Electric Bike Market Upcoming Trends, Top Manufactures, Demand, Industry Growth Analysis and Forecast 2030

The Global Electric Bike Market size was valued at USD 15.92 billion in 2020 and is predicted to reach USD 30.52 billion by 2030, with a CAGR of 7.17% from 2021-2030.

Electric bike or e-bike are pedelecs, scooter, motorcycle, and other battery powered bikes, that are equipped with electric motor for propulsion. E-bikes can be partially pedaled or fully propelled by electric power, depending on their configuration. E-bikes help reduce carbon foot prints and are efficient commuting solutions.

Increasing global warming, drastic climate change, and escalating air pollution levels, emphasize on the need to switch from conventional fuels to renewable fuels, thereby propelling the growth of global electric bike market.

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Competitive Landscape

The electric bike market is highly competitive and consists of various market players. Some of the major market players include Accell Group, Trek Bicycle Corporation, Derby Cycle Co. Ltd., Fuji-ta Bicycle Co. Ltd, Jiangsu xinri e-vehicle Co. Ltd., Bionx International Corporation, Mahindra & Mahindra Ltd. (GenZe), Tianjin Golden Wheel Group Co. Ltd., and Prodecotech LLC, among others.

The key players are employing strategies such as product launches, acquisition, and technical collaboration, in-order to gain stronger position in the global electric bike market.

For instance, in January 2020, Nawa Technologies, one of the ruling companies in the global electric bike market, launched its hybrid electric motorcycle, called ‘Nawa Racer’ at the Consumer Electronics Show organized in Las Vegas. The battery-powered e-bike designed to range up-to 300 km, is equipped with Nawa’s ultracapacitor that is 10 times more powerful and 5 times more energy efficient than conventional capacitors.

In February 2020, Toyota Motors, one of the giants in the global electric bike market, announced a collaboration to develop Prismatic batteries for electric vehicles. In this strategic partnership Toyota owns 51% of stake and Panasonic owns 49% of stake. Prismatic batteries offer compact size, reduced footprint and it is a cost-effective alternative to conventional fuel.

In May 2020, Volta, a website that specializes in coverage of e-bikes, reviewed Giant’s electric bike ‘REIGN E+ PRO’ as “trail-crushing long-travel fun with top-shelf componentry.” Giant’s e-bike built with flawless geometry and equipped with sync-drive pro motor, delivers 250 watts and 80Nm torque, assisting the rider to climb-up the steep even in the lowest battery mode.

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Market Segmentations and Scope of the Study:

The global electric bike market share has been analyzed based on product type, drive mechanism, battery, and geography.

Based on product type, the market is segmented into pedelecs, throttle on demand, and scooter & motorcycle. Based on drive mechanism, the market is divided into hub motor, mid drive, and others. Based on battery, the market is fragmented into lead acid, lithium ion, nickel-metal hydride (NiMH), and others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America region is expected to grow with the highest CAGR values in the global electric bike market, accounting for a moderate market share, throughout the forecast period. This is due to higher adoption of e-bikes, stringent emission standards, and higher inclination towards fitness-oriented culture in this region.

Asia Pacific dominated the global electric bike market, but this trend is expected to slowly change during the forecast period due to ban of e-bikes in certain regions of China. Moreover, growing fitness trend, presence of key manufacturers, and increasing consumer awareness towards eco-friendly transport solutions are to boost the growth of electric bike market in coming future.

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