Categories: Industry

Electric Bikes Market 2024 | Size, Top Trends, Growth, Share, Key Drivers To 2033

Overview and Scope
Electronic bikes are battery-powered bikes that resemble gas-powered bikes but require electric power to operate. Electric bikes are equipped with an integrated electric motor driving system and a battery that produces power for causing or assisting propulsion.

Sizing and Forecast
The electric bike market size has grown rapidly in recent years. It will grow from $49.54 billion in 2023 to $56.79 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to environmental awareness, government incentives and policies, urbanization and traffic congestion, consumer interest in health and fitness, cost savings on transportation.

The electric bike market size is expected to see rapid growth in the next few years. It will grow to $96.59 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to cultural shift towards electric mobility, rise of sharing and rental services, product innovation and design diversity, global sustainability focus, rising fuel costs and economic benefits. Major trends in the forecast period include e-bike subscription and ownership models, market entry of new players, environmental sustainability messaging, focus on lightweight designs, customization and personalization.

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Segmentation & Regional Insights
The electric bikes global market covered in this report is segmented –

1) By Class: Class-I, Class-II, Class-III
2) By Motor Type: Mid Motor, Hub Motor
3) By Battery Type: Lead Acid, Lithium ion (Li-ion), Nickel-Metal Hydride (NiMH), Other Battery Types
4) By Application: Mountain Or Trekking, City Or Urban, Cargo, Other Applications

Asia-Pacificwas the largest region in the electric bikes market in 2023. Europe is expected to be the fastest growing region in the forecast period. The regions covered in the electric bikes global market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The implementation of government regulations to encourage the use of electric bikes is expected to propel the growth of the electric bikes market in the coming years. Electric bikes have a longer range and are easier to use, allowing users to travel without sweating, pull bigger loads, run more errands, and take longer journeys. For instance, in 2021, the FAME India Scheme (Faster Adoption and Manufacturing of (Hybrid & Electric Vehicles) was implemented with a budget of $1.36 billion and it focuses on the electrification of public and shared transportation. Furthermore, in 2021, the California state budget committed $10 million to the Air Resources Board to implement the e-bike rebate program by July 2022. Therefore, the implementation of government regulations to encourage electric bikes drives the electric bikes market.

Key Industry Players
Major companies operating in the electric bikes global market report are Panasonic Corporation, Yamaha Motor Company, Mahindra & Mahindra Limited, Pon Holdings BV, Giant Manufacturing Co. Ltd., Pon Bicycle Holding B.V., Yadea Group Holdings Ltd., Accell Group NV, Trek Bicycle Corporation, Merida Industry Co. Ltd., Tianjin Golden Wheel Bicycle Group Co. Ltd., FRITZMEIER Systems GmbH & Co. KG, Specialized Bicycle Components Inc., Cube Bikes GmbH, Derby Cycle AG, Derby Cycle Holding GmbH, Brompton Bicycle Ltd., Beistegui Hermanos S.A., VanMoof, Koninklijke Gazelle N.V., Pedego Electric Bikes, Cannondale Bicycle Corporation, Electra Bicycle Company, BionX International Corporation, Focus Bikes GmbH, Gocycle Limited, Klever Mobility Europe GmbH, Tianjin Fuji-ta Group, Bulls Bikes GmbH, KTM Fahrrad GmbH, Cycles Lapierre S.A.S., M1-Sporttechnik GmbH & Co. KG, Orbea S. Coop. Ltda., Pivot Cycles LLC

The electric bikes global market report table of contents includes:

1. Executive Summary

2. Electric Bikes Market Characteristics

3. Electric Bikes Market Trends And Strategies

4. Electric Bikes Market – Macro Economic Scenario

5. Global Electric Bikes Market Size and Growth

…..

32. Global Electric Bikes Market Competitive Benchmarking

33. Global Electric Bikes Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Electric Bikes Market

35. Electric Bikes Market Future Outlook and Potential Analysis

36. Appendix