"Market Intelligence for High-Geared Performance"

Electric Bike Market Size, Share & COVID-19 Impact Analysis, By Propulsion Type (Pedal Assist, Throttle), By Battery Type (Lead Acid, Lithium-Ion, Nickel Metal Hydride, Others), and Regional Forecasts, 2022-2029

Region : Global | Format: PDF | Report ID: FBI102022

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global electric bike market size was valued at USD 35.69 billion in 2021. The market is projected to grow from USD 40.16 billion in 2022 to USD 92.19 billion by 2029, exhibiting a CAGR of 12.6% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with electric bike experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a growth of 9.8% in 2020 as compared to 2019.


An e-bike refers to bicycles with a motor and rechargeable batteries that assist the rider and alleviate some of the pressure of pedaling efforts. E-bikes enable users to cycle further and more often without getting tired than conventional bicycles. It is also helpful to users with limited mobility and offers a cheaper alternative to car travel. Quickly rechargeable batteries, lightweight motors, and technological advancement of bicycle components have led to increased adoption of electric mopeds as an efficient, eco-friendly, and convenient way to travel.


COVID-19 IMPACT


COVID-19 Accelerated Consumer Adoption of E-Bikes Triggering Market Growth


As public transit declined during the pandemic, for instance, ridership of subway trains alone dropped 90% in New York City, it began rolling out fleets of electric mopeds. The adoption of these bikes has increased exponentially, and they have displaced non-motorized bikes in many places. According to Samantha Herr, Executive Director of the North American Bikeshare Association, the pandemic highlighted micro-mobility as an essential transportation service, filling in where transit service stopped or gaps existed and helping essential workers get to work.


NBC News analyzed bike-share data from 11 of 13 cities in the U.S. that have comparable numbers. According to the study, in May 2020, with 240,000 trips, electric mopeds accounted for only 11% of bike-share rides in surveyed cities. In May 2021, they accounted for 38 percent of bike-share rides, increasing to 1.4 million trips. The remaining 62 percent of rides were on non-motorized, conventional bikes.


The bike industry is witnessing a noteworthy spike in sales that began before the COVID-19 crisis but has sharply augmented due to the pandemic-induced lockdown. For instance, according to an article published by the World Economic Forum (WEF), sales of electric bikes increased by 145% in the U.S. in 2020 compared to 2019. For instance, according to the NPD Group, sales of these bikes with average selling prices above USD 1,000 increased by 190% in June 2020 compared to June 2019.


The e-bike industry in the U.S. reacted positively during the COVID-19 pandemic. For instance, according to the Light Electric Vehicle Association (LEVA), the imports of these bikes increased to 450,000 Units in 2020 and 790,000 in 2021, an increase of around 76% & 80%, respectively, compared to the pre-pandemic demand of 250,000 units in 2019.


This significant increase in demand has positively affected the revenue and expansion opportunities for several key players in the market. For instance, the annual revenue of VanMoof doubled in 2020. Furthermore, the company raised USD 128 million and USD 53.5 million in funding in 2021 and 2020 to expand production and accelerate growth.


Similarly, Rad Power Bikes (the largest e-bike company in North America) raised around USD 300 million in two separate rounds in 2021, focusing on increasing production capacity outside of the Asia Pacific region. Hence, the pandemic has accelerated the surge in demand for such mopeds.


LATEST TRENDS


Request a Free sample to learn more about this report.


Increasing Application of Connectivity Solutions for Bicycles to Augment Growth


Connectivity applications such as V2X (vehicle-to-everything) have the ability to protect drivers by alerting if a bicycle or scooter is at risk. For instance, Tome announced working in collaboration with SAE Industry Technologies and nine other members for developing a bicycle-to-vehicle (B2V) communication standard. Subaru, GM, and Ford, bike companies including Trek Bicycle and Specialized are a combined part of the B2V board. In January 2021, during CES, various new B2V prototypes and models were introduced. For instance, Specialized is working toward cooperating B2V technology toward its Specialized Ride App. Hence, rising connectivity measures for bicycles is expected to positively influence the global market.


DRIVING FACTORS


Greater Policy Support in terms of Supporting Infrastructure to Augment Growth


Countries such as Germany, France and Spain, among others in Europe, have prioritized the development of cycling infrastructure and are aiming to increase annual investment to expedite the development of a connected and safe bicycle network. This will help decrease obstacles to cycling and support the numerous bicycle infrastructure opportunities enabled by e-bikes. Therefore, greater policy support will fuel the electric bike market growth.


Rising Adoption of E-Bikes in Municipal Bike-Sharing Systems to Propel Market Growth


E-bikes have been adopted rapidly by municipal bike-sharing systems worldwide. The need for more accessible and safe public transportation and social distancing demands have led to increased use of e-bikes by residents and travelers. In Honolulu, Hawaii, around 80% of the Biki bike-sharing system users said riding was the most preferred and safest type of public transportation.


According to the North American Bikeshare Association (NABSA), e-bikes were used in 28% of bike-sharing systems in 2019 (the latest year statistics were available). NABSA found that e-bikes were used 1.7 times more than conventional bikes. For instance, in 2019, the city of Madison (Wisconsin) replaced its entire bike-share fleet with electric models. Subsequently, usage has more than doubled. In 2020, Chicago added 3,500 e-bikes, and by 2022, the city plans to add 10,000 e-bikes to its Divvy bike-share system.


Hence, these factors will drive the growth of the market.


Increasing Awareness About Health Benefits of Electric Bikes Among Consumers to Drive Market


A study from CU Boulder quantified the health benefits of replacing commuting via cars with a class 1 e-bike. The study found that in one month, compared to driving a car, traveling via an electric bike helped contributors improve blood sugar control, increased essential cardiovascular endurance, and reach their physical activity recommendations. Hence, these major factors are expected to drive the market for electric mopeds.


Increasing Adoption of Shared Micro-mobility to Augment Growth


Shared micro-mobility is part of the public transportation ecosystem. A flexible transportation option with reasonably low operations costs and overhead shared electric micro-mobility can complement higher-volume fixed-route transit services by providing mobility services for many trips at a lower per-traveler cost. In August 2021, the North American Bikeshare and Scootershare Association (NABSA) published its annual report on the state of the shared micro-mobility industry.


According to the report, North Americans took an estimated 83.4 million trips on shared micro-mobility vehicles in 2020, more than half of the total trips taken during 2019. E-scooters accounted for over a third of all trips. Pedal bikes and electric mopeds formed nearly two-thirds of all trips. The share of electric bikes in the number of trips increased from 7 million to almost 10 million trips despite all other trip trends reducing during the COVID-19 pandemic. Hence, increasing consumer acceptance of micro-mobility solutions will drive the market's growth.


RESTRAINING FACTORS


High Purchase Cost to Restrain Electric Bike Adoption


E-bike adoption remains limited on a larger scale due to high purchase costs. In 2019, a survey of self-selected electric moped owners in North America found that, on average, an e-bike costs USD 2,600 to purchase. For comparison, a mountain moped has an average wholesale cost in the U.S. of USD 620 (Bicycle Retailer and Industry News 2019). Hence, the high ownership cost associated with electric bikes will hamper the e-bike market share globally in the forecast period.


SEGMENTATION


By Propulsion Type Analysis


Pedal Assist to Dominate Market Owing to Better Battery Life


By propulsion type, the global market is segmented into pedal assist and throttle.


The pedal assist segment held the largest share of the market attributed to its better battery life, lower servicing needs, and the ability for users to choose from the three to five modes of pedal-assist depending on the model.


The throttle segment is anticipated to exhibit a higher CAGR during the forecast period. Factors such as decreased pedaling effort in scenarios such as accelerating up a hill or cruising will drive the growth of this segment.


By Battery Type Analysis


To know how our report can help streamline your business, Speak to Analyst


Lead Acid Batteries Held Largest Share of Market Owing to Low Cost


Based on battery type, the market is segmented into lead acid, lithium-ion, nickel metal hydride, and others.


The lead acid segment held the largest market share in 2021. Lead acid batteries are low-cost, easy to recycle, and are used in most of the e-bikes available in the market. Despite being economic, these batteries are now getting replaced by lithium-ion batteries as the latter offers better durability, range, and efficiency. Lead acid batteries are criticized as they are not environment-friendly and also not durable compared to lithium-ion batteries.


The lithium-ion battery segment is anticipated to exhibit a higher CAGR during the forecast period. This is attributed to the superior battery chemistry, better power-to-weight ratio, efficient charging, higher energy density and better battery life cycle of lithium-ion batteries.


REGIONAL INSIGHTS


Asia Pacific Electric Bike Market Size, 2021 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


The Asia Pacific dominated the market (with China accounting for most of the e-bike market share), and it stood at USD 22.56 billion in 2021. Factors such as extensive bicycle infrastructure in developed and developing countries, including China and Japan, high vehicular and public transit congestion, and increasing stringency of emission regulations for gasoline motorcycles are attributed to the dominance of the market in this region.


Europe is expected to show significant growth in the market. Heinrich-Böll-Stiftung European Union published the 2nd edition of the European Mobility Atlas in July 2021. According to the report, the e-bike manufacturers and parts industry are active in 23 of the 27 EU member countries. There are around 900 small & medium enterprises (SMEs) that directly and indirectly employ approximately 120,000 people and invest more than one billion euros in R&D. According to the report, 60% of electric bikes sold in the EU are also produced in Europe, and sales are expected to reach around 13.5 million units by 2030.


North America is also expected to show good growth in the market. According to NABSA, bike-share systems deploying electric bikes increased from 28% in 2019 to 44% in 2020. Several cities such as Washington, D.C., New York, and San Francisco have lowered speed limits, closed certain roads to traffic, and added dedicated lanes for two-wheelers. These factors are attributed to the increase in e-bike uses in this region.


KEY INDUSTRY PLAYERS


Accell Group Dominates Market Owing to Productive Partnerships and Industry-Leading Products


Accell Group is one of the leading key players in this market. The company has a workforce of approximately 3,100 employees across 15 countries. Moreover, the company’s products are sold to customers and dealers in more than 80 countries. Accell has a strong brand reputation in Europe and an extensive product portfolio through its Haibike, Winora, Ghost, Batavus, Koga, Lapierre, Raleigh, Sparta, Babboe, and Carqon. XLC. Brands. These brands have enabled the company to capture a larger market share.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • January 2022 – Giant Bicycles announced a new collaboration with Team BikeExchange-Jayco, which will pave the way for the world's leading cycling brand return to professional road racing at the UCI World Tour level.

  • July 2021 – Pedego opened a new facility in Bethesda, Maryland, which offers a full range of e-bike sales, rentals, services, and accessories.


REPORT COVERAGE


An Infographic Representation of Electric E Bike Market

To get information on various segments, share your queries with us



The global electric bike market research report covers a detailed analysis. It focuses on key aspects such as leading companies, product types, and leading product applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report delivers an in-depth analysis of several factors that have contributed to its growth in recent years.


Report Scope & Segmentation












































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD billion), Volume (Units)



Segmentation



By Propulsion Type



  • Pedal Assist

  • Throttle



By Battery Type



  • Lead Acid

  • Lithium-Ion

  • Nickel Metal Hydride

  • Others



By Geography



  • North America (By Propulsion Type, By Battery Type)

    • U.S.

    • Canada

    • Mexico



  • Europe (By Propulsion Type, By Battery Type)

    • U.K.

    • Germany

    • France

    • Spain

    • Netherlands

    • Italy

    • Denmark

    • Belgium

    • Rest of Europe



  • Asia Pacific (By Propulsion Type, By Battery Type)

    • China

    • Japan

    • India

    • South Korea

    • Rest of Asia Pacific



  • Rest of the World (By Propulsion Type, By Battery Type)



Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 35.69 billion in 2021 and is projected to reach USD 92.19 billion by 2029.

In 2021, the Asia Pacific market size stood at USD 22.56 billion.

The market will exhibit a promising rate of 12.6% CAGR during the forecast period (2022-2029).

The pedal assist segment held the largest share of the market in 2021.

Positive health and environmental benefits of using e-bikes are the key factors driving the market growth.

Giant Bicycles, Accell Group, and Pedego Electric Bikes are the major players in the global market.

Asia Pacific held the largest share in the market in 2021.

Factors such as rise in adoption of the shared micro-mobility model, rapid urbanization and traffic congestion in cities, and increase in purchase incentives are expected to fuel the market growth during the forecast period.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • Apr, 2022
  • 2021
  • 2018-2020
  • 165

    CHOOSE LICENSE TYPE

  • $4850
    $5850
    $7850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Automotive & Transportation Clients

Asahi
Bosch
Hyundai
Deloitee
GM

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X