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Global E-Bike Market to Reach US$ 34.6 Billion by 2028, Impelled by Increasing Health Consciousness

Published on Jan 17, 2022

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, also known as an electronic bicycle, is a standard bicycle equipped with an electric motor, a battery, and a drivetrain. It can be moved through pedaling or rechargeable batteries. E-bikes majorly use lead-acid batteries to cover long distances on a single charge. Over the years, e-bikes have gained immense popularity worldwide as they are cost-effective, energy-efficient, and provide an emission-free commuting option over motored vehicles. 

Global E-Bike Market Trends:

The market is primarily driven by the growing health consciousness among individuals as cycling provides numerous mental and physical health benefits such as improved cardiovascular fitness, muscle strength, flexibility, and the reduced risk of stress and depression. Moreover, the growing popularity of various adventure sports among young individuals is also contributing to the market growth. Apart from this, the expanding tourism industry is escalating the demand for e-bikes. Nowadays, tourists prefer e-bikes as a self-driving alternative as they are economical and offers an effortless riding experience. Additionally, the growing environmental awareness and rising urban air pollution have prompted individuals to switch to electric vehicles such as e-bikes, which emit low carbon emissions and can be charged using solar power. Furthermore, the introduction of innovative product variants, such as hydrogen-powered bikes and Smart E-Bike Monitoring System (SEMS), are also strengthening the market growth. Looking forward, IMARC Group expects the market value to reach US$ 34.6 Billion by 2028, exhibiting a CAGR of 6.78% during the forecast period (2023-2028).

Market Summary:

  • Based on the mode, the market has been bifurcated into throttle and pedal assist.
  • On the basis of the motor type, the market has been segregated into hub motor, mid-drive, and others.
  • Based on the battery type, the market has been classified into lead-acid, lithium-ion, nickel-metal hydride (NiMH), and others.
  • On the basis of the class, the market has been segmented into class I, class II, and class III.
  • Based on the design, the market has been segregated into foldable and non-foldable e-bikes.
  • The market has been categorized on the basis of the application into mountain/trekking bikes, city/urban, cargo, and others.
  • Region-wise, the market has been divided into Asia-Pacific, Europe, North America, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has been analyzed, 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.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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