E-bike Market Size, Share, Trends | Forecast 2023-2028
According to the latest report by IMARC Group, the global e-bike market size reached US$ 23.2 Billion in 2022. Looking forward, expects the market to reach US$ 34.6 Billion by 2028, exhibiting a growth rate (CAGR) of 6.78% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
E-bikes, also known as electric bicycles, are a type of two-wheeler equipped with electric motors, batteries, and a drivetrain for propulsion. They can be operated via pedaling or powered by rechargeable batteries like lead-acid batteries that can cover long distances on a single charge. Compared to fuel-driven vehicles, they are highly cost-effective and energy-efficient, require minimum maintenance, and offer an emission-free commuting option. They also help reduce traffic congestion on highways and roads by allowing individuals to ride on sidewalks and bike lanes. In recent years, e-bikes have gained immense popularity across the globe as they are more economical, environment-friendly, and provide a hassle-free traveling experience.
What are the growth prospects and trends in the e-bike industry?
The global e-bike market is primarily driven by the surging environmental consciousness among individuals and the rising preference for electric vehicles (EVs) like e-bikes due to the elevating pollution levels. Additionally, there has been a significant shift toward cycling as it offers various mental and physical health benefits, including improved cardiovascular fitness, enhanced muscle strength, higher flexibility, and reduced risks of stress and depression. In line with this, the increasing participation of individuals in adventure sports, especially the young population, has catalyzed market growth.
Furthermore, the leading players are launching innovative product variants like connected e-bikes embedded with the internet of things (IoT) and novel features, such as automatic emergency calling, anti-theft systems, remote diagnostics, and integrated navigation. Along with this, the introduction of hydrogen-powered bikes and the Smart E-Bike Monitoring System (SEMS) has propelled market growth. Other factors, including favorable government initiatives promoting the adoption of e-bikes, rising product usage by logistics companies for faster package delivery, and growing penetration of shared micro-mobility, are also anticipated to drive the market further.
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What is included in market segmentation?
The report has segmented the market into the following categories:
By Mode Insights:
Throttle
Pedal Assist
By Motor Type Insights:
Hub Motor
Mid Drive
Others
By Battery type Insights:
Lead Acid
Lithium Ion
Nickel-Metal Hydride (NiMH)
Others
By Class Insights:
Class I
Class II
Class III
By Design Insights:
Foldable
Non-Foldable
By Application Insights:
Mountain/Trekking Bikes
City/Urban
Cargo
Others
By Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Accell Group
BIONX International Corporation
Robert Bosch GmbH
Yamaha Motor Group
Derby Cycle Holding GmbH
Giant Group
Kwang Yang Motor Company Ltd
Merida & Centurion Germany GmbH (MCG)
Samsung Electronics Co. Ltd
Continental AG
Prodeco Technologies LLC
Tianjin Fuji-ta Group Co. Ltd
Trek Bicycle Corporation
Pedego Inc
Shimano Inc
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