Electric bicycles, also known as e-bikes, are bicycles equipped with a battery-powered electric motor to assist pedaling. E-bikes provide comfortable transportation that reduces stress on the body and does not require parking. The growing demand for a sustainable mode of transportation to reduce traffic congestion and pollution is driving the adoption of e-bikes.
The global Electric Bicycles Market is estimated to be valued at US$ 51.5Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for sustainable mobility is a key trend accelerating the growth of the electric bicycles market. With increasing environmental awareness, people are shifting from private motor vehicles towards eco-friendly transportation modes like bicycles and e-bikes. E-bikes help cover longer commuting distances with less effort as compared to traditional bicycles. Moreover, they do not require infrastructure like charging stations and have very low carbon footprint. Owing to their sustainability benefits, many cities across global are investing heavily in bike-sharing programs which provide easy renting of e-bikes. This growing penetration of shared e-mobility is expected to significantly drive the demand over the forecast period.
Segment Analysis
The global electric bicycles market is dominated by pedelec sub segment which accounts for over 50% share. Pedelec provides assisted pedaling through an electric motor which engages only when the rider is pedaling, making it a popular and convenient option. It allows riders to travel longer distances with less effort.
Key players operating in the electric bicycles market are Accell Group, Derby Cycle AG, Easy Motion, Jiangsu Xinri E-Vehicle Co. Ltd., Panasonic, Pedego, Stromer, and Yadea Technology Group Co. Ltd., BionX, Bosch, Electric Bike Technologies LLC, Giant Bicycles, GRACE, Superpedestrian, and Trek. The market is witnessing increasing investment in R&D around battery technology to improve performance in terms of range and charging. Collaboration with regional automotive players is also on the rise to tap the growingLast mile connectivity segment.
Key Takeaways
The global Electric Bicycles Market is expected to witness high growth over the forecast period. The global Electric Bicycles Market is estimated to be valued at US$ 51.5Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market with a share of over 60% due to high adoption in China. China is the largest producer and consumer of electric bicycles globally led by the growing domestic demand for eco-friendly commuting options particularly in tier 2 and tier 3 cities.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
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