Global E-Bike Market Report and Forecast 2024-2032

Global E-Bike Market Outlook

The global e-bike market size was around USD 26.18 billion in 2023. The market is further projected to grow at a CAGR of 5.90% over the forecast period of 2024-2032 to attain a value of USD 43.81 billion by 2032.

An electronic bike or an e-bike is a regular bicycle fitted with an electric motor, a battery, and a drivetrain. It can be pedalled or can run on rechargeable batteries. E-bikes can further cover long distances with a single charge and mostly utilise lead-acid batteries.

The market is being driven by rising environmental concerns and growing demand for eco-friendly products. The rapid technological advancement is further supporting the market growth globally.

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One of the main factors driving the e-bike market growth is the increasing popularity of cycling as a leisure activity. Cycling has many physical and mental health benefits, including increased cardiovascular performance, muscle strength, and endurance, along with a decreased risk of stress and depression. Young people are increasingly opting for various adventure sports, which is further propelling the market. North America is one of the leading regions in the global market owing to favourable government initiatives and increased consumer awareness. The increased urbanisation and high consumer spending power are aiding the market growth in North America.

Global E-Bike Market Segmentation

The various e-bike motor-types available in the market include:

• Hub Motor

• Mid Drive 

• Others

Based on mode, the market has been bifurcated into:

• Throttle

• Pedal Assist

The demand for pedal-assist e-bikes has been growing significantly in recent years. As awareness about environmental issues increases, more people are looking for eco-friendly transportation options. Pedal-assist e-bikes are seen as a greener alternative to cars for short commutes and urban transportation.

E-bikes offer a way to engage in physical activity, especially for those who may find traditional cycling too strenuous. The pedal assist feature allows riders to customise the level of exertion, making cycling accessible to a broader range of fitness levels. Improvements in battery technology, motor efficiency, and overall bike design are some of the crucial e-bike market trends that have broadened their appeal to a wider audience.

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By battery type, the market is divided into:

• Lead Acid

• Lithium Ion

• Nickel-Metal Hydride (NiMH)

• Others

The demand for lithium-ion batteries in e-bikes is closely tied to the overall growth in the electric bikes market. Lithium-ion batteries can store more energy per unit of weight than other types of batteries. This makes them ideal for e-bikes, as they provide a longer range without significantly increasing the weight of the bike.

Lithium-ion batteries typically have a longer lifespan compared to other types, such as lead-acid batteries. This means they do not need to be replaced as often, making e-bikes with lithium-ion batteries more cost-effective in the long run. These batteries can deliver a consistent level of power output over time, which is crucial for the performance of an e-bike.

By class, the market is categorised as:

• Class I

• Class II 

• Class III

By design, the market is segmented into:

• Foldable

• Non-Foldable

On the basis of application, the market is divided into:

• Mountain/Trekking Bikes

• City/Urban

• Cargo

• Others

The e-bike market share in urban and city areas has been increasing significantly due to several key factors. In many cities, traffic congestion is a major issue, leading to long commute times and increased stress for residents. E-bikes offer a faster and more efficient way to navigate through congested streets, often allowing riders to use bike lanes and paths that bypass traffic.

Urban areas, being the centres of pollution and greenhouse gas emissions, have a growing population of environmentally conscious individuals. E-bikes are seen as a sustainable transport option that reduces carbon footprint compared to cars. E-bikes provide a cost-effective alternative to owning a car in the city. They eliminate expenses such as fuel, parking fees, and high maintenance costs associated with automobiles.

The report also covers the regional e-bike markets like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Global Market Share by Region

Europe is one of the leading markets for e-bikes

High environmental consciousness, well-developed cycling infrastructure, and supportive government policies contribute to its growth in the region. Germany, the Netherlands, and France are among the top markets in Europe. These countries have seen a significant increase in e-bike sales. Many European countries offer subsidies and incentives for e-bike purchases and invest heavily in cycling infrastructure.

North America is expected to witness significant growth in the forecast period

The North American market, particularly in the United States and Canada, is growing rapidly, although it started from a smaller base compared to Europe. Increasing awareness about health and the environment, rising urban traffic congestion, and an expanding network of bike lanes contribute to the growth.

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Global E-Bike Market Analysis

The global electric bike market is being supported by rising health concerns among consumers and growing awareness regarding the benefits of physical fitness. The advantage of cycling on human health is primarily driving the growth of the market. E-bikes are easy to ride, suitable for all age groups, and are a cost-effective alternative to motor vehicles as an environmentally friendly means of transportation. Rising disposable incomes and increased demand for enhanced product range is further supporting the market growth.

The rising concerns regarding climate change and environmental pollution, coupled with the growing acceptance of technology, are leading to an increase in e-bike market demand. Moreover, the stringent government regulations pertaining to the use of environmentally friendly and sustainable vehicles are providing a boost to the market expansion. The manufacturers are continuously innovating and expanding their product range to develop advanced variants with e-assistance services, including Smart E-Bike Monitoring System (SEMS) and hydrogen-powered bikes, which is expected to further aid the growth of the global market over the forecast period.

Competitive Landscape

The report gives a detailed analysis of the following key players in the global e-bike market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Accell Group

• BionX International Corporation

• Robert Bosch GmbH

• Yamaha Motor Co., Ltd.

• Derby Cycle

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report