Electric Bikes Market Size, Share, Revenue, Trends

The Electric Bikes And Scooters Global Market Report 2023 by The Business Research Company, provides electric bikes and scooters market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Electric Bikes And Scooters Global Market Report 2023, the market size is expected to grow from$23.38 billion in 2022 to $25.94 billion in 2023 at a compound annual growth rate (CAGR) of 10.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the electric bikes and scooters is expected to grow from $32.91 billion in 2027 at a CAGR of 6.1%.

Increasing awareness about pollution is a key driver of the electric bikes and scooters market. This is because more people now understand the importance of reducing pollution, and this awareness has led them to look for more environmentally friendly modes of transportation that minimise and control pollution.

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The electric bikes and scooters market is segmented:

1) By Product: Electric Bikes, Electric Scooters

2) By Battery: Lead-acid, Lithium-ion (Li-ion), Nickel-metal hydride (NiMh), Other Battries

3) By Voltage Capacity: 48-59V, 60-72V, 73-96V, Above 96

4) By Drive Mechanism: Hub Motor, Mid Drive, Other Drive Mechanism

Improving battery technology is an emerging trend in the electric bikes and scooters market. One such technological improvement of batteries includes the growing use of graphene batteries in electric bikes and scooters. The graphene batteries use electrolytes based on a super-thin material called graphene, which enables faster charging time, higher capacity, and lighter weight of the vehicles. In this regard, Earthday, a startup based in Barcelona, Spain, is working towards further enhancing the efficiency of graphene batteries to charge electric bikes and scooters in around five minutes.

The electric bikes and scooters market report table of contents includes: