IMARC Group has recently released a new research study titled “E-bike Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the electric bike industry?
The global e-bike / electric bike market size reached US$ 23.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 34.6 Billion by 2028, exhibiting a growth rate (CAGR) of 6.78% during 2023-2028.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
An electric bike (E-bike) is a lightweight two-wheeler integrated with an electric motor to assistpropulsion. It comprises rechargeable batteries, a brake system, gears, wheels, and a drive train. It isequipped with a battery-powered paddling system that provides a boost to the speed and helpscontrol the acceleration with feet. It offers numerous features, such as foldability, smartphoneintegration, easy charging, and built-in security. In addition, it assists in easy, economical, andenvironment-friendly transportation and provides more mileage than conventional motoredvehicles. Apart from this, it offers numerous health benefits, such as improved physical and mentalhealth, reduced body fat levels, increased muscle strength and flexibility, and enhanced bloodcirculation. Its high power and efficiency allow easy rides on rough terrain and hills. At present,electric bike is gaining immense traction across the globe as it enables users to skip traffic jams andcommute short distances at higher speeds.
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What are the major market drivers in the ebike market?
Rapid urbanization and inflating disposable income represent one of the key factors positivelyinfluencing the market. In addition, the rising awareness among individuals about the adverseeffects of conventional vehicles is resulting in the increasing adoption of eco-friendly solutionsamong individuals, which is creating a positive market outlook. For instance, e-bikes release zerocarbon and toxic gas emissions into the atmosphere, which aids in reducing respiratory disorders.Moreover, they help minimize noise pollution and use lithium-ion batteries that are recyclable,which, in turn, reduce waste generation. This, in confluence with the flourishing automotive sector,is strengthening the market growth. Moreover, the easy availability of e-bikes in online and offlinedistribution channels, coupled with doorstep delivery and secured payment gateways, is creating apositive market outlook. In addition, key market players are constantly investing in research anddevelopment (R&D) activities to develop more innovative, affordable, and safer e-bikes. They arealso focusing on integrating innovative and effective tools and sensors to allow customization, whichis contributing to the market growth. In line with this, rising investments in promotional activities,such as celebrity endorsements, to expand the consumer base and improve profitability is providinga thrust to the market growth. Furthermore, the increasing adoption of advanced technologies, suchas artificial intelligence (AI) and augmented reality (AR) in the manufacturing process, to eliminatehardware malfunctions is positively influencing the market. Additionally, inflating fuel prices and theemerging trend of rental e-bike services in tourist places on account of their affordability andconvenience are propelling the market growth.
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| E-Bike Market Report Scope | |
| Report Coverage | Details |
| Market size value in 2022 | US$ 23.2 Billion |
| Market forecast in 2028 | US$ 34.6 Billion |
| Growth Rate | CAGR of 6.78% from 2023 to 2028 |
| Base year for estimation | 2021 |
| Historical data | 2017-2022 |
| Forecast period | 2023-2028 |
Who is the biggest manufacturer of e-bikes?
The major players in the market are Accell Group N.V. (ACCEL.AS), BIONX International Corporation, Bosch Limited (BOSCHLTD.NS), Yamaha Motor Co., Ltd. (YAMHF), 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. (SMNNY).
Browse more automotive industry reports:
Europe E-Bike Market: https://www.imarcgroup.com/europe-e-bike-market
Asia Pacific E-Bike Market: https://www.imarcgroup.com/asia-pacific-e-bike-market
Electric Kick Scooter Market: https://www.imarcgroup.com/electric-kick-scooter-market
Two Wheeler Market in India: https://www.imarcgroup.com/india-two-wheeler-market
India Electric Vehicle Battery Market: https://www.imarcgroup.com/india-electric-vehicle-battery-market
Electric Two-Wheeler Market: https://www.imarcgroup.com/electric-two-wheeler-market
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