Electric Bicycle/Cycle Market Size (2024 – 2030)

The Global Electric Bicycle/Cycle Market achieved a valuation of USD 54.72 Billion and is anticipated to reach USD 107.31 Billion by the conclusion of 2030. Throughout the forecast period spanning from 2024 to 2030, the market is poised to expand at a Compound Annual Growth Rate (CAGR) of 10.1%.

Electric Bicycle/Cycle Market

Electric bicycles, also known as e-bikes or electric cycles, incorporate an electronic engine and battery to assist riders in pedaling. This feature facilitates extended travel distances and easier navigation through challenging terrains, such as uphill routes. The escalating demand for eco-friendly transportation alternatives is a primary driver propelling the growth of the electric bicycle market. Notably, electric bicycles contribute to environmental sustainability by emitting fewer greenhouse gases compared to traditional gasoline-powered vehicles. Consequently, they serve as an environmentally beneficial mode of transportation. Moreover, electric bicycles contribute to mitigating traffic congestion and reducing air pollution in urban areas, making them an attractive option for environmentally conscious consumers. Additionally, advancements in battery technology and motor design have enhanced the efficiency and affordability of electric bicycles. With lighter and smaller batteries, modern electric bicycles boast improved aesthetics and enhanced riding comfort compared to earlier models characterized by bulkier batteries and motors.

Global Electric Bicycle/Cycle Market Drivers:

The surge in environmental concerns and governmental support worldwide is driving the sales of e-bicycles:

Increasing apprehensions regarding environmental issues such as air pollution and carbon emissions are fueling the global electric bicycle market. Electric bicycles align with the transition towards sustainable and environmentally friendly modes of transportation due to their emission-free operation and reliance on clean energy sources. Governments across various regions are actively promoting market growth through initiatives such as subsidies, tax incentives, and infrastructure development. For instance, several European countries advocate for electric bicycle usage to fulfill Europe's objective of reducing greenhouse gas emissions by at least 40% by 2030. Similarly, nations like China and India in Asia promote electric bicycles to combat urban air pollution. Furthermore, the COVID-19 pandemic has bolstered interest in cycling as a means of transportation due to reduced transmission risks compared to public transit. Government investments in cycling infrastructure, including dedicated bike lanes and bike-sharing programs, significantly contribute to the expansion of the electric bicycle industry.

Advancements in Battery and Motor Technology drive global market growth:

Recent advancements in battery and motor technology are further catalyzing the global electric bicycle market. Continuous improvements in lithium-ion battery efficiency, weight, and cost have resulted in longer battery life, shorter charging times, and extended range capabilities. Additionally, advancements in motor technology enable the seamless integration of more powerful and efficient motors into bicycle frames, enhancing the overall riding experience. These technological innovations render electric bicycles more practical, efficient, and affordable. As technological advancements persist, the industry anticipates the emergence of even more sophisticated features and designs.

Global Electric Bicycle/Cycle Market Challenges:

A significant challenge facing the electric bicycle industry on a global scale is the lack of infrastructure supportive of bicycle-based transportation. Inadequate designated bike lanes and other bicycle-friendly amenities in many cities make it challenging and unsafe for individuals to ride electric bicycles. Concerns regarding safety while cycling amidst congested urban streets may deter potential consumers from purchasing electric bicycles. Furthermore, the absence of sufficient opportunities for test rides and secure storage options can impede retailers' efforts to promote electric bicycles, thereby hindering market expansion.

Global Electric Bicycle/Cycle Market Opportunities:

The growing popularity of e-bike-sharing programs presents substantial business opportunities for electric bicycles globally. E-bike-sharing programs are increasingly prevalent in urban areas, offering a cost-effective and convenient mode of local transportation. Electric bicycle manufacturers have the opportunity to collaborate with these programs and supply high-quality, reliable e-bikes capable of withstanding frequent usage demands. As more cities invest in e-bike-sharing infrastructure, the electric bicycle market stands poised for significant growth.

COVID-19 Impact on the Global Electric Bicycle/Cycle Market:

The COVID-19 pandemic has elicited both favorable and unfavorable impacts on the global electric bicycle market. On the positive side, heightened concerns regarding infection risks associated with public transportation have spurred interest in cycling as an alternative mode of transportation. Consequently, there has been an increase in electric bicycle demand, particularly in urban areas. However, disruptions in global supply chains have led to shortages of certain components essential for electric bicycle production, such as batteries and motors. Additionally, economic repercussions stemming from the pandemic have constrained consumer spending in some markets, affecting electric bicycle sales adversely.

Global Electric Bicycle/Cycle Market Recent Developments:

• In February 2022, VAAN Electric Moto Pvt Ltd introduced electric bicycles in India featuring a maximum speed of 25 kmph and a pedal-assist range of 60 km. Available in Urban Sports and Urban Sports Pro variants, these bicycles aim to promote electric transportation in metropolitan areas.
• In February 2024, Porsche demonstrated its commitment to e-bikes by acquiring Fazua, a manufacturer of lightweight and compact e-bike drive systems. Building upon this acquisition, Porsche completed the acquisition of Greyp, a Croatian electric bicycle company, solidifying its presence in the e-bike market.

Global Electric Bicycle/Cycle Market Segmentation: By Type

The global market for electric bicycles and cycles is categorized into three main types:

• Power on Demand
• Pedal Assist
• Pedal Assist with Power on Demand

Power on demand electric bicycles are capable of being solely propelled by their motors, eliminating the need for pedalling. Pedal assist electric bicycles provide assistance while pedalling, making long-distance or uphill riding easier. Combining pedal assist and power on demand, the third category offers riders the flexibility to choose between pedallingor using the motor as needed. Presently, pedal assist electric bicycles dominate the market, constituting approximately 60% of the global electric bicycle market share. Conversely, power-on-demand electric bicycles, comprising only 15% of the market, are less common due to their heavier weight and lower energy efficiency. Pedal assists with power on demand electric bicycles, accounting for about 25% of the market share, are increasingly popular for their versatility.

Global Electric Bicycle/Cycle Market Segmentation: By Battery Type

The global electric bicycle market is segmented into two major categories based on battery type:

• Lithium-ion Battery
• Lead-acid Battery

Lead-acid batteries, known for their affordability and long lifespan, held the dominant position in 2022. However, due to their weight and rapid discharge rate, lead-acid batteries are expected to decline in popularity over the forecast period (2022–2030). In contrast, the lithium-ion battery segment is projected to grow rapidly during this time, driven by their higher energy density, lighter weight, and longer lifespan. Lithium-ion batteries currently command a larger market share, representing approximately 70% of the global electric bicycle market, owing to the increasing demand for lighter and more efficient batteries.

Global Electric Bicycle/Cycle Market Segmentation: By Application

Based on application, the market for electric bicycles and cycles is divided into four segments:

• City/Urban
• Cargo
• Trekking
• Others

City/urban electric bicycles, designed for urban environments, currently hold the largest market share, accounting for about 60% of the global market. The cargo segment is also gaining popularity due to the rising demand for environmentally friendly delivery options. Trekking and other segments, while presently having smaller market shares, are expected to grow as more individuals adopt electric bicycles for recreational and athletic purposes.

Global Electric Bicycle/Cycle Market Segmentation: By Region

The global market for electric bicycles and cycles is segmented regionally into:

• North America
• Europe
• Asia Pacific
• Middle East
• Latin America

Europe holds the second-largest market share for electric bicycles, driven by innovative designs and premium materials, along with regulatory measures against Chinese electric bicycles. North America is expected to experience the fastest growth rate, fueled by urbanization, technological advancements, and increasing manufacturing and IT businesses. The Asia Pacific region currently leads the market share due to the popularity of electric bicycles in countries like China and Japan, where they are viewed as accessible and environmentally friendly transportation options.

Global Electric Bicycle/Cycle Market Key Players

Key players in the global electric bicycle market include:

1. Accell Group N.V. (Spain)
2. Merida Industrial Co. Ltd. (China)
3. Giant Manufacturing Co. Ltd. (Taiwan)
4. Derby Cycle
5. Easy Motion (United States)
6. Yamaha Motor Corporation (Germany)
7. Mustache Bikes
8. Bike (United States of America)
9. NYCeWheels