Inc.
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