E-bikes Market (By Propulsion Type: Pedal-assisted, Throttle-assisted; By Battery Type; By Power; By Application) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2023-2032

The global e-bikes market was valued at USD 20.24 billion in 2022 and it is predicted to surpass around USD 72.01 billion by 2032 with a CAGR of 13.53% from 2023 to 2032.

Key Pointers

• The pedal-assisted segment dominated the market in 2022 and accounted for over 58.03% market share.
• The throttle-assisted segment is estimated to grow at the highest CAGR of 14.64% over the forecast period. 
• The lead-acid battery segment dominated the market in 2022 and accounted for over 54.11% market share. 
• The lithium-ion battery segment is estimated to grow at a CAGR of 12.93% from 2023 to 2032. 
• The above 250W segment accounted for a 50.05% share of the overall market in 2022.
• The less than or equal to 250W segment is anticipated to grow at a CAGR of 14.16% over the forecast period. 
• The trekking segment accounted for over 49.66% share of the global revenue in 2022. 
• The cargo segment is anticipated to grow at a CAGR of 14.44% from 2023 to 2032.
• The Asia Pacific held the largest revenue share of over 76.04% in 2022.
• North America is anticipated to grow at the highest CAGR of 15.86% from 2023 to 2032.

Report Scope of the E-bikes Market

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.

Regional Insights

The Asia Pacific held the largest revenue share of over 76.04% in 2022, 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 15.86% from 2023 to 2032. 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.

E-bikes Market Segmentations: