Electric Bike Market size was valued at USD 43.05 billion in 2022 and is poised to grow from USD 46.02 billion in 2023 to USD 78.48 billion by 2031, growing at a CAGR of 6.9% during the forecast period (2024-2031).
In the past few years, the demand for electric bike market has increased as many government bodies are taking initiatives to reduce carbon footprints. The rising awareness about the hazardous effects of vehicles that operate on fossil fuels is also boosting the market. Moreover, governments are emphasizing on developing bicycle-friendly streets, encouraging people to prefer bicycles as their choice of transport. The rising popularity of e-bikes is also attributed to the growing technological developments in the industry. Connected e-bikes even has a SIM module that enables them to send and receive data with the help of cloud without any smartphone connection. These bikes provide remote diagnostics, anti-theft systems, social media connectivity, integrated navigation, and automatic emergency calls. The electric bikes are flexible, eco-friendly, and versatile method transport. Consumers are considering them a perfect substitute for smart cars, scooters, and public transport. They assist in minimizing traffic congestion due to their decreased form, offering better speed. These factors are contributing to the increasing demand for electric bike market.
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Top Player’s Company Profiles
- Accell Group N.V. (Netherlands)
- Giant Manufacturing Co. Ltd. (Taiwan)
- Yadea Group Holdings Ltd. (China)
- Yamaha Motor Company (Japan)
- Pedego Electric Bikes (United States)
- Pon.Bike (Netherlands)
- Aima Technology Group Co. Ltd. (China)
- Merida Industry Co. Ltd. (Taiwan)
- Trek Bicycle Corporation (United States)
- Specialized Bicycle Components, Inc. (United States)
- Hero Lectro E-Cycles (India)
- Fuji-Ta Bicycle Co., Ltd (Japan)
- Electric Bike Company (Status Unknown)
- Rad Power Bikes LLC (United States)
- Vanmoof (Netherlands)
- BH Bikes (Spain)
- Brompton Bicycle Limited (United Kingdom)
- Riese & Muller GMBH (Germany)
- Mystromer AG (Germany)
- Cowboy (Belgium)
- eAdicct Mobility Solutions Pvt.Ltd. (India)
Supply Shortages Leads to Rise in Fuel Expenses to Drive Market
Lately, the adoption of electric bicycles has increased significantly due to the increase in fuel expenses. The high cost of fuel price is because of the surge in crude oil costs that are primarily controlled by the Organization of the Petroleum Exporting countries. Furthermore, limited sources of crude oil are also increasing the prices. Nowadays, governments of many countries are also investing in charging infrastructure that is necessary for charging the bikes. They are also offering various incentives, schemes, and subsidies for attracting manufacturers to increase production and consumers for buying it. The consumers are also shifting towards buying electric bikes due to its advantages and eco-friendly nature. Bikes that have electric motors help in maintaining better high speed and ride comfortably. Therefore, rise in fuel expenses to boost consumer inclination towards the usage of electric bike, driving the market.
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Segments covered
Class
CLASS I, CLASS II, CLASS III
Speed Type
UP TO 25 KM/H, 25-45 KM/H
Battery Type
Lithium-ion, Lithium-ion Polymer, Lead Acid, Other Battery Types
Motor Type
Mid Motor, Hub Motor
Mode
Pedal Assist, Throttle
Component
Batteries, Electric Motors, Frames with Forks, Wheels, Crank Gears, Brake Systems, Motor Controllers
Usage
Mountain/Trekking, City/Urban, Cargo, Other Usages
Ownership
Shared, Personal
Battery Capacity
<250W, >250W-<450W, >450W-<650W, >650W
Weight
< 2 KG, > 2 KG - < 2.4 KG, > 2.4 KG
Motor Power
40–70 NM
Incorporation of Smart Features in Electric Bike to Improve User Experience Creating More Market Opportunities
The incorporation of smart features provides many opportunities for market extensions and innovations in electric bike. These features consist of GPS navigation, integrated sensors for tracking performance, and smartphones connectivity. With these electric bikes provide improved user experience whole offering useful data for riders so that they can enhance their journey experience. Such amalgamation of technologies is increasing the appeal of electric bikes to tech-savvy consumers. This is also opening new opportunities for personalized services, data driven insights, and innovative business models in the electric bike settings. Today, smart features are becoming more sophisticated and are smoothly embedded into the electric bike designs. These features will drive the adoption and growth of the market, catering to a wide range of consumer preferences and requirement.
- Montra Electric and Bike Bazaar went into partnership in April 2024. The aim was to offer ground-breaking financing solutions for electric three-wheelers. The collaboration will improve the adoption of sustainable transportation in India.
- Electric Bike Company and Oyster Technologies entered a strategic collaboration in April 2024. It will provide customers insurance at the point of purchase. The company can improve the customer experience by smoothly integrating insurance into the purchasing process of electric bike.
- Ride-hailing giant Bolt partnered with M-KOPA in April 2024 for introducing a fleet of 5,000 electric bikes in Kenya. This strategic collaboration will revolutionize urban mobility by offering cost-efficient and eco-friendly transportation.
- Hindustan Petroleum Corporation Limited went into a strategic alliance with Ultraviolettein February 2024. The aim was to establish a nationwide charging network for electric two-wheelers.
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Growing Environmental Concerns to Increase Demand for Eco-Friendly Vehicles to Propel Growth
The increasing awareness of environmental problems, especially regarding air pollution and climate change is driving the electric bike market growth. Today consumers have become more conscious about the environmental impact due to which there is constantly a demand for transportation solutions that merge with sustainability objectives. Electric bikes provide a cleaner substitute compared to the conventional vehicles, releasing no hazardous chemicals and creating less greenhouse gas. This is ultimately propelling the demand for electric bikes as an eco-friendly mode of transportation.
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