E-bikes Market Size, Share & Trends Analysis Report By Propulsion Type (Pedal-assisted, Throttle-assisted), By Battery Type, By Power, By Application, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global e-bikes market size was valued at USD 17.83 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.5% from 2022 to 2030. Several governments are undertaking initiatives to mitigate carbon footprints by encouraging the use of electric vehicles, electric bikes, and bicycles. The increasing awareness about the harmful effects of vehicles that run on fossil fuels is also boosting this trend. Furthermore, governments are focused on constructing bicycle-friendly streets, thereby encouraging individuals to choose bicycles as their mode of transport.

The growing demand for e-bikes can also be attributed to the increasing technological advancements in the industry. For instance, connected e-bikes feature a SIM module that allows them to send and receive data through the cloud without a smartphone connection. These bikes also offer features such as remote diagnostics, integrated navigation, anti-theft systems, social media connectivity, and automatic emergency calls. Robert Bosch GmbH is a leading player in the industry that offers connected e-bikes.

During the first half of 2020, the market witnessed a significant decline in growth owing to the outbreak of the COVID-19 pandemic. Lockdowns were imposed across the globe, which resulted in the short-term closure of various manufacturing and assembly units. However, the increasing need to avoid the use of public transport during this time has encouraged individuals to opt for bicycles. As a result, the demand for e-bikes has increased significantly as an affordable, safe, and convenient mode of transport.

Electric bikes are a flexible, eco-friendly, and versatile mode of transport. Customers consider them as an ideal substitute for smart cars, public transport, and scooters. They help to minimize traffic congestion owing to their reduced form factor, provide greater speed with marginal effort, and offer various health benefits. These factors are expected to support the demand for e-bikes globally.

Propulsion Type Insights

Based on propulsion type, the market has been segmented into throttle-assisted and pedal-assisted. The pedal-assisted segment dominated the market in 2021 and accounted for over 58% market share. Pedal-assisted e-bikes generate greater power from the motor, enabling riders to move faster and pedal easily. Moreover, these bikes are widely adopted for use on hills and steep routes. The surge in demand for pedal-assisted e-bikes among the youth is anticipated to contribute to market growth.

The throttle-assisted segment is estimated to grow at the highest CAGR of 14.6% over the forecast period. The growth of the segment can be attributed to the increasing adoption of throttle-assisted e-bikes owing to the power provided by the throttle directly to the engine, thus mitigating the need to pedal manually.

Battery Type Insights

Based on battery type, the market has been segmented into lithium-ion (Li-ion) battery and lead-acid battery. The lead-acid battery segment dominated the market in 2021 and accounted for over 54% market share. The segment growth can be attributed to various benefits offered by lead-acid batteries, such as low cost and robustness. However, the adoption of these batteries is projected to decline over the coming years as they are bulky and discharge rapidly.

The lithium-ion battery segment is estimated to grow at a CAGR of 12.9% from 2022 to 2030. As per a report published by the European Commission, 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 growth.

Power Insights

The above 250W segment accounted for a 50% share of the overall market in 2021. E-bikes with a power output of over 250W have gained popularity as they can effortlessly be ridden on hilly and steep areas. This is expected to drive the growth of the segment over the forecast period as well.

The less than or equal to 250W segment is anticipated to grow at a CAGR of 14.1% over the forecast period. E-bikes with a power of less than or equal to 250W can be ridden in the city as well as in high and steep areas for both recreational and fitness purposes. Furthermore, the low power output required by these bikes reduces the need to charge them frequently.

Application Insights

The trekking segment accounted for over 49.6% share of the global revenue in 2021. The use of e-bikes is rapidly increasing for recreational and trekking activities. Additionally, the growing awareness for performance-based adventure, along with the increasing demand for leisure activities, is expected to further contribute to the market growth.

The cargo segment is anticipated to grow at a CAGR of 14.4% from 2022 to 2030. The increasing demand for e-bikes to carry luggage from one place to another is expected to support the growth of the segment over the forecast period. A surge in logistics and freight activities in countries such as India and China is also expected to drive the demand for e-bikes.

Regional Insights

The Asia Pacific held the largest revenue share of over 76.0% in 2021, owing to the increasing consumption expenditure in countries such as China and India. The Asia Pacific is undergoing numerous technological advancements along with ever-developing charging infrastructure. The region is characterized by the presence of numerous prominent players, such as Yadea Group Holdings Ltd., Yamaha Motor Company, and Aima Technology Group Co. Ltd. The rising demand for eco-friendly transportation and increasing government initiatives is anticipated to further drive the growth.

North America is anticipated to grow at the highest CAGR of 15.8% from 2022 to 2030. The rising number of manufacturing units and IT companies, coupled with the surging tech-savvy and urban population in the region, is expected to drive the growth of the regional market. Furthermore, the low cost of raw materials and availability of cheap labor in the region are likely to provide lucrative opportunities for the regional market.

Key Companies & Market Share Insights

Prominent players in the e-bikes market adopt various growth strategies, such as geographic expansion and new product launches, to strengthen their market presence. Moreover, they focus on enhancing their existing product offerings and improving brand awareness to gain a competitive edge in the market.

Leading players are also taking initiatives such as mergers and acquisitions, agreements and contracts, and partnerships with technology companies. For instance, in November 2019, Pon Bike acquired Urban Arrow, a Dutch e-cargo bike brand. The acquisition enabled the company to enhance its product portfolio.

Some prominent players in the global e-bikes market include:

• Pedego Electric Bikes

• Yamaha Motor Company

• Aima Technology Group Co. Ltd.

• Merida Industry Co. Ltd

• Trek Bicycle Corporation

E-bikes Market Report Scope

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 2018 to 2030. For this study, Grand View Research has segmented the global 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 or equal to 250W

  • Above 250W

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

  • City/Urban

  • Trekking

  • Cargo

  • Others

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

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Netherlands

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa