Press release
Comprehensive Electric Bikes Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Electric Bikes Market Size
In the past few years, there has been a quick expansion in the market size for electric bikes. The market, which was valued at $56.79 billion in 2024, is projected to increase to $65.11 billion in 2025. This surge represents a compound annual growth rate (CAGR) of 14.7%. Factors contributing to this growth during the historic period include rising environmental consciousness, governmental inducements and regulations, increasing urbanisation and traffic issues, growing consumer focus on health and fitness, as well as the potential to save costs on transportation.
The market size for electric bikes is anticipated to witness a swift expansion in the coming years, growing to a staggering $109.07 billion by 2029, with a compound annual growth rate (CAGR) of 13.8%. This projected growth within the forecast period is largely due to factors such as the cultural transition towards electric vehicles, the emergence of sharing and rental services, the diversity of product innovation and design, global attention on sustainability, increasing fuel cost and economic advantages. Noteworthy market trends during the forecast period encompass the development of e-bike subscription and ownership models, the entrance of new market players, the propagation of environmental sustainability campaigns, emphasis on creating lightweight designs, and catering to customization and personalization needs.
What Is Stimulating Growth in the Electric Bikes Market?
Government initiatives aimed at prompting the adoption of electric bikes are likely to significantly spur the growth of the electric bikes market in the upcoming years. Due to their longer range and ease of use, electric bikes offer benefits such as sweat-free travel, greater load-carrying capacity, convenience in running errands, and accommodating for extended trips. For example, in March 2024, the Ministry of Heavy Industries in India initiated the Electric Mobility Promotion Scheme to fast-track the adoption of electric two and three-wheelers all over the country. This program provides financial incentives and aid to manufacturers and consumers alike, fostering the usage of electric vehicles, promoting ecological sustainability, and curtailing pollution in cities. It is projected that this plan will considerably boost India's electric vehicle market, helping the nation pivot towards more eco-friendly transportation methods. Additionally, in March 2023, the Indonesian government disclosed its plans to offer subsidies for electric scooter buyers, intending to foster a transition to carbon-neutral options starting from 2024. The government has allocated a budget of 7 trillion rupiahs ($455.88 million) from state funds to incentivize electric vehicle adoption, thereby drawing investment to the local industry. Therefore, the establishment of such governmental regulations to promote electric bikes propels the electric bikes market.
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Which Key Market Leaders Are Driving Electric Bikes Industry Growth?
Major companies operating in the electric bikes market include Panasonic Corporation, Yamaha Motor Company, 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
What Are the Emerging Trends in the Electric Bikes Industry?
Prominent firms in the electric bikes market are introducing technological advancements such as 12kW in-hub powertrains to boost performance, augment torque and acceleration, enhance energy efficiency, and provide faster speeds, all in an effort to offer a smoother, more powerful riding experience for users. The aforementioned 12kW in-hub powertrain is a motor integrated into the wheel that enhances the electric bike's power and efficiency. Take for example, Kabira Mobility Pvt. Ltd., an electric vehicle startup based in India, which launched two electric bikes in February 2024 with the country's first aluminum core hub motor powertrain, built in collaboration with Foxconn. The follow-up models KM3000 and KM4000 Mark-II deliver a power of 12kW, a torque of 192nM, a maximum speed of 120 km/h, and are capable of accelerating from 0-40 km/h in just 2.9 seconds. The bikes come with a modular battery pack providing a range of 201 km, a rapid 1.5kW onboard charger, advanced Showa suspension systems, dual CBS for safety, a new Projector headlamp for improved nocturnal visibility, and an exclusive frunk for added storage. With price tags of ₹1,74,000 and ₹1,76,000, both models come with a 3-year/30,000 km warranty.
What Are the Main Segments in the Electric Bikes Market?
The electric bikes 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
Subsegments:
1) By Class-I: Pedal-assist Only, Maximum Speed: 20 mph (32 km/h)
2) By Class-II: Throttle-assisted, Maximum Speed: 20 mph (32 km/h)
3) By Class-III: Pedal-assist Only, Maximum Speed: 28 mph (45 km/h)
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Which Geographic Area Leads the Electric Bikes Market?
The countries covered in the electric bikes global market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Is Covered In The Electric Bikes Global Market Report?
- Market Size Analysis: Analyze the Electric Bikes Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Bikes Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Bikes Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Bikes Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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