The EBike Market Size is projected to reach a staggering $71.5 billion by 2030, driven by increasing consumer demand for eco-friendly transportation and advancements in electric bike technology. With governments worldwide promoting sustainable urban mobility and offering subsidies, the demand for electric bikes has seen a significant surge. Additionally, the rise of urbanization, coupled with the convenience and cost-efficiency of e-bikes, has fueled their adoption across diverse regions, making e-bikes a viable alternative to traditional vehicles.
In 2023, the EBike Market Size continues to grow as innovations in battery technology, lightweight materials, and design features attract both recreational users and daily commuters. The market is benefiting from a combination of increasing environmental consciousness and the desire for health-focused, active lifestyles. As urban infrastructure adapts to the growing number of cyclists, the market is poised for rapid expansion in the coming years, solidifying the e-bike's position as a key player in future mobility solutions.
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Class I e-bikes are expected to account for the largest segment during the forecast period.
Many countries have regulations around e-bike motor power and speed. Class I e-bikes, typically with a motor assist up to 250 watts and a speed limit of 20-25 mph (32-40 km/h), often comply best with these restrictions. This makes them universally usable and avoids needing special licenses. Class I e-bikes provide a gentle power output that can make cycling convenient, especially for commuting or riding in hilly areas. They still need pedaling, so they retain the health benefits and exercise aspect of traditional cycling. Class I ebikes are less expensive than Class II or Class III ebikes. The market for Class I ebikes is expected to experience steady growth in the coming years. Some popular Class I ebikes include Trek Verve+2, Rad PowerBikes RadCity 5 Plus, and Specialized Como SL 4.0. Several factors contribute to increased demand for Class I e-bikes, particularly for short-distance urban travel. These include urbanization, health and wellness trends, and government incentives. Class, I e-bikes are anticipated to dominate the market in Asia-Oceania, especially in countries like China, Japan, South Korea, and Taiwan, where regulations specifically allow these e-bikes.
OPPORTUNITY: The trend toward connected e-bikes
Connected eBikes are intelligent and omniscient bikes capable of communicating critical data on their condition and use. In some cases, connected bikes can also receive information and commands remotely. Connected E-Bike systems allow both data gathering and data mining. Bosch's SmartphoneHub can connect electric Bikes to a smartphone and support ebike riders before and after their journey. The Lock premium function offered by Bosch transforms the Kiox-connected onboard computer into the key to greater security. This feature provides more biking security and makes the pedelec less attractive to thieves. Intelligent onboard computers — such as the Nyon from Bosch — determine the pedaling force and frequency during the journey and use this information to calculate the cyclist's performance and energy consumption.
North American ebike market is projected to grow at fastest rate during the forecast year 2024-2030
North America is the fastest-growing Electric Bikes (ebike) market. The mountain and city ebikes are popular in North America. City E-Bikes are expected to account for the largest market share due to the increased adoption of electric bikes for daily commuting, recreation, and fitness activities. Cargo E-Bikes are expected to grow at the fastest CAGR due to the increased adoption of electric bikes for transporting goods from one place to another, as well as traffic congestion and rising fuel prices in North American cities. Cargo Elecctric Bikes are gaining popularity among consumers due to their robust nature of the operation. The growth of the e-commerce industry and food delivery at large propels last-mile delivery even further, adding to the demand for cargo eBikes. These zero-emission cargo bikes efficiently navigate traffic jams and require less parking space than traditional delivery vehicles. This goes hand in glove with the growing environmental concern and government initiatives toward sustainable transportation. The government is also introducing a 1-year pilot project that enables a rebate of up to USD 1,700 for business owners to purchase cargo eBikes. To reduce emissions, governments in North America are offering incentives to buy cargo E-Bikes. These factors would increase the demand for E-Bikes in North America during the forecast period.
Key Market Players:
Major players operating in the Asia Oceania e-bike market are Giant Manufacturing Co. Ltd (Taiwan), Hero Lectro (India), TAV Systems (Australia), Yamaha Motor Company (Japan), Merida Industry Co. (Taiwan), and Emotorad (India).
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