Electric Bike Market Size, Share | E-Bike Industry Analysis by 2027

E-Bike Market worth $70.0 billion by 2027

Posted on 2021-03-23 by MarketsandMarkets in Automotive, Technology // 0 Comments

electric e-bike market

The global Electric Bike (e-bike) Market size is projected to grow to USD 70.0 billion by 2027 from USD 41.1 billion in 2020, at a CAGR of 7.9%. Government initiatives towards clean environment and technology advancements such as connected e-bikes are driving the market growth.

The trend towards connected e-bikes and government support & initiatives to increase the sale of e-bikes are the key trends impacting the growth of the e-bike market.

Some of the key players in the e-Bike market are Accell Group N.V. (Netherlands), Pon. Bike (US), Merida Industry Co., Ltd. (China), Giant Manufacturing Co., Ltd. (Taiwan), and Yamaha Motor Corporation (Japan).

The electric bike market has shown a positive impact of COVID-19. Due to the COVID-19 pandemic, shared mobility for transportation is unlikely to be preferred. E-bikes are considered a safe, convenient, and affordable alternative to public transportation. Most countries are working toward boosting the usage of e-bikes through both subsidies and regulatory changes to reduce the stress on public transportation systems. Compared to other transportation systems, e-bikes are cheaper, easier to charge, and do not require huge investments in supportive infrastructure. Therefore, an increase in demand for e-bikes is being observed.

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The lithium-ion battery segment is estimated to account for the largest share of the e-bike market due to lithium-ion batteries’ various benefits. For instance, lithium-ion batteries are eco-friendly, have a better life cycle, and generate more power to weight ratio than other battery types. These batteries have also shown a sharp decline in price in recent years. The effort of e-bike manufacturers to produce lightweight e-bikes has also resulted in the higher adoption of lithium-ion batteries. E-bikes in China were equipped with lead-acid batteries. However, due to government regulations announced in April 2019, the Chinese market has shifted towards lithium-ion batteries, resulting in a huge spike in demand for lithium-ion batteries in the Asia Pacific region from 2019.

Folding e-Bike is becoming a popular choice among almost urban commuters. Major conventional bicycle manufacturers are also launching their e-bike with the latest technology and innovative design in the Indian market. For instance, in the 2020 Auto Expo, Hero Cycle its e-bikes lineup, which includes a folding bike (Easy Step, a straphanger), and an electric fat bike (Essentia). Presently, the market for folding and fat-tire e-Bikes is limited in Asia Pacific, Europe, and North America. However, we expect the market for folding and fat-tire e-Bike to be the fastest-growing e-Bike market globally over the forecast period.

In the Asia Pacific, China was the largest market for e-bikes in 2019, followed by Japan, India, South Korea, and Taiwan. The COVID-19 pandemic has boosted the sale of e-bikes in countries such as Japan, India, South Korea, and Taiwan, resulting in a sale increase of 13%, 54%,34%, and 21%, respectively in 2020 compared to 2019. However, China is estimated to witness a decline in e-bike sales in 2020 by ~2% due to new regulations on e-bikes introduced by the government, which will increase their cost. Despite the decline in sales, China is still expected to lead the Asia Pacific e-bike market during the forecast period

Currently, the North American region has a minimal presence of e-bike manufacturers, resulting in a limited market for e-bikes. However, public awareness about e-bikes and the involvement/ interest of traditional bicycle brands towards e-Bike has created a buzz about e-bikes in the market. Pedego Electric Bikes and Trek Bicycle Corporation are the major manufacturers of e-bikes in North America. Therefore, over the forecast period, North America is expected to be the fastest-growing market.

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