Electric Bike Market : Industry Future Set To Massive Growth With High CAGR
The e-bike market is anticipated to thrive at a steady CAGR of 10.2% between 2023 and 2033. The market is expected to have a market share of US$ 150.01 billion by 2033, while it is likely to be valued at US$ 56.79 billion in 2023.
The revolution of e-bikes, e-cycles, and electric cars is around the corner and is experienced not only in first-world countries but also the emerging economies. The recent addition of E-bikes run on electric batteries.
Higher sales of e-bikes are due to the no-fuel prices, minimum carbon emissions, and government subsidies. Alongside this, citizens are also adopting environmentally friendly ways of transportation.
New e-bike launches with high mileage, improved power, advanced transmission, and better design are also gaining traction in the market. The battery performance and acceleration being the center of the deal, companies are now using high-power batteries in the bike.
Local governments around the world, especially in population-dense countries in the east like China and India, are introducing community e-bike programs. These programs charge the minimum while delivering the maximum benefits.
The growing electric vehicle infrastructure is also flourishing with the expansion of charging spots and stations around the world. These stations also offer service, repair, and replacement of the electric bike.
Key Points
The United States market leads the North American electric bike market in terms of market share in North America. The United States held a market share of 22.1% in 2022. The factors are attributed to leading two-wheel vehicle brands, government support for sustainable industries, and aware citizens.
The German electric bike market held a market share of 6.9% in 2022. The market growth is caused by Germany being the automotive hub and extended research and development facilities. These facilities are advancing the battery performance while the German government target to limit the carbon footprint by the end of the forecast period.
The Indian market thrives at a steady CAGR of 10.0% between 2023 and 2033. The government focuses on the energy transition from fossil and petroleum sources to alternative sources like electric and solar, garnering regional performance in the global market.
The Chinese market also thrives at a CAGR of 10.5% during the forecast period.
Based on product type, the pedelecs segment leads the market as it held a market share of 47.3% in 2022. Its health benefits, lower power consumption, and regenerative braking options are expected to help the segment keep its lead during the forecast period.
Based on battery type, the lead-based battery segment strives as it accumulated a revenue share of 85.7% in the global market in 2022.
Competitive Landscape
The key vendors focus on durability, high battery life, and improved performance. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments
Pedego Electric Bikes has introduced several e-bikes, including Avenue – Electric Commuter Bike, City Commuter: Lite Edition, City Commuter Mid Drive Edition, and City Commuter: Platinum Edition.
Vespa has introduced the electric mobility vehicle named Elettrica with integrated smart technology and a TFT dashboard.