The E-Bike Market size is projected to reach USD 80.6 billion by 2027 from an estimated USD 49.7 billion in 2022, at a CAGR of 10.2% from 2022 to 2027.
An electric bike, often known as an e-bike, is a bike that has an electric motor aligned to the pedal for propulsion. These bicycles use chargeable batteries of different capacities. E-bikes are equipped with a mid or hub motor and can be classified on the basis of the power of the electric motor. Pedal assist and throttle-on-demand are the different modes of electric bikes.
The market is expected to witness growth due to the development of infrastructure for e-Bike cycling paths, adoption of micro-mobility solutions, tax benefits and subsidies given by various governments to promote and create awareness about the usage of e-Bike.
With the growing popularity and usage of e-Bikes, the mountain e-Bike segment is expected to register a growth rate of 17.1% from 2022 to 2027. There has been a growing inclination of riders for off-roading and recreational activities for leisure purposes. Post-COVID-19 scenario, many European countries like Austria, Switzerland, Germany, Spain, and Norway are developing holiday packages with the growing craze for off-road recreational activities.
Many major players in the global market like Accell Group N.V (Netherlands), and Pon. Bike (US), Merida Industry Co., Ltd (China), Giant Manufacturing Co., Ltd (Taiwan) and Yamaha Motor Company (Japan) are focusing on developing products for mountain segment e-Bikes due to the growing demand.
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OPPORTUNITY: Trend toward connected e-Bikes
The e-Bike market is witnessing a lot of technological advancements for more optimized and reliable products. The connected e-Bike is one such advancement, wherein the SIM module enables the e-Bike to send and receive data to and from the cloud without a connected smartphone. The connected e-Bikes provide advanced features like emergency calls, integrated navigation, social media connection, an anti-theft system, and remote diagnostics which attracts a more customer base. Therefore, the trend for connected e-Bikes would create an opportunity for the e-Bikes market to develop and grow during the forecasted period.
The Class-I segment of e-Bikes is boosting the e-Bike market. The government regulations for speed limits in different countries, especially in Europe and Asia Oceania, which are the major markets for e-Bikes, are major factors contributing to the demand for the Class-I e-Bike segment. Some of the examples of Class-I e-Bikes include the Verve+ Series by Trek Bicycle Corporation (Wisconsin, US), and S-Works Turbo Kenevo SL by Specialized Bicycle Components Co Ltd (Morgan Hill, US), and Townie Path Go Series by Electra (US), and others. According to MarketsamdMarkets statistics, nearly 90-95% of the e-Bike market is estimated to be dominated by the Class-I e-Bike segment in 2022.
According to MarketsandMarkets statistics, the application of the mid-motor segment in the e-Bikes market is estimated to be the fastest growing segment during the forecast period. The growing trend for developing more balanced e-Bikes has encouraged the usage of mid-drive motors in the e-Bikes. Many major component manufacturers are focusing on developing advanced and more efficient mid-drive motors. In 2022, Bafang Electric (Suzhou) Co., Ltd (China) developed one of the most powerful mid-drive motors named Bafang Ultra, which has a nominal power of 1,000 watts and can pull over 2,000 watts.
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Asia Oceania is estimated to be the largest market due to significant growth in the adoption of e-Bikes in China, Japan, South Korea, India, Taiwan, and Australia. The region is expected to lead the market by 2027. The Asia Oceania e-Bike market is witnessing impressive growth due to the growing localization of global layers and the emergence of local integrators and turnkey solution providers. Companies such as Hero Lectro E-Cycles (India), EMotorads( India), and Fuji-Ta Bicycle Co. Ltd (China) are swiftly rising to occupy the niche market.
