E-Bike Market Surge to Reach $77.2 Billion by 2028

E-Bike Market

The e-Bike market size is projected to reach USD 80.6 billion by 2027 from an estimated USD 49.7 billion in 2022, at a CAGR of 10.2% from 2022 to 2027. With the growth in automotive industry, there has been rise in the air pollution. To control the emission rate, inclination towards green and clean mobility solutions for daily commute is growing. This is leading to increased demand for e-Bikes globally. Asia Oceania is forecasted to lead the e-Bike market.

e-Bikes assist in optimum utilization of space and helps in faster commute in urban and highly populated areas. Governments of many countries in Europe, North America, and Asia Oceania are working toward supporting the usage of e-Bikes through subsidies and regulatory changes to reduce the stress of traffic congestion which is ultimately helping to decrease the emissions and improving the air quality. For instance, in Italy, the government offers a subsidy of up to USD 527 in municipalities with a population of over 50,000 inhabitants to purchase new bicycles and e-Bikes. Therefore, such initiatives are attracting the consumers for the use of e-Bikes.

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“Rising popularity for last mile delivery to spur the adoption of cargo e-Bikes”

Due to growing competition, customer satisfaction is majorly focused by delivery companies. To attain the same, companies are opting for faster and last mile delivery solutions. A study by the World Economic Forum estimates that the demand for last-mile delivery is expected to increase by nearly 78% till 2030 across the world. Due to its sleek design and small size compared to other delivery vehicles,  cargo e-Bikes have come up as a solution for the last mile delivery process. In December 2021, Toronto ran a pilot project for cargo e-Bikes and received positive results, with e-Bikes proving nearly 6% faster than the electric vans in city areas.

The government of different countries have also stepped in to support the usage of cargo e-Bikes as it helps to regulate the emissions and also reduce the traffic congestion situations. For example, the French government provides the highest incentive of USD 1,400 for purchasing cargo e-Bikes. Thus, the rising popularity of the last mile delivery would drive the growth of cargo e-Bikes segment.

“Increased demand for low maintenance commute to lead the adoption of Pedal Assist e-Bikes”

In pedal assist mode, the major advantage is the prolonged life of both battery and the motor because in full throttle assist mode, a lot of strain is developed on the motor and the battery, impacting the life cycle of the battery. Many major e-Bike manufacturers and new startups are developing the best-performing pedal assist e-Bikes. For instance, in January 2022, VAAN Electric Moto (India) launched new series of pedal assist e-Bikes in India. Thus, as pedal-assist e-Bikes have a longer life and require low maintenance, there is an increased demand for the adoption of pedal assist e-Bikes.

 “Europe is anticipated to be the second largest market for e-Bikes in 2022”

According to MarketsandMarkets statistics, Europe is projected to hold the second largest share of the e-Bikes industry by 2027 because of the European consumers’ preference for greener e-mobility solutions over buying cars and using public transport for the daily commute. This has resulted in nearly 52% increase in sales in 2020. Europe has been among the most developed market in terms of development of infrastructure such as bicycle paths for the usage of e-Bikes. As per the Confederation of the European Bicycle Industry (CONEBI), investments in innovations and development in Europe for the e-Bike market topped an amount of nearly USD 1.72 billion, up from USD 1.6 billion in 2019. Rising air pollution, fuel prices, traffic congestions and government incentives for purchase of e-Bikes are some of the primary factors leading to the high penetration of e-Bikes in the European mobility ecosystem. The technology transfer has led to growth in the number of local players which is expected to reduce the cost of e-Bikes adaptation in the region. Hence the region is expected to increase its share during the forecast period.

In-depth interviews were conducted with CXOs, VPs, directors from business development, marketing, product development/innovation teams, independent consultants, and executives from various key organizations operating in this market.

  • By Company Type: OEM – 70%, Tier I – 30%
  • By Designation: D Level – 30%, C Level – 60%, and Others – 10%
  • By Region: Asia Oceania – 50%, Europe – 20%, and North America – 30%

The e-Bike companies are Accell Group NV (Netherlands), Pon.Bike (US), Merida Industry Co. Ltd. (China), Giant Manufacturing Co., Ltd. (Taiwan), and Yamaha Motor Company (Japan).

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