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The global electric bike market size was USD 37.47 billion in 2022. Fortune Business Insights™ in its report titled “Electric Bike Market Size, Share & COVID-19 Impact 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), and Regional Forecasts, 2023-2030” observes that the market is projected to grow from USD 43.32 billion in 2023 to USD 119.72 billion by 2030, exhibiting a CAGR of 15.6% during the forecast period. Electric bikes offer a wide variety of benefits to the rider. They are eco-friendly, cost-effective, and convenient. They can be charged easily and are the ideal choice for people with limited mobility. These advantages are aiding the market expansion in the region.
Tern to Partner with Dutch-X to Help Deliver Cargo in Greener Way in New York
In July 2021, Tern partnered with Dutch-X, a New York-based delivery service provider, to help them deliver goods to retail customers in New York. Under the partnership, Dutch-X acquired a fleet of Tern electric cargo bikes. This move will help the company in delivering cargo with more efficiency and in an eco-friendlier manner. Moreover, e-bikes help in solving traffic congestion and parking issues in the city. They are able to park closer to the delivery address. The initial and maintenance costs of adopting e-bikes are high; however, it is still profitable to the company as they are saving time and money when it comes to parking and parking-related fines.
Elevated Consumer Adoption of E-Bikes Drove Market Expansion Amid the Pandemic
The spread of COVID-19 and imposition of social distancing norms resulted in a substantial decline in the usage off public transport alternatives such as trains and buses. For example, the usage of subway trains fell by 90% in New York alone. Moreover, the electric bike market share is slated to grow as these bikes have replaced motor bikes in many areas. E-bike demand increased substantially in the U.S. and the imports of these bikes rose by 76% and 80% in 2020 and 2021, respectively, when compared to the previous year. Moreover, rising efforts by companies and governments to develop bicycle infrastructure will also drive market proliferation in the forthcoming years.
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Rising Integration of Connectivity Solutions in Bicycles to Propel Market Augmentation
Connectivity applications such as V2X (vehicle-to-everything) can protect drivers by alerting them if a scooter or bicycle is at risk. For example, Tome announced that it is working with SAE Industry Technologies and nine other members to develop 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, various B2V prototypes and models were launched during CES. These efforts to integrate connectivity solutions are stimulating the market growth.
On the other hand, the high purchase costs of e-bikes and lack of standardized classes will pose as challenges for businesses operating in this domain.
Technological Upgrades by Market Players to Drive Market Share
Leading players in the global market are engaged in mergers and acquisitions, collaborations, partnerships, and product launches to aid revenue generation. The companies are also upgrading their existing portfolio to attract new customers. For instance, in January 2023, Giant upgraded its Explore E+ e-bike. A new suspension fork coupled with the wider tires added to the model improved its off-roading capacity. The bike can now be purchased with 625 and 800 watt-hour battery options.
Notable Industry Development
List of Key Companies Profiled in the Report:
Further Report Findings
Table of Segmentation
CAGR of 15.6% from 2023 to 2030.
Value (USD Billion), Volume (Units)
By Propulsion Type
By Battery Type