E-bike Market Size to Hit Around USD 75.20 Bn by 2033
The global e-bikes market size was exhibited at USD 19.08 billion in 2023 and is projected to hit around USD 75.20 billion by 2033, growing at a CAGR of 14.7% during the forecast period of 2024 to 2033.
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Key Takeaways:
E-bike Market: Overview?
In recent years, the global market for electric bikes (e-bikes) has witnessed a remarkable surge in popularity, driven by a growing emphasis on sustainable and eco-friendly transportation solutions. This overview explores the key trends, drivers, and challenges shaping the dynamic landscape of the e-bike market.
E-bike Market Growth
The exponential growth witnessed in the e-bike market can be attributed to a confluence of key factors propelling its widespread adoption. A paramount driver is the escalating global focus on environmentally sustainable transportation solutions. As society becomes increasingly eco-conscious, e-bikes emerge as a compelling alternative, emitting zero emissions and offering a green commuting option. Furthermore, rapid advancements in battery technology, particularly the ubiquitous use of high-performance lithium-ion batteries, have substantially improved e-bike efficiency and range. Governments worldwide are also playing a pivotal role in fostering market growth by implementing incentives, subsidies, and infrastructure development, aligning policies with the rising demand for electric mobility solutions. Collectively, these factors synergize to create a favorable landscape for the e-bike market, marking a paradigm shift towards sustainable and convenient modes of transportation.
Segments Insights:
Propulsion Type Insights
The pedal-assisted segment accounted for the largest share of over 85% of the market in 2023. The surge in demand for pedal-assisted e-bikes among youth is anticipated to contribute to market growth. In addition, the high popularity of pedal-assisted e-bikes owing to the ease of maneuvering the bike through any terrain is further anticipated to drive segment growth. As pedal-assisted e-bikes provide the real essence of biking to the riders, the segment has seen significant growth in sales over the past few years, thereby driving market growth.
Drive Type Insights
The chain drive segment accounted for the largest market share of over 91% in 2023. Chain drives offer a wide range of gear ratios, allowing e-bike riders to achieve optimal performance in various riding conditions. Whether it's climbing steep hills, cruising on flat terrain, or achieving high speeds, the versatility of chain drives enables e-bike users to adapt their riding style as needed. Chain drives are generally more cost-effective compared to alternative drivetrain systems such as belt drives or hub gears. They involve simpler mechanisms and are easier to manufacture, resulting in lower production costs. This cost advantage translates to more affordable e-bikes, making them accessible to a wider range of consumers.
Application Insights
The trekking segment accounted for over 49% of the market in 2023. The use of e-bikes is rapidly increasing for recreational and trekking activities. Additionally, the growing awareness about performance-based adventure, along with the increasing demand for leisure activities, is expected to further contribute to market growth.E-bikes provide flexibility and adaptability for trekking adventures. Riders have the option to adjust the level of electric assistance based on the terrain and their energy levels. This flexibility allows trekkers to conserve battery power on flatter sections or engage higher assistance levels when encountering uphill climbs or demanding off-road conditions.
Battery Insights
The lithium-ion segment dominated, with over 54% of the market share in 2023. The segment growth can be attributed to various benefits offered by lead-acid batteries, such as low cost and robustness. Furthermore, the adoption of these batteries is projected to increase over the coming years owing to the decline in the price of lithium-ion batteries. As per a report published by the European Commission in 2020, the price of lithium-ion batteries is anticipated to decrease by nearly 70% by 2030. Benefits such as high charge density, high performance, low weight, and high charging-discharging efficiency are anticipated to favor the adoption of these batteries, thereby supporting the segment’s growth.
End-use Insights
The personal segment accounted for the largest share of around 92% of the e-bikes market in 2023. The growth of the personal segment can be attributed to lesser fuel or charging costs, lower maintenance requirements, and a longer lifespan compared to motor vehicles. E-bikes also eliminate expenses such as parking fees, insurance, and registration, making them an economical choice for personal transportation.
The commercial segment is expected to witness the highest CAGR over the forecast period. The growth can be attributed to the increase in the adoption of e-bikes in the logistics industry for transportation and initiatives undertaken by key players in the market for providing e-bikes gig delivery workers. For instance, in April 2023, U.S.-based online food delivery platform Grubhub Inc. partnered with online e-bikes rental platform Joco for providing free access to e-bikes to at least 500 gig delivery workers in New York.
Regional Insights
Asia Pacific dominated the e-bikes market and accounted for the largest revenue share of 77.0% in 2023, owing to the increasing consumption expenditure in countries such as China and India. The region is undergoing numerous technological advancements along with ever-developing charging infrastructure. The region is characterized by numerous prominent players, such as Yadea Group Holdings Ltd., Yamaha Motor Company, and Aima Technology Group Co. Ltd. among others. The rising demand for eco-friendly transportation and increasing government initiatives is anticipated to further drive the market growth.
North America is expected to expand at the fastest CAGR of 24.2% during the forecast period. The surge in the number of manufacturing units and IT companies, coupled with the surging tech-savvy and urban population in the region, is expected to drive the regional market's growth. Furthermore, the low cost of raw materials and availability of cheap labor in the region likely provide lucrative opportunities for the regional market.
Recent Developments
领英推荐
Some of the prominent players in the e-bike market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global e-bike market.
Propulsion Type
Drive Type
Application
Battery
End-use
By Region
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