The global E-Bike market is projected to grow from USD 49.1 billion in 2023 to USD 62.3 billion by 2028 at a CAGR of 4.9%. The e-bike industry has declined in 2023 in some regions due to economic uncertainty, supply chain disruptions, and price competition due to intense competition. However, these are temporary challenges, and the market would remain positive in the long-term outlook. Though the e-bike market in other regions hasn’t shown any decline, the market has shown steady growth. Reasons such as growing environmental concerns, government support such as dedicated lanes or incentives, technological advancements, and changing consumer preferences would drive the market in the long run. Increasing inclination towards multi-modal transportation would also drive the market for e-bikes in the coming years.
Growing demand for electric mountain bikes (e-MTB)
In recent years, e-MTB has witnessed a rapid increase in demand compared to other types, such as city/urban and cargo e-bikes. Europe, Asia-Oceania, and North America lead the e-MTB market. Interest in mountain biking is also increasing in Europe. According to Eurobike, almost every third e-Bike sold in Germany is an e-mountain bike. Europe is the largest market for mountain e-bikes, owing to an increase in the percentage of trips made by bicycles. The growth in the number of trips by e-bikes has been witnessed among young adults between 18 and 30. This age group mostly prefers mountain e-bikes as they are robust. In e-bike riding, the European region is dominated by males, with 90%. Mountain biking associations have undertaken efforts and initiatives to increase awareness regarding mountain biking sports and events. In January 2023, the International Mountain Biking Association Europe (IMBA Europe) and Cycling Industries Europe (CIE) signed a 3-year collaboration agreement to support and grow mountain bikes in Europe. The collaboration is a positive development that is likely to significantly impact the growth and popularity of mountain biking in Europe.
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City/Urban bikes are expected to be the largest e-bike applications during the forecast period.
The city/urban e-bikes are primarily used for daily commutes in metro areas; these are low-step frame bicycles designed for gentle terrain and trips around cities and urban areas. The price range of city/urban e-bikes ranges between USD 1,500 and USD 5,000, depending on their features. China, Japan, India, and South Korea in Asia Oceania face traffic congestion due to high population and vehicle density. Government policies and rebates are driving the market of city/urban E-Bikes. Mountain/trekking and Cargo bikes are expected to show faster growth in coming years. Pedego (City commuter), Rad Power Bikes (Rad City 5 plus), and Vanmoof S3 are some top-selling city E-Bikes.
North American e-bike market by value is projected to grow during the forecast year 2023-2028
In North America, city E-Bikes are expected to grow at the highest CAGR due to the increased adoption of electric bikes for daily commuting, recreation, and fitness activities. Trekking and mountain biking are two off-road sports and recreational activity mediums gaining popularity in the region, which is why the demand for e-MTBs is increasing. Crossroad biking has also gained popularity due to the rising number of women and kids entering this sport. Several cyclist organizations, such as League of America Wheelman, IMBA, and Bike Centennial, have undertaken initiatives and projects to encourage more individuals to enter this sport. Thus, all these factors lead to an increase in the demand for mountain and trekking E-Bikes. To reduce emissions, governments in North America are offering incentives to purchase cargo E-Bikes. These factors would increase the demand for E-Bikes in North America during the forecast period.
Key Market Players
The key players in the E-Bike market are Accell Group NV (Netherlands), Giant Manufacturing Co., Ltd. (Taiwan), Yadea Group Holdings., Ltd. (China), Yamaha Motor Company (Japan), and Pedego (US). Major companies’ key strategies to maintain their position in the global e-bike market are strong global networking, mergers and acquisitions, partnerships, and technological advancement.
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