The e-bike market size is estimated to grow from USD 49.7 billion in 2022 to USD 80.6 billion by 2027 at a CAGR of 10.2% over the forecast period. The market would witness growth due to some driving factors, such as safe, convenient, and affordable alternatives to public transportation, rapid urbanization, and growing infrastructure development activities in different countries. The market for e-bikes has grown significantly during Covid-19 as they provide a safe, affordable, and convenient alternative to public transportation. The e-bikes are also easy to charge and are less costly than two-wheeler; hence, they are one of the preferred options for micro-mobility. However, post-2022, the demand for e-bikes would be steady, considering the return of safer public and private transportation systems such as metros, buses, and cab/ride-sharing platforms.
Lithium-ion polymer battery type segment is expected to be the highest-growing segment during the forecast period.
Lithium-ion polymer batteries are the future of battery technology. Lithium-ion polymer batteries offer a better range and lesser weight than lithium-ion batteries. Another benefit is these batteries do not have free liquid, so the lithium-ion polymer batteries do not require to be protected by a heavy case which adds directly to the weight of the e-Bike. These batteries can be molded in different shapes and size, thus, there is a substantial market growth potential for lithium-ion polymer batteries exists during the forecast period.
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City/Urban e-Bike segment is expected to be the largest segment from 2022 to 2027.
The city/urban e-Bikes are designed for frequent, short, moderate-pace rides through relatively flat urban areas. The city/urban e-Bike segment is estimated to have a market share of ~60% in 2022 and is predicted to grow by 2027. Rapid urbanization and traffic congestions are among the key factors contributing to the city/urban e-Bike market growth. Most countries are also focusing on boosting the usage of city/urban e-Bikes through subsidies and regulations to reduce the stress on public transportation systems. China, Japan, India, and South Korea in Asia Oceania face traffic congestion due to high population and vehicle density. Thus, the city/urban e-Bike segment is estimated to have the largest market share in Asia Oceania by 2027.
North America is estimated to be the fastest-growing e-Bike market from 2022 to 2027.
North America is estimated to be the fastest-growing market for e-Bikes from 2022 to 2027 due to consumers' increased adoption of e-Bikes for daily commute usage. US and Canada are the major contributors to the sale of e-Bikes in North America. North America witnessed a boost in e-Bike sales in 2020-2021 after the situation started to regularize due to the increased vaccination rate post-Covid-19. With the increased attraction for recreational activities, the mountain e-bike segment is estimated to grow the fastest in North America by 2027. The quest to maintain the ecosystem and reduce the release of toxic elements into the atmosphere and carbon footprint is significant for the rapid response to North American e-Bike adoption. In an effort to reduce emissions, governments in North America are offering incentives to purchase cargo e-Bikes. These factors would increase the demand for e-Bikes in North America by 2027.
Key Market Players:
The e-Bike market is dominated by major players such as Accell Group N.V (Netherlands), Pon.Bike (US), Merida Industry Co., Ltd (China), Giant Manufacturing Co., Ltd (Taiwan), Yamaha Motor Company (Japan), Yadea Group Holdings Ltd (China), Pedego Electric Bikes (US), AIMA Technology Group Co., Ltd (China), Trek Bicycle Corporation (US) and Specilaized Bicycle Components, Inc (US).
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