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Browse in-depth TOC on “EBike Market”
526 – Tables97 – Figures458 – Pages
EBike Market Scope:
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Report Coverage |
Details |
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Market Revenue in 2024 |
USD 48.7 billion |
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Estimated Value by 2030 |
USD 71.5 billion |
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Growth Rate |
Poised to grow at a CAGR of 6.6% |
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Market Size Available for |
2019–2030 |
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Forecast Period |
2024-2030 |
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Forecast Units |
Value (USD Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
Class (Class I, II, & III), Battery (Li-ion, Li-ion Polymer, Lead Acid), Motor (Mid, Hub), Mode (Throttle, Pedal Assist), Usage (Mountain/Trekking, City/Urban, Cargo), Speed, Battery Capacity, Component, & Region |
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Geographies Covered |
North America, Europe, Asia Oceania |
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Report Highlights |
Updated financial information / product portfolio of players |
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Key Market Opportunities |
The trend toward connected e-bikes |
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Key Market Drivers |
Rising demand for micro-mobility services. |
Class I e-bikes are expected to account for the largest segment during the forecast period.
Many countries have regulations around e-bike motor power and speed. Class I e-bikes, typically with a motor assist up to 250 watts and a speed limit of 20-25 mph (32-40 km/h), often comply best with these restrictions. This makes them universally usable and avoids needing special licenses. Class I e-bikes provide a gentle power output that can make cycling convenient, especially for commuting or riding in hilly areas. They still need pedaling, so they retain the health benefits and exercise aspect of traditional cycling. Class I ebikes are less expensive than Class II or Class III ebikes. The market for Class I ebikes is expected to experience steady growth in the coming years. Some popular Class I ebikes include Trek Verve+2, Rad PowerBikes RadCity 5 Plus, and Specialized Como SL 4.0. Several factors contribute to increased demand for Class I e-bikes, particularly for short-distance urban travel. These include urbanization, health and wellness trends, and government incentives. Class, I e-bikes are anticipated to dominate the market in Asia-Oceania, especially in countries like China, Japan, South Korea, and Taiwan, where regulations specifically allow these e-bikes.
In North America, the market for Class I e-bikes is expanding rapidly. The US has introduced various incentives, including a proposed 30% tax credit for new electric bicycle purchases, passed by the House of Representatives in February 2022. The North American Electric Bike Association noted a 40% increase in e-bike sales in 2022, primarily fueled by Class I models. These initiatives aim to make electric bikes more affordable and accessible, boosting their popularity worldwide.
>650W battery capacity is forecast projected to be the fastest-growing segment during the forecast period.
Ebikes with larger battery outputs are ideal for riders who require more power and range. E-MTBs and E-Cargo bikes are mostly equipped with batteries with a capacity of more than 650W. The larger batteries help tackle challenging terrain and provide the power to climb hills and navigate rough roads. Additionally, E-Cargo bikes are designed to carry heavy loads; larger battery packs benefit them by giving extended range. As online shopping grows, the need for efficient and sustainable last-mile delivery solutions has become paramount. Businesses recognize the benefits of eBikes and eCargo bikes for their cost-effectiveness, environmental friendliness, and convenience in navigating congested urban areas for timely deliveries. Recent developments in lithium-ion battery technology allow manufacturers to create high-voltage batteries with a better energy-to-weight ratio, resulting in large batteries without adding excessive weight to the bike. Hence, >650W battery capacity is expected to be the fastest-growing battery capacity segment during the forecast period. Some bikes with >650W battery capacity are Canyon (Germany) Strive: ON CFR Underdog is equipped with Bosch Performance Line CX, which has a 750Wh capacity, Canyon (Germany) Grand Canyon: ON 8 is equipped with Bosch Performance Line CX, which has a 750Wh capacity.
Asia-Oceania is forecast projected to be the largest ebike market.
Asia-Oceania is the largest e-bike market in terms of production and sales, with China being the largest contributor to the Asian and global markets. The City/Urban segment is expected to dominate the e-bike market in this region, while Cargo e-bikes are projected to be the fastest-growing segment. In 2023, the ebike market saw a decline in sales, but still, China remained the largest market for e-bikes and experienced steady growth during this period.
There is a rise in demand for E-Cargo bikes due to their practicality and efficiency in urban environments. Cargo e-bikes offer a sustainable and cost-effective solution for transporting goods in congested urban areas, where traditional vehicles face challenges like traffic congestion and emissions. Cargo e-bikes can navigate crowded city streets more efficiently, leading to faster delivery times and potentially lower delivery fees for consumers. Additionally, advancements in battery technology have improved the range and charging times of e-bikes, including cargo e-bikes, making them more reliable and convenient for commercial and personal use. In China, the E-Cargo bike market is projected to grow the fastest during the forecast period. Popular E-Cargo bikes include Specialized Globe Haul LT, Urban Arrow Family Electric Cargo Bike, Lectric XPedition, and Rad Power Bikes RadWagon 5. The preference for e-bikes has increased in Asia Oceania compared to conventional modes of transport due to their lightweight, eco-friendly, and cost-effective nature. Cargo ebikes serve as a low-cost mode of carrying goods in densely populated cities. In the year 2023, Kawasaki (Japan), recently entered the cargo e-bike market with the release of the Kawasaki Noslisu Electric Cargo Bike in Japan. Kawasak Noslisu Electric Cargo Bike has three versions. First, the Kawasaki Noslisu which is a three-wheeled pedal-assist bicycle that does not require a rider license. It features a 180W rear hub motor, a front cargo basket, and offers up to 30 miles of range on a single charge, providing an affordable and practical cargo-carrying solution. Second is the Kawasaki Noslisu E which offers more power and requires a license to operate. It is equipped with a 500W rear hub motor with enhanced pedal assistance, maintaining a 30-mile range on a single charge which is priced at USD 3078 (YEN 431,100). and lastly Kawasaki Noslisu Cargo which is specifically tailored as a utility e-bike featuring a 180W rear hub motor and does not require a license for operation. It includes a spacious cargo bay between the front axle and handlebars, ideal for professionals needing a larger cargo-carrying capacity. It is priced at USD 2961 (YEN 414,700).
The e-bike industry in Taiwan has witnessed significant growth, particularly in 2022, according to the Taiwan Bicycle Association’s statement in March 2022. Taiwan has emerged as a key player in the manufacturing and global export of e-bikes. This prominence has been amplified by Europe’s anti-dumping policies and the trade tensions between the US and China. In 2022, Taiwan solidified its position as a significant exporter of e-bikes and related components, with the Netherlands, the US, Germany, the UK, Spain, Italy, Denmark, Switzerland, Belgium, and France ranking among the top 10 export destinations.
However, in 2022, there was a noticeable decline in the export of Taiwan-made e-bikes to the US and UK. The Taiwan Bicycle Association (TBA) reported a decrease in e-bike sales of 34% in volume and 22% in value from 2022 to 2023. The smaller drop in value is attributed to a higher average price per unit. This trend became apparent as early as August 2022 when the initial double-digit export growth between January and slowed to a mere 1.17%. By the end of the year, the overall export volume to the US and UK had further diminished, with Europe emerging as the primary destination for Taiwan’s e-bike exports.
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Ebike Market Dynamics:
Drivers:
Rising demand for micro-mobility services.
Restraints:
Varied government regulations and need for proper infrastructure in emerging economies.
Opportunities:
The trend toward connected e-bikes
Challenge:
High price of Ebikes
Key Market Players Ebike Industry:
Prominent players in the Ebike Market include Giant Manufacturing Co. Ltd (Taiwan), Hero Lectro (India), TAV Systems (Australia), Yamaha Motor Company (Japan), Merida Industry Co. (Taiwan), and Emotorad (India).
The break-down of primary participants is as mentioned below:
By Company Type: OEM – 80%, Tier I – 20%
By Designation: D Level – 30%, C Level – 60%, and Others – 10%
By Region: North America – 10%, Europe – 60%, Asia Oceania – 30%,
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Ebike Industry Recent Developments:
In April 2024, Pedego launched its Fat Tire Trike e-bike with three tires and a low-step frame design. It is equipped with PEDALSENSE, propulsion software that provides various riding options, such as throttle drive, torque assist, and cruise assist.
In March 2024, Pedego launched its Pedego MOTO, which is equipped with both front and rear suspensions to provide comfort on rugged terrain. A 48V battery producing 750W powers it.
In January 2024, AIMA Technology Group Co Ltd. and Bafang Electric (Suzhou) Co., Ltd formed a strategic partnership to create a specialized motor called Route 66 for Santa Monica.
Ebike Market Size – Key Benefits of Buying the Report:
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the e-bike market and the sub-segments. The report also discusses ups and downs in e-bike sales, allowing component suppliers to plan their strategies.
This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
This report provides insights on:
Analysis of key drivers (Government support to increase e-bike sales to reduce CO2 emissions, Growing popularity of e-MTB, Rising demand for micro-mobility services), restraints (High stagnant inventory of e-bikes, Government regulations, and lack of infrastructure, Ebike conversion kits), opportunities (Trend toward connected e-bikes, Development of lightweight electrical energy storage systems, Development in drive motors for increased e-bike performance), and challenges (Challenges in importing to EU and US from China, High cost of ebikes) influencing the growth of the eBike market.
Product Development/Innovation: Detailed insights on upcoming technologies and new product & service launches in the eBike market.
Market Development: Comprehensive market information – the report analyses the authentication and brand protection market across varied regions.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the eBike market.
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Pon.Bike (Netherlands), Accell Group NV (Netherlands), Yamaha Motor Company (Japan), Giant Manufacturing Co., Ltd. (Taiwan), Yadea Group Holdings Ltd. (China), and Trek Bicycle Corporation (US) among others in the eBike market.
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