The global electric bike market is projected to reach a value of US$ 122.1 Bn in 2032, with sales growing at a robust CAGR of 10% over the forecast period of 2022 to 2032. In 2022, the electric bike market is likely to reach an estimated US$ 52.05 Bn. The convenient, adaptable, environmental-friendly transportation enabled by electric bikes is propelling the target market to grow during the projected period.
Small in size, electric bikes are gaining popularity among consumers as an alternative to scooters, public transportation, and smart cars. These bikes are convenient, stylish, and have the ability to travel far on a single charge, reduce traffic congestion, and are environmentally responsible. Increasing fuel costs, favorable governmental policies, and changing consumer preferences are some of the factors promoting the growth of the electric bike market.
Furthermore, the implementation of favorable policies that are beneficial to the establishment of relevant infrastructure is expected to supplement the market growth. Many European nations like Germany, France, and Spain, are focusing on making the construction of e-bike infrastructure a priority and are also trying to raise annual expenditure to quicken the creation of a connected and secure bike network. These initiatives are helpful in removing roadblocks to cycling and promoting multiple opportunities for electric bike manufacturers. Thus, the growing legislative contribution will presumably drive the electric bike market.
Other factors that foster an environment of growth for the electric bike market are municipal bike-sharing programs across the globe, awareness of the health benefits of riding an electric bike, and the rise of shared electric micro-mobility. In spite of a bright future, the market will likely face certain challenging factors. High purchase costs are expected to hinder the market growth of the electric bike market during the projected period.
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“Favorable government policies and initiatives coupled with growing awareness of related health benefits will propel the market growth of electric bike over the forecast period,” says an FMI analyst.
Key Takeaways:
- Increasing shared mobility to generate more market opportunities.
- High purchase costs hinder the market growth.
- North America is expected to exhibit impressive market growth over the forecast period.
- The Asia Pacific region will likely dominate the market over the assessment period.
- By product type, pedestals are predicted to grow at a 3.2% CAGR.
- Lead-based battery segment will account for 85% of the overall market share.
Competitive Landscape
ECCITY Motocycles, Hero Electric Vehicles Private Limited, Gogoro Inc., GOVECS GmbH, Vmoto Limited, Honda Motor Co. Ltd., Piaggio C. SpA, Terra Motors Corp., Bayerische Motoren Werke AG, Jiangsu Xinri E-Vehicle Co. Ltd., Giant Manufacturing Co Ltd., Emotion Bikes USA, Pedego Electric Bikes, Volt, Energica Motor Company S.p.A., Zero Motorcycles, Inc., Mahindra Genze, Derby Cycle, and Accell Group among others are some of the major players in the electric bike market that are profiled in the full version of the report.
Major market players are focusing on product development, establishing new facilities, and portfolio expansion. These businesses are also employing tactics like mergers and acquisitions to enhance their market position.
