The global electric bicycle market has seen remarkable growth in recent years, as more and more people embrace alternative transport, especially in the urban setting. Indeed, the technology found on some e-bikes of today was deemed unimaginable a decade or so ago, and it appears that the industry shows no signs of slowing down as the global e-bike market is expected to grow to a whopping $120 billion by 2030.
A report published by Fortune Business Insights highlights huge potential for the electric bike market which was valued at $37.47 billion in 2022. As of 2023, the market has been valued at $43.32 billion, and is anticipated to rocket up to $119.72 billion by 2030. This translates to a compound annual growth rate (CAGR) of 15.6 percent during the forecast period. Fortune Business Insights’ report states that rising fuel cost has been a major driving factor in the global adoption of electric mobility, alongside the development of infrastructure designed to integrate bicycles into the mainstream mobility fold.
In conjuction with the forecasted growth of the electric bicycle market, Vantage Market Research published a similar report breaking down the data regarding the growing popularity of electric bicycles. The report states that the Asia-Pacific region is the largest market for e-bikes, with a 42.5-percent share of the pie in the global stage as of 2022. Europe ranks second, as a lot of cities in key countries like France, Germany, and the Netherlands have adopted a much more favorable stance on e-mobility devices. The North American market is third place, and is currently witnessing a surge in e-bike use.
Unsurprisingly, Vantage Market Research’s report highlights that the city and urban areas are where electric bicycles are most popular. Indeed, the segment accounts for 55.6 percent of the global market as of 2022, with the recreational segment – consisting of performance and for-sport bikes like e-MTBs and road bikes – in second place. The commuter and utility segment follows closely after, as these are made up of specialized two-wheelers designed for cargo and delivery.
Among the top players in the global e-bike sphere are a number of companies that are household names in the cycling industry. Names like Trek Bicycle Corporation from the US, as well as established Taiwanese bike brand Giant Manufacturing Co. continue to be dominant players in today’s e-bike market. Other notable names include the Accell Group from the Netherlands, Derby Cycle from Germany, and Mahindra & Mahindra from India. Of course, a lot of emerging players hail from China, as well.