Electric Bike Market size was over USD 44.12 Billion in 2023 and is expected to exceed USD 226.7 Billion by the end of 2036, witnessing over 13.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of electric bike is evaluated at USD 50.07 Billion..The growth of the market is primarily attributed to the rising trend of adopting zero emission transportation mode across the globe. For instance, worldwide sales of medium- and heavy-duty commercial vehicles are expected to exceed 3 million units per year by 2030, representing a compound annual growth rate of 2%. 1.2 million vehicles are anticipated to be sold in China, 510,000 in the United States, and nearly 400,030 in Europe.
Electric bikes are a popular, versatile, and ecofriendly mode of transportation. Customers perceive them as a viable alternative to scooters, smart cars, and public transportation. These bikes are simple to operate, suitable for people of all ages, and a low-cost option for eco-friendly transportation. Consumer’s traction for electric bike and government led various initiative and regulations are boosting up the growth of the e-bike market over the forecast period. For instance, the Indian government has established a number of EV Subsidy Programs and launched FAME (Faster Adoption and Manufacturing of Electric Vehicles), which has aided in accelerating the penetration of electric scooters and motorcycles on Indian roads.
Growth Drivers
Challenges
|
Forecast Year |
2024-2036 |
|
CAGR |
13.8% |
|
Base Year Market Size (2023) |
USD 40 Billion |
|
Forecast Year Market Size (2033) |
USD 226.7 Billion |
|
Regional Scope |
|
Battery Type (Lithium-Ion, Lithium-Ion Polymer, Nickel Metal Hydride, Lead Acid, Sealed Lead Acid)
The global e-bike market is segmented and analyzed for demand and supply by battery type into lithium-ion, lithium-ion polymer, nickel metal hydride, lead acid, sealed lead acid, and others. Out of these, the lithium-ion segment is expected to significantly grow over the forecast period owing to the superior quality of lithium-ion battery chemistry, efficient and fast charging, good battery life, zero maintenance requirements, and ease of portability. For instance, compared to the average lead acid battery's 86% efficiency, lithium batteries charge with a nearly 100% efficiency.
Our in-depth analysis of the global market includes the following segments:
|
By Product |
|
|
By Battery Type |
|
|
By Hub Motor Location |
|
|
By Battery Power |
|
|
By Usage |
|
Regionally, the global electric bike market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2036 backed by the rising introduction of advanced technologies, significantly growing stances of traffic congestion, upsurge in carbon emission regulations, and growing urbanization in the region. For instance, in 2021, Mumbai's congestion level was accounted nearly 54%, which represents that it took 54% longer time to get from one point to another than in a free flow scenario. In comparison, the congestion level in Wellington and Singapore was reached nearly 28% in 2021.
PEDEGO INC released a brand new model to their lineup of electric bikes. With simple and electric features, the new Pedego Avenue offers a contemporary, minimalist design. With its minimalist styling, entry-level pricing, and versatility, Pedego Avenue rounds out the company's ebike product line.
Robert Bosch LLC’s new eBike alarm function significantly enhances safety and protection by making the parking of eBikes even more secure using the smart system. Aside from the mechanical lock, the new eBike Alarm provides more comprehensive security against theft. It allows the eBike to be parked more carefree.
Author Credits: Saima Khursheed
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?