The global electric bicycle industry may expand to an astounding $119.27 billion by the end of the decade owing to customers’ growing adoption of alternative mobility, according to Fortune Business Insights’ report.
Notably, that figure represents a significant CAGR (Compound Annual Growth Rate) of 15.6% from just $43.32 billion in 2023.
It is also worth noting that li-ion is the leading battery type for the e-bike industry, with a global market share of 75.5% in 2022.
Growth drivers
The report cited the increasing fuel cost as the primary factor that substantially boosts the e-bike industry. Adopting e-bikes enabled customers to save money from fuel expenditures as they only need to plug their vehicles into a power source.
Apart from that, it also aided them to avoid the worsening traffic congestion on public roads. Riding e-bikes enabled them to move faster and easier from point to point, unlike larger four-wheelers.
The global market has also started the development of relevant infrastructures to support the growing number of e-bikes on the roads. With sufficient government support, the industry witnessed substantial growth in charging infrastructures to alleviate range-related concerns. Moreover, the governments have also been improving bicycle lanes and other necessary systems to accelerate the e-bike uptake.
Asia-Pacific region dominates the e-bike industry
Vantage Market Research conducted a similar study that analyzed e-bikes’ prevalence in various regions.
The findings revealed that Asia-Pacific is currently the leading region in e-bike production and sales. In fact, it accounted for a whopping 42.5% of the global market as of last year.
Europe trailed behind Asia-Pacific, with France, Netherlands, and Germany leading the e-bike adoption in the region.
Meanwhile, North America secured the third-highest spot in the global e-bike industry. Unfortunately, the report did not indicate figures for these three regions.
As expected, the report discovered that e-bikes are more popular in cities and urban settings. In fact, the city/urban segment held 55.6% of the global market as of 2022. Meanwhile, the recreational segment (e-MTBs and road bikes) ranked second, followed by the commuter and utility segment for cargo and delivery applications.
Latest trends
Vantage Market Research asserted that the e-bike industry has a strong commitment to sustainability. Therefore, e-bikes advanced as an ideal alternative to polluting vehicles.
It ultimately adhered to the global movement for cleaner mobility options because it has no tailpipe emissions.
Moreover, it has also advanced technologically with new smart features. It now has various capabilities, from smartphone integration to onboard sensors.
Connected mobile apps also enable owners to access relevant data such as state of charge, navigation aid, and fitness monitoring.
Top players
Below are the leading e-bike makers, as indicated by Vantage Market Research:
- Accell Group (Netherlands)
- Jiangsu Xinri E-Vehicle Co. Ltd. (China)
- Mahindra & Mahindra Ltd. (India)
- Prodecotech LLC (US)
- Derby Cycle (Germany)
- Fuji-ta Bicycle Co. Ltd. (China)
- Giant Manufacturing Co. Ltd. (Taiwan)
- Tianjin Golden Wheel Group Co. Ltd. (China)
- Trek Bicycle Corporation (US), etc.
See Also:
- E-Bikes are Outselling Electric Vehicles in the United States
- Ultraviolette has launched India’s “Fastest Electric Bike” worth Rs 3.8 lakh
- Indonesia’s new EV subsidy program covers 250,000 e-bikes and 39,500 electric cars
- Germany achieves significant milestone with over one million e-bikes produced in five months
- California proposes a driver’s license for e-bikes
The rapid expansion of electric bicycles on a global scale demonstrates customers’ growing interest in sustainable alternative mobility. It is unsurprising that this segment would advance to the forefront of modern transportation.
