GVR Report cover APAC E-Bikes Market Size, Share & Trends Report

APAC E-Bikes Market Size, Share & Trends Analysis Report By propulsion Type (Pedal Assisted, Throttle Assisted), By Battery Type (Lithium-ion Battery, Lead-acid Battery), By Power, By Application, By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-4-68039-915-8
  • Number of Pages: 120
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2020
  • Industry: Technology

Report Overview

The APAC e-bikes market size was valued at USD 34.2 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 15.6% from 2022 to 2030. Governments of several countries in the region, including India and China, are taking initiatives to reduce their carbon footprints by encouraging the use of electric vehicles, electric bikes, and bicycles. The surge in awareness about the harmful effects of vehicles that run on fossil fuels is also encouraging this trend. Additionally, governments emphasize constructing bicycle-friendly streets, thereby encouraging individuals to choose bicycles as a key mode of commute. Electric motorcycles, scooters, and bicycles have gained considerable attention from several governments as efficient and reliable Light Motor Vehicles (LMVs) reduce the carbon footprint.

China E-Bikes Market size, by propulsion type, 2020 - 2030 (USD Billion)

The APAC e-bikes market witnessed negative growth during the first half of 2020 due to the escalating number of COVID-19 cases. The varying degrees of lockdowns and movement restrictions implemented globally amid the COVID-19 pandemic led to the temporary closure of several assembly and manufacturing units. However, with an increasing number of travelers preferring to avoid public transportation due to the pandemic, the demand for e-bikes as a convenient, affordable, and safe alternative to public transportation has substantially increased.

The demand for e-bikes is also anticipated to benefit from the various technological advancements in the field. Connected e-bikes, for instance, feature the SIM module that allows the e-bike to receive and send data across the cloud without connecting a smartphone. Connected e-bikes also offer features such as integrated navigation, remote diagnostics, automatic emergency calls, anti-theft systems, and social media connectivity. Robert Bosch GmbH is among the leading players in the e-bike marketplace offering connected electric bikes. For example, Smartphone Hub via Bosch can link e-bikes with a smartphone and support the riders throughout their journey.

Electric bikes are a versatile, flexible, trendy, and eco-friendly mode of transport. Users look up to these bikes as an ideal substitute for scooters, public transportation, and smart cars. Electric bikes help minimize traffic congestion due to their smaller form factor, their ability to attain greater speed with minimal effort, and offer health benefits accomplished via peddling. These aspects are projected to support the popularity of electric bikes across the region.

Factors such as the implementation of government guidelines to boost the use of electric bikes, increasing fuel costs, consumer inclination toward the use of e-bikes as an efficient and eco-friendly solution for commuting, and growing interest in cycling as a recreational and fitness activity are anticipated to drive the market growth. However, the high cost of e-bikes and the ban on the use of these bikes in several major Chinese cities could hamper the market growth. Furthermore, developments in battery technology and bicycling infrastructure are projected to provide lucrative opportunities for the APAC e-bikes market growth.

Propulsion Type Insights

The APAC e-bikes market is segmented into pedal-assisted and throttle-assisted based on propulsion type. The pedal-assisted segment dominated the market in 2021 and accounted for more than 58.2% of the revenue share. Pedal-assisted e-bikes offer power from the motor to help the rider pedal easily and move faster. The increasing demand for e-bikes among the young population could contribute to promising market growth opportunities in the region. Furthermore, the use of pedal-assisted e-bikes on hills and steep routes is anticipated to support the overall market growth.

The throttle-assisted segment is anticipated to register the fastest CAGR of 16.8% over the forecast period. The growth of the segment can be attributed to the increasing adoption of throttle-assisted e-bikes due to the direct power offered by the throttle to the motor to its top speed without pedaling manually.

Battery Type Insights

Based on battery type, the market is segmented into lithium-ion battery (Li-Ion) and lead-acid batteries. The lead-acid battery segment dominated the market in 2021 and accounted for more than 56.1% of the revenue share. This can be attributed to the several benefits of lead-acid batteries, including robustness, tolerance to abuse, and low cost. However, the adoption of these batteries is predicted to decline in the near future as they are bulky and discharge rapidly, even without handling heavy loads.

The lithium-ion battery segment is anticipated to expand at a CAGR of 14.4% from 2022 to 2030. According to a report published by the European Commission, the price of lithium-ion batteries is expected to witness a declining trend over the next few years, with the prices expected to fall by around 70% by 2030. Benefits such as high-performance, high charge density, high charging-discharging efficiency, and low weight are also expected to favor the uptake of these batteries.

Power Insights

The above 250W segment accounted for a 50.8% share of the overall market in 2021. E-bikes with a power output of over 250W ensure that the bikes can be driven in hilly and steep areas effortlessly. These factors are expected to drive the growth of the segment over the forecast period as well. Based on power, the Asia Pacific market for e-bikes is segmented into less than and equal to 250W and above 250W.

The less than and equal to 250W segment is anticipated to expand at a CAGR of 16.5% over the forecast period. E-bikes with a power of less than equal to 250W can be driven in the city as well as high and steep areas for recreational as well as fitness purposes. Furthermore, the low power output required by the bikes reduces the need for frequently charging the vehicle.

Application Insights

The market is segmented into city/urban, trekking, cargo, and others based on application. The trekking application segment accounted for more than 48.4% share of the regional revenue in 2021. The use of e-bikes in recreational and trekking activities is increasing rapidly. Growing awareness about performance-based adventure sports is likely to further support the growth of the segment over the forecast period. The increasing demand for leisure activities is expected to further contribute to the increasing demand for e-bikes in the APAC region, thereby driving the market growth. 

APAC E-Bikes Market share, by application, 2021 (%)

The cargo segment is anticipated to register a CAGR of 16.6% from 2022 to 2030. The increasing demand for e-bikes to carry some luggage from one place to another is expected to support the growth of the segment during the forecast period. Furthermore, the surge in logistics and freight activities in countries including India and China could drive the demand for e-bikes, enhancing the market share.

Regional Insights

India dominated the market for e-bikes in 2021 and accounted for a regional revenue share of over 20.1%. Numerous technological improvements along with an ever-developing changing charging infrastructure in the country are expected to support the market growth over the forecast period as well. The rising demand for eco-friendly transportation and the support offered by government initiatives are anticipated to drive the Indian e-bike market growth.

The e-bikes market in China is anticipated to expand at the highest CAGR of 15.8% from 2022 to 2030. The rising number of manufacturing units and IT companies and the surge in a tech-savvy and urban population in the country are expected to drive the market in China. Furthermore, the low cost of raw materials and the availability of cheap labor in the country are the factors likely to provide lucrative growth opportunities for the e-bikes market.

Key Companies & Market Share Insights

The prominent players in the APAC market for e-bikes include Aima Technology Group Co. Ltd., Pedego Electric Bikes, Merida Industry Co. Ltd, Yadea Group Holdings Ltd., and Yamaha Motor Company. These players focus on geographic expansion and new product launches to enhance their presence in the market and gain a competitive edge. Such initiatives also assist these companies in enhancing their market presence, product offerings, and brand awareness.

Leading market players also focus on initiatives such as mergers and acquisitions, agreements and contracts, and partnerships with technology companies to enhance their positions in the market. For instance, in November 2019, Pon. Bike acquired Urban Arrow, the Dutch e-cargo bike brand. The acquisition assisted the company in enhancing its product portfolio. Similarly, in October 2020, e-bikes provider Pedego Electric Bikes announced the opening of a Pedego E-Bikes store in Boca Raton, Florida. The store offers a wide range of electric bike rentals, sales, accessories, and services. Some of the prominent players operating in the APAC e-bikes market are:

  • Pedego Electric Bikes

  • Yamaha Motor Company

  • Aima Technology Group Co. Ltd.

  • Merida Industry Co. Ltd

  • Trek Bicycle Corporation  

APAC E-Bikes Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 39.4 billion

Revenue forecast in 2030

USD 125.9 billion

Growth Rate

CAGR of 15.6% from 2022 to 2030

Base year for estimation

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Propulsion type, battery type, power, application, region

Regional scope

Asia Pacific

Country scope

China; India; Japan

Key companies profiled

Yamaha Motor Company; Yadea Group Holdings Ltd.; Merida Industry Co. Ltd; Pedego Electric Bikes

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional, and segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at regional and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the APAC e-bikes market report based on propulsion type, battery type, power, application, and region:

  • Propulsion Type Outlook (Revenue, USD Million, 2018 - 2030)

    • Pedal-assisted

    • Throttle-assisted

  • Battery Type Outlook (Revenue, USD Million, 2018 - 2030)

    • Lithium-ion Battery

    • Lead-acid Battery

  • Power Outlook (Revenue, USD Million, 2018 - 2030)

    • Less than and Equal to 250W

    • Above 250W

  • Application Outlook (Revenue, USD Million, 2018 - 2030)

    • City/Urban

    • Trekking

    • Cargo

    • Others

  • Regional Outlook (Revenue, USD Million, 2018 - 2030)

    • Asia Pacific

      • China

      • India

      • Japan

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