New York , Jan. 24, 2024 (GLOBE NEWSWIRE) -- The global electric bike market size is estimated to attain at 12% CAGR from 2023 to 2033. The market is expected to garner a revenue of USD 151 billion by the end of 2033, up from a revenue of USD 40 billion in the year 2022. This is largely due to the growing sales of electric bikes across the globe. It is anticipated that worldwide sales revenue from e-bikes will increase from around USD 27 billion in 2020 to more than USD 45 billion by 2030.
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The world saw a record high in sales of electric two-wheelers because of the introduction of new products, expanded manufacturing capabilities, greater vehicle range, government incentives, growing urbanization, and rising well-being concerns. Moreover, E-biking encourages the release of feel-good chemicals such as oxytocin, dopamine, serotonin, and endorphins which can result in better mental and physical health.
Electric Bike Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Lithium-ion segment to garner the highest growth
- Market in Europe to grow at a significant rate
Growing Rate of Greenhouse Gas Emissions from Vehicles to Boost Market Growth
Due to the expanding economies and populations during the last three decades, the transportation industry is the only one responsible for the increase in greenhouse gas emissions. Currently, motor vehicles are thought to be responsible for more than 22% of global direct CO2 emissions. Moreover, between 1990 and 2022, the average annual growth rate of transport emissions was more than 1%, which was higher than any other end-use sector, causing climate change. Therefore, as part of efforts to reduce carbon emissions, governments all over the world are offering incentives for the use of electric bikes, or "e-bikes," as a viable way to lower greenhouse gas emissions which will also contribute to a decrease in the use of gas-powered cars during the next ten years. According to a study conducted in England, E-bikes have the potential to reduce automotive carbon dioxide (CO) emissions by more than 45%, annually, if they are used in place of cars for transportation.
Electric Bike Industry: Regional Overview
The global electric bike market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Traffic on Roads to Drive the Growth in the Asia Pacific Region
The electric bike market in Asia Pacific region is estimated to garner the largest revenue by the end of 2033. India boasts the world's second-largest road network which has increased at a rate of more than 3% annually. The country is experiencing increasing road traffic due to the presence of too many cars on the road, a growing population, not enough public transportation, and poor traffic discipline. For instance, Indian drivers are trapped in traffic for more than 132 hours a year on average. Moreover, traffic congestion is a major hindrance to India's economic development which is about to undergo a substantial change as e-bikes become more and more popular. Additionally, the Indian government may start public awareness efforts to inform people about the advantages of electric motorcycles which has led to the use of battery bikes and other electric vehicles in the region.
Growing Focus on Sustainability to Drive Growth in the Europe Region
The Europe electric bike market is estimated to garner the largest revenue by the end of 2033. In December 2019, the European Commission introduced the European Green Deal to establish a sustainable Europe by 2030 by addressing transportation, energy, biodiversity, climate change, and pollution. In addition to its 2050 goal of becoming climate neutral, the EU has set an interim goal of reducing emissions by more than 50% by 2030. Moreover, to achieve its goal of becoming the first carbon-neutral continent in history by 2050, the European Green Deal (EGD) calls for the use of heat cascading in industry, and the use of electric vehicles (EVs) including electric bikes for transportation.
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Electric Bike Segmentation by Battery Type
- Lithium-Ion
- Lithium-Ion Polymer
- Nickel Metal Hydride
- Lead Acid
- Sealed Lead Acid
- Others
Electric Bike Market lithium-ion segment is anticipated to hold the largest revenue by the end of 2033. The growth can be attributed to the growing demand for lithium-ion batteries across the globe. The demand for lithium-ion batteries is expected to rise over 6 times between 2022 and 2030, reaching around 4 terawatt-hours. Particularly, in the US, this demand is predicted to increase more than 5 times, totaling around USD 54 billion annually. Since their creation, Li-ion batteries have become more and more necessary for stationary energy storage systems and growing consumer inclination toward hybrid and electric vehicles including e-bikes. Moreover, for e-bikes, lithium-ion (Li-ion) batteries are the best choice to fulfill the electric bicycles' high-performance criteria as they are far more affordable, have a superior energy-to-weight ratio, and are more compact and lighter. For instance, by the end of 2020, e-bikes utilized around 24% more lithium batteries.
Electric Bike Segmentation by Usage
- Urban
- Cruise
- Trekking Bikes
- Racing
- Cargo
- Others
The urban segment is anticipated to hold the largest revenue by the end of 2033. This is largely due to the increasing personal disposable income. For instance, both family spending and disposable income increased by more than 2% globally in 2022. Urban real per-capita disposable incomes have more than doubled, which has given people more discretionary income to spend or save. Individuals with more disposable income may be better able to buy one because an electric bike is usually more expensive than a traditional bicycle. Additionally, as urban areas have become crowded more and more people are adopting E-bikes because they require less room when parking and traveling on the road, don't need fossil fuels, lessen traffic, and enhance the quality of the air and noise.
Electric Bike Segmentation by Battery Power
- Under 750W
- Over 750W
Electric Bike Segmentation by Hub Motor Location
- Rear Hub Motor
- Mid Drive Hub Motor
- Front Hub Motor
Electric Bike Segmentation by Product
- Pedelecs
- Speed Pedelecs
- Scooter & Motorcycle
- Throttle on Demand
A few of the well-known market leaders in the global electric bike market that are profiled by Research Nester are Accell Group, FOCUS & Kalkhoff Holding GmbH, Giant Manufacturing Co., Ltd., Energica Motor Company S.p.A., DOUZE Factory SAS, PEDEGO INC, Robert Bosch LLC, Johammer e-mobility GmbH, Karbon Kinetics Ltd., Kawasaki Motors Corp., U.S.A., and other key market players.
Recent Development in Electric Bike Market
- PEDEGO INC introduced a brand-new model to their lineup of electric bikes, Pedego Avenue with simple and electric features, and minimalist styling, entry-level pricing, and versatility.
- Robert Bosch LLC announced that the new eBike alarm feature makes parking eBikes even more secure, and offers enhanced security against pilferage.
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