According to the Market Statsville Group (MSG), the global e-bike market size is expected to grow from USD 20130.07 million in 2022 to USD 76467.80 million by 2033, at a CAGR of 12.9% from 2023 to 2033. Several countries are launching projects to reduce carbon footprints by encouraging people to use electric automobiles, electric bikes, and bicycles. This tendency is also being aided by growing awareness of the detrimental impacts of automobiles that operate on fossil fuels. Furthermore, governments are focusing on building bicycle-friendly roadways, which will encourage people to utilize bicycles as a form of transportation. The rising technical improvements in the business can also be linked to the growing demand for e-bikes. On the other hand, the lack of standardized charging infrastructure is hindering the growth of e-bike market over the forecast years. Moreover, the e-bike market is undergoing significant technical improvements to provide more optimizer and dependable goods. This will create a huge opportunities in the market for the upcoming forecasting period.

Global E-Bike Market Dynamics

Drivers: Increase in fuel prices and traffic congestion

The rising petroleum product prices are one of the most significant factors driving the electric bike and vehicle industry. The increased cost of petrol is also impacting customers from developing countries. The operational expense of other vehicles like cars, sports bikes would undoubtedly be minimized by hybrid two-wheelers running on electricity. Demand for electric bikes has been motivated by the introduction of next-generation smart e-bikes with big data and IoT innovations and the need for product differentiation. However, in commercial and residential applications for the amalgamation of everyday operations, the control and comfort of the e-bikes are expected to propel their market.

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Rising monetary and non-monetary enticements are boosting the acceptance of battery-operated electric two-wheelers. Furthermore, the necessity for sustainable urban mobility and advanced transportation infrastructure is driving the shift from conventional to electric modes of transport. E-bikes are tremendous alternative that helps in reducing traffic congestion. Traffic blocking is one of the major problems faced these days coupled with heavily populated areas, health issues, environmental pollution and money consumption on fuel are the factors that enhance consumers to prefer the use of e-bikes. The automakers are adopting the installation of technologically advanced Li-ion batteries into their electric two-wheelers to improve battery capacities boosts the market growth over the forecast period. In addition, the manufacturers are keen to adopt AI in an electric bike that will enable the e-bike to learn individual behaviour and then will be able to offer individualized services.

Restraints: Lack of standardization of charging infrastructure

The lack of standardized charging infrastructure is hindering the growth of e-bike market over the forecast years. The gas stations are located at every few miles in urban and suburban areas whereas the public infrastructure for electric vehicle is in large metropolitan areas. The plug-in hybrid vehicles have a short range than gas cars and requires a dense charging infrastructure that can help in both long and short distance travel. Thus, the lack of electric vehicles charging infrastructure is a major restraining factor for the global e-bike market. For instance: International Energy Agency, the global electric vehicle fleet is expected to reach to about 5 billion till 2030. Also, the global number of public accessible chargers per electric vehicle have decreased from 0.14 in 2017 to 0.11 in 2018 that is average of 1 charger per 10 electric vehicles. Thus, the need of public charging outlet should increase between 14 million and 30 million till 2030 from the current available public charging outlet that is 632,000. Similarly, according to the Centre for Science and environment (India), in Delhi there are about 23 charging stations, the widespread e-bike adoption has a restraining factor that is low availability of charging stations. Also, government of India is planning to set up 65 charging stations through public private partnership which is negligible number of charging stations for a city with an urban population of about 11 million. Furthermore, the automakers have their own standard chargers for the electric vehicle they manufacture and won’t work with the rival electric models. Thus, the rise in adoption of electric bikes and lack of standardized charging station for the same across the globe hamper the growth of market over the upcoming years.   

Opportunities: E-bikes connected to the internet are becoming increasingly popular

The e-bike market is undergoing significant technical improvements to provide more optimizer and dependable goods. One such breakthrough is the linked e-bike, in which the SIM module allows the e-bike to receive and send data to the cloud and from the cloud without the use of a smartphone. The connected e-bike provide advanced features like emergency calls, integrated navigation, social media connection, an anti-theft system, and remote diagnostics, attracting more customer base. Therefore, the trend for connected e-bike would create an opportunity for the e-bike market to develop and grow during the forecasted period.

Scope of the Global E-Bike Market

The study categorizes the e-bike market based on product type, drive mechanism and battery type area at the regional and global levels.

By Product Type Outlook (Sales, USD Billion, 2019-2033)

• Pedalers
• Throttle on Demand
• Scooter
• Motorcycle

By Drive Mechanism Outlook (Sales, USD Billion, 2019-2033)

• Hub Motor
• Mid Drive
• Drive Mechanisms

By Battery Type Outlook (Sales, USD Billion, 2019-2033)

• Lead Acid
• Lithium ion (Li-ion)
• Nickel metal hydride (NiMH)
• Others

By Region Outlook (Sales, USD Billion, 2019-2033)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

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Hub Motor segment accounts for the largest market share by drive mechanism

Based on the drive mechanism, the market is bifurcated into hub motor, mid drive, and drive mechanisms. The hub motor segment is expected to dominate the market share in 2022 in the global e-bike market. Due to considering extensive utilization in a range of sectors and demanding laws and requirements for high quality and effective anti-vibration mounts. Hub motors eliminate the need for a hefty transmission, driveline, differential, and axles by removing the primary engine. This reduces mechanical losses, which are inherent in every component between the engine and the wheel, and makes the automobile or truck operate more quietly. It also reduces weight, allowing for more efficient travel.

Asia Pacific is expected to account for the highest market share by Region

Based on the regions, the global freight procurement technology solutions market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific and South America. Asia Pacific is projected to account the highest market share in 2022. In the Electric Bikes Market, China is becoming a key producer, exporter, and investor. Electric bike use has quickly risen in China over the last decade, and the industry will be one of the fastest-growing businesses, with prospects in a variety of sectors and categories. Furthermore, in Japan, where the first-ever electric bike was built, better battery, motor technology, and the replacement of old with new are elements fueling the country's market growth. The presence of various significant key players, such as Yadea Group Holdings Ltd., Yamaha Motor Company, and Aima Technology Group Co. Ltd., distinguishes the region. The expanding demand for environmentally friendly transportation, as well as increased government initiatives, are expected to fuel additional expansion.

Key Market Players in the Global E-Bike Market

The e-bike market is extremely cutthroat, and significant competitors in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.

Major key players in the global e-bike market are:

• Trek Bicycle Corporation
• Accell Group
• Fuji-ta Bicycle Co., Ltd
• Derby Cycle
• Giant Manufacturing Co Ltd
• Jiangsu xinri e-vehicle Co., Ltd
• Mahindra & Mahindra Ltd. (GenZe)
• Yamaha Motor
• Prodecotech, LLC
• Tianjin Golden Wheel Group Co., Ltd.

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Recent Development

• In April 2022, TVS Motor Company announced that its wholly owned subsidiary, TVS Motor (Singapore) had acquired a majority stake in EBCO, a British company providing smart connected solutions, based in United Kingdom and thereby it has become a subsidiary of TVS Motor (Singapore) as well as the company.
• In January 2022, TVS Motor Company acquires electric bike maker Swiss E-Mobility Group. The acquisition will provide a further boost to TVS’ expansion in Europe through a portfolio.

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