Electric Bike Market to Expand at a CAGR of 14.6% from 2024 to 2032; Launch of Tech-Integrated Bikes to Drive Product Adoption

The global electric bike market size stood at USD 43.59 billion in 2023. The market value is slated to rise from USD 50.14 billion in 2024 to USD 148.70 billion by 2032 at a CAGR of 14.6% during 2024-2032. Fortune Business Insights™ presents this information in its report, titled “Electric Bike Market Size, Share & Industry Analysis, By Propulsion Type (Pedal Assist and Throttle), By Battery Type (Lead Acid, Lithium-ion, Nickel Metal Hydride, and Others), By Application (City/Urban, Mountain/Trekking, and Cargo/Luggage), By Motor Type (Mid Motor and Hub Motor), By Component (Battery, Electric Motors, Motor Controller, Frame with Forks, and Others (Brake Systems, Wheels & Gears)), By Battery Capacity (Below 250W, 251 W to 450W, 451 W to 650 W, and Above 650W), and Regional Forecast, 2024-2032.”

Electric bikes are used for facilitating cycling for longer distances and in difficult terrains through electric assistance. The integration of advanced technologies in e-bikes is anticipated to boost their adoption over the ensuing years.

The adoption of e-bikes increased at the time of COVID-19 pandemic as they replaced the non-motorized bikes in numerous places. The exponential increase in the demand for the e-bikes positively impacted the revenue for many market players.

Specialized Launched E-Bikes Under Its Globe Haul ST Product Line

In March 2023, Specialized launched its affordable segment of e-bikes under the Globe Haul ST. These bikes have shorter wheelbase and utility e-bikes with additional cargo capacity for hauling extra cargo or passengers. The Globe Haul ST is priced at USS 2,700.

Market Value to Record an Upward Trajectory Driven by Technology-Integrated Products

There has been an increasing incorporation of advanced technologies in e-bikes. Some examples include mobile app integration, GPS tracking, and intelligent connectivity. The integration would enable riders to access navigation tools and monitor their bike’s performance through the use of smartphone apps. These factors are expected to help drive the electric bike market growth.

However, the product adoption could be restricted owing to the expenses involved in purchase.

Leading Companies Focus on Strong Sales Networks to Strengthen Industry Positions

Key electric bike companies are keen to develop robust sales networks to maintain their industry positions. For instance, Accell Group, a leading industry player, is known for the sale of its products to dealers and customers in more than 80 countries. The company has established a strong reputation for its brands in Europe.

Key Players Profiled in the Report

• Giant Bicycle, Inc. (Taiwan)
• Hero Cycles Ltd (India)
• Accell Group (Netherlands)
• Robert Bosch GmbH (Germany)
• Kalkhoff Werke GmbH (Germany)
• Pedego Electric Bikes (U.S.)
• Panasonic Corporation (Japan)
• Mobility Holdings, Ltd. (Tern) (Taiwan)
• Trek Bicycle Corporation (U.S.)
• Shimano Inc. (Japan)

Key Industry Development

• November 2022 – Yamaha Motor Co., and Hero Motors inked an agreement focused on establishing a global e-cycle drive unit company at Ludhiana-based Hero E-Cycle Valley. The deal would facilitate the production of HYM Drive Systems, with an annual capacity of a million units.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/electric-e-bike-market-102022

Further Report Findings

• In 2023, the Asia Pacific market size stood at USD 25.83 billion. The region held a dominating share in the global market considering the increasing product adoption on account of strict emission norms for gasoline motorcycles.
• The North America electric bike market share is anticipated to exhibit good expansion over the study period. This is due to the escalated development of cycling infrastructure in the region.
• On the basis of propulsion type, the market is bifurcated into throttle and pedal assist. The pedal assist led the global market owing to flexibility of choice from three to five modes, based on the bike model.
• On the basis of component, the market for electric bikes is classified into battery, frame with forks, motor controller, electric motors, and others. The battery segment holds a prominent share in the market. This is owing to the increasing manufacturer emphasis on the development of rapid charging technologies.

Table of Segmentation