"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, 2021-2028

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

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global electric bike market size was USD 16.86 billion in 2020. The global impact of COVID-19 impacted production substantially during Q2 2020; however, E bike industry witnessed a positive demand shock across all regions during the second half of 2020. Based on our analysis, the global market will exhibit a steady growth of 10.05% in 2020. The market is projected to grow from USD 18.58 billion in 2021 to USD 52.36 billion in 2028 at a CAGR of 16.0% in the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


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 as compared to conventional bicycles. It is also helpful to users with limited mobility and offers a cheaper alternative to car travel. Factors such as 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 has Accelerated the Consumer Adoption of Electric Bikes


As public transit declined during the pandemic, for instance, ridership of subway trains alone dropped 90 percent 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 percent 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.


E bike industry are witnessing a noteworthy spike in sales that began even before the COVID-19 crisis but has sharply augmented as 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 electric type of bikes with average selling prices above USD 1,000 increased by 190% in June 2020 compared to June 2019. 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) can offer more protection by assuring that drivers are alerted if a bicycle or scooter is at risk. For instance, Tome is working with SAE Industry Technologies and nine other members to develop a bicycle-to-vehicle (B2V) communication standard. Three automakers, Subaru, GM, and Ford, are part of the B2V board and bike companies Trek Bicycle and Specialized. In January 2021, during CES, several new B2V prototypes were introduced. For instance, Specialized is working on integrating B2V technology into its Specialized Ride App. Hence, increasing connectivity solutions for bicycles will positively influence the global E bike industry growth.


DRIVING FACTORS


Increasing Awareness About the 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. As 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, and the electric bike market shares 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 UBI will drive the market growth.


RESTRAINING FACTORS


High Purchase Cost to Restrain Electric Bike Adoption


Electric bike adoption remains limited on a larger scale due in part 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 E-bikes will hamper the market shares globally in the forecast period.


SEGMENTATION


By Propulsion Type Analysis


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


Pedal Assist to Dominate the Market Owing to Better Battery Life


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


Lead Acid Batteries Held the Largest Share of the Market Owing to its 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 share of the market. Factors such as low cost and easy recycling are attributed to the dominance of this segment. The lithium-ion battery segment is anticipated to exhibit a higher CAGR during the forecast period. This is due to lithium-ion batteries are superior battery chemistry, better power-to-weight ratio, efficient charging, and better battery life cycle, among other benefits.


REGIONAL INSIGHTS


Asia Pacific Electric Bike Market Size, 2020 (USD Billion)

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


Asia Pacific dominated the market (with China accounting for most of the electric bike market share), and it stood at USD 8.72 billion in 2020. 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 percent of the electric type of bikes sold in the EU are also produced in Europe itself, 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, the percentage of 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 electric bike use in this region.


KEY INDUSTRY PLAYERS


Accell Group is a Leading Key Player in the 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 share of the market.


LIST OF KEY COMPANIES PROFILED:



  • Giant Bicycles (Taichung City, Taiwan)

  • Energica Motor Company (Modena, Italy)

  • Accell Group (Heerenveen, Netherlands)

  • Robert Bosch GmbH (Gerlingen, Germany)

  • Derby Cycle Holding GmbH (Cloppenburg, Germany)

  • Pedego Electric Bikes (California, U.S.)

  • Panasonic Corporation (Osaka, Japan)

  • Mahindra & Mahindra Ltd. (Mumbai, India)

  • Trek Bicycle Corporation (Wisconsin, U.S.)

  • Bionx International Corporation (Ontario, Canada)

  • Shimano Inc. (Osaka, Japan)

  • VanMoof (Amsterdam, Netherlands)


KEY INDUSTRY DEVELOPMENTS:



  • July 2021 – Bosch eBike Systems announced its new energy-saving riding mode for sporty tours and tour+ in its electric bike driving system. The new Tour+ mode provides continuous support based on the rider’s effort, eliminating the need for manual switching between the common drive modes.

  • February 2020 – Rad Power Bikes raised USD 150 million, the largest funding round of a U.S. electric bike startup, from institutional investors including Morgan Stanley’s Counterpoint Global Fund, Fidelity Management & Research Company, TPG’s global impact investing platform the Rise Fund, among others.


REPORT COVERAGE


An Infographic Representation of Electric E Bike Market

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



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


Report Scope & Segmentation












































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Estimated Year



  2021



Forecast Period



  2021-2028



Historical Period



  2017-2019



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 16.86 billion in 2020 and is projected to reach USD 52.36 billion by 2028.

In 2020, the Asia Pacific market size stood at USD 8.72 billion.

Registering a CAGR of 16.0%, the market will exhibit a promising growth rate during the forecast period (2021-2028).

The pedal assist segment held the largest share of the market in 2020.

Positive health and environmental benefits of using electric bikes is the key factor driving the growth of the market.

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

The Asia Pacific held the largest share in the market in 2020.

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

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

Speak to an Expert
Electric E Bike Market Size, Share and Global Industry Trend Forecast till 2026
  • Sep, 2021
  • 2020
  • 2017-2019
  • 165

    CHOOSE LICENSE TYPE

  • $4850
    $6850
    $8850

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

Deloitee
Hitachi
Hyundai
GM
Toshiba

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