The Global E-Bike Market size is projected to grow to USD 70.0 billion by 2027 from USD 41.1 billion in 2020, at a CAGR of 7.9%. Government support and initiatives to increase the sale of e-Bike would drive the global e-Bike market.
The E-bike market has shown a positive impact of COVID-19. Due to the COVID-19 pandemic, shared mobility for transportation is unlikely to be preferred. E-bikes are considered a safe, convenient, and affordable alternative to public transportation. Most countries are working toward boosting the usage of e-bikes through both subsidies and regulatory changes to reduce the stress on public transportation systems. Compared to other transportation systems, e-bikes are cheaper, easier to charge, and do not require huge investments in supportive infrastructure. Therefore, an increase in demand for e-bikes is being observed.
The key players in the e-Bike industry are Accell Group N.V. (Netherlands), Pon. Bike (US), Merida Industry Co., Ltd. (China), Giant Manufacturing Co., Ltd. (Taiwan), and Yamaha Motor Corporation (Japan).
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With the growing popularity of e-bikes, there are technological advancements in the field of e-bikes. The connected e-bike is one such advancement, wherein the SIM module enables the e-bike to send and receive data to and from the cloud without a connected smartphone. Some of the important features offered by the connected e-bike include automatic emergency call, integrated navigation, social media connection, an anti-theft system, and remote diagnostics. Bosch is one of the major players in the e-bike market, offering connected electric bike solution.
For instance, SmartphoneHub by Bosch can connect e-bikes to a smartphone and support the riders before and after their journey. The Lock premium function by Bosch also transforms the Kiox connected on-board computer into the key for greater security. Nyon from Bosch determines the pedalling force and frequency during the journey and uses this information to calculate the cyclist’s performance and energy consumption. On platforms such as komoot, which is integrated into the COBI.Bike app, millions of users can exchange information and discover new routes with recommendations and tips from the community.
e-MTB has observed a rapid increase in demand compared to other types, such as city/urban and cargo e-bikes, in recent years. It is perfectly suited for off-road, as its robustness provides safety even on wet and slippery terrain. In many cities, e-MTBs are used for tours through mountains and commuting to work or shopping. The main reason for the growing popularity of e-MTBs is their robustness, making them preferable for road traffic. e-MTBs have also become a status symbol, as they seem more expensive and stylish.
The ebike market is expected to witness growth post-COVID-19 compared to pre-COVID-19. Due to lockdowns, stores were closed, resulting in fewer sales of e-bikes in the first quarter of 2020. However, with the lifting of lockdowns, e-bike sales gradually increased. Europe is witnessing a huge rise in the sale of e-bikes. Also, personal transport is preferred increasingly due to the growing spread of the virus. E-bikes, which may not be convenient but are eco-friendly to commute, are gaining in popularity. Considering the current COVID-19 situation, high growth is expected in the e-bike market in 2020 and 2021. However, post-2021, the market is expected to witness moderate growth.
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- In October 2020, Pedego Electric Bikes opened a Pedego Electric Bikes store in Boca Raton, Florida, which offers a full range of e-Bike sales, rentals, services, and accessories.
- In October 2020, Giant Manufacturing launched the new Trance X Advanced Pro 29, a full-composite trail bike with updated Maestro rear suspension and a new flip-chip feature that allows riders to adjust frame geometry.
- In September 2020, Sparta (a subsidiary of Accell Group N.V.) announced d-Burst, a powerful new speed pedelec. Sparta is focusing on a whole new target group through the introduction of its d-series (distance series), namely, commuters cycling between their home and workplace. The d-Burst is available as both an e-Bike and a speed pedelec with a total capacity of no less than 1125 Wh.
- In November 2019, Pon. Bike acquired the Dutch e-cargo bike brand Urban Arrow for an undisclosed sum.
- In January 2018, Trek Bicycle Corporation partnered with Tome and Ford’s software company for cycling safety. The partnership is meant to create an AI-based Bicycle-to-Vehicle (B2V) communication system. This will help riders to get safety alerts.