Global Electric Bikes Market Size By Product Type (Pedelecs, Throttle on Demand), By Drive Mechanism (Hub Motor, Mid Drive), By Battery Type (Lead Acid, Lithium-ion (Li-ion)), By Geographic Scope And Forecast

Global Electric Bikes Market Size and Forecast

Global Electric Bikes Market size was valued at 21.21 USD Billion in 2024 and is projected to reach USD 30.09 USD Billion by 2031, growing at a CAGR of 4.47% from 2024 to 2031.

• A global electric bike, or e-bike for short, is a motorized bicycle with an integrated electric motor that assists propulsion. E-bikes are not motorcycles and typically use rechargeable batteries and are motor-powered up to 25 to 32 km/h (16 to 20 mph).
• E-bikes come in a variety of styles, from traditional bicycles with motorized wheels to full-on electric scooters. They are becoming increasingly popular around the world.
• E-bikes produce zero emissions, making them a more eco-friendly way to travel than traditional gasoline-powered vehicles.
• E-bikes can be a more affordable way to travel than cars or motorcycles. They are also relatively inexpensive to maintain.

Electric Bikes Market Dynamics

The key market dynamics that are shaping the Electric Bikes Market include

Key Market Drivers

• Environmental Concerns and SustainabilityRising fuel costs and growing awareness of air pollution are pushing consumers towards eco-friendly transportation options, and electric bikes are a perfect solution. They produce zero tailpipe emissions, unlike gasoline-powered vehicles, which contribute significantly to air pollution in cities around the world.  This is a major advantage, especially as more and more people become aware of the health risks associated with poor air quality.  Additionally, e-bikes don’t require fossil fuels, which are a finite resource.  By reducing reliance on gasoline and other fossil fuels, e-bikes can help to conserve these resources for future generations.
• Health and FitnessThe health and wellness trend is a major driver of the electric bike market. E-bikes allow people of all ages and fitness levels to enjoy the benefits of cycling. For people who are new to cycling or who are out of shape, e-bikes can provide the assistance they need to get started and build their fitness level. E-bikes can also be a great way for people with injuries or disabilities to get exercise and stay active. Additionally, e-bikes can help reduce stress and improve mental well-being by allowing people to spend time outdoors and get some exercise. Studies have shown that cycling can improve mood, reduce anxiety, and boost cognitive function.
• Government IncentivesMany governments are recognizing the environmental and health benefits of electric vehicles, and are offering a variety of financial incentives to promote their purchase. These incentives can take many forms, including subsidies on the purchase price of e-bikes, tax breaks on e-bike purchases or ownership, and tax credits for charging infrastructure.

Key Challenges

• High Cost While e-bikes are cheaper to operate than gasoline vehicles in the long run, the upfront cost of purchasing an e-bike can be significantly higher than a traditional bicycle. This can be a barrier to entry for some potential consumers, especially those on a tight budget. The cost of e-bikes can vary depending on factors like battery size, motor power, and brand. Higher-end e-bikes with longer ranges and more powerful motors can cost several thousand dollars, while more basic models may be priced closer to a high-end traditional bicycle.
• Limited Charging InfrastructureCompared to the widespread network of gas stations, charging infrastructure for e-bikes is still in its early stages. This can cause what’s known as “range anxiety” for riders, who worry about running out of battery power before reaching their destination.
• Safety ConcernsE-bikes can travel faster than traditional bicycles, which can raise safety concerns for riders and other road users. There are ongoing discussions about regulations for e-bikes, including helmet laws and speed limits. Additionally, some e-bikes lack safety features like turn signals and taillights, which can increase the risk of accidents.

Key Trends

• Advancements in Battery Technology Battery technology is constantly evolving, leading to significant improvements in e-bikes.  One key area of development is in battery range.  New battery chemistries and designs are enabling e-bikes to travel further on a single charge,  addressing concerns about range anxiety and making e-bikes a more practical choice for commuting and longer rides.  Another area of advancement is in charging times.  Faster charging technologies are being developed, which will allow riders to recharge their e-bikes more quickly and conveniently.
• Focus on Different CategoriesThe e-bike market is moving beyond just commuter bikes. There’s a growing demand for e-bikes designed for specific uses, such as cargo bikes for hauling groceries or kids, mountain e-bikes for off-road adventures, and folding e-bikes for easy portability. This caters to a wider range of riders and purposes.

Electric Bikes Market Regional Analysis

Here is a more detailed regional analysis of the Electric Bikes Market

Asia Pacific

• The Asia Pacific region is a major player and is expected to be the fastest-growing market for electric bikes globally. with increasing government support, technological advancements, and growing awareness of the benefits of e-bikes, the Asia Pacific market is expected to overcome these challenges and continue its strong growth trajectory.
• The market is led by China and India. China is a major manufacturing hub for e-bikes, while India has a large and growing domestic market driven by factors like affordability and rising fuel costs. Other countries in the region, such as Japan and South Korea, are also seeing increasing demand for e-bikes.
• Lead-acid batteries are still commonly used in e-bikes across the Asia Pacific due to their lower upfront cost. However, lithium-ion batteries are gaining traction due to several advantages. Lithium-ion batteries offer a longer range on a single charge, lighter weight, and faster charging times compared to lead-acid batteries. Additionally, lithium-ion batteries have a longer lifespan and require less maintenance. As the technology matures and costs come down, lithium-ion batteries are expected to become the dominant battery type in e-bikes across the region.

North America

• North America is another significant player in the global electric bike market. Consumers are increasingly seeking eco-friendly alternatives to gasoline-powered vehicles. E-bikes offer a sustainable transportation option with zero tailpipe emissions, aligning with growing environmental consciousness and rising fuel costs.
• the market is moving beyond just commuter e-bikes. There’s a growing demand for e-bikes designed for specific uses, such as cargo e-bikes, folding e-bikes for portability, and mountain e-bikes for off-road adventures.
• subscription and rental services are gaining popularity, allowing people to try out e-bikes before purchasing and offering a more affordable option for casual riders.

Europe

• Europe is a frontrunner in the global electric bike market, boasting a mature cycling culture, a strong presence of leading e-bike manufacturers, and a supportive regulatory environment. This confluence of factors has positioned Europe as an upbringing ground for the innovation and adoption of electric bikes.
• European e-bikes are known for their high quality, durability, and advanced features. This focus on premium products caters to a discerning European consumer base.
• Many European countries have a long tradition of cycling, dating back over a century. This ingrained cycling culture means that people are already comfortable and familiar with bicycles as a mode of transportation. E-bikes offer a natural extension of this existing trend, providing a way for people to continue cycling as they age or for those who may find traditional cycling too strenuous.
• Europeans are highly conscious of environmental issues, and e-bikes offer a sustainable transportation option with zero emissions. This aligns perfectly with the growing focus on clean energy and reducing dependence on fossil fuels.

Global Electric Bikes Market Segmentation Analysis

The Global Electric Bikes Market is segmented based on Product Type, Drive Mechanism, Battery Type, And Geography.

Electric Bikes Market, By Product Type

• Pedelecs
• Throttle on Demand
• Scooter
• Motorcycle

Based on Product Type, The market is segmented into Pedelecs, Throttle on Demand, Scooter, and Motorcycle. The Pedelecs segment is anticipated to be the largest during the forecast period. Pedelecs have several advantages over conventional bikes such as high mobility which is useful for elderly people while climbing hills, distances can be covered in less time as compared to regular bicycles, and less effort is required when going uphill or riding against the wind.

Electric Bikes Market, By Drive Mechanism

• Hub Motor
• Mid Drive
• Drive Mechanisms

Based on Drive Mechanism, The market is segmented into Hub Motor, Mid Drive, and Drive Mechanisms. The Global Electric Bike Market for the Hub Motor segment is anticipated to be the largest during the forecast period owing to wide usage in a range of industries and stringent rules and regulations for high-quality and effective anti-vibration mounts.

Electric Bikes Market, By Battery Type

• Lead Acid
• Lithium-ion (Li-ion)
• Nickel metal hydride (NiMH)
• Others

Based on  Type, The market is segmented into Lead Acid, Lithium-ion (Li-ion), Nickel metal hydride (NiMH), and Others. The Global Electric Bike Market for the Lead Acid segment is anticipated to be the largest during the forecast period. However, the lithium-ion battery market is projected to grow at a rapid rate for e-bikes. The lithium-ion battery segment is grabbing the share of the lead-acid battery segment. The transition from lead-acid batteries to Li-ion batteries in e-bikes is progressing worldwide.

Electric Bikes Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of The World

Based on Geography, The Global Electric Bikes Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia Pacific dominated the Global Electric Bike Market in 2018. China’s market accounted for the majority of the market in this region in 2018, which is expected to continue over the forecast period. Asia Pacific is also anticipated to have the highest CAGR. China is now a major producer, exporter, and investor in the Electric Bikes Market. The use of Electric bikes has rapidly expanded in China in the last decade and the industry will be one of the fast-growing markets providing opportunities in many sectors and segments. Moreover, in Japan where the first-ever electric bike was invested, improved batteries, motor technology, and replacement of old with new are factors driving the growth of the market in the country.

Key Players

The “Global Electric Bikes market” is highly fragmented with the presence of a large number of manufacturers globally. Some of the major key players include Trek Bicycle Corporation, Accell Group, Fuji-ta Bicycle Co., Ltd., Derby Cycle, Giant Manufacturing Co., Ltd., Jiangsu Xinyi e-vehicle Co., Ltd., Mahindra & Mahindra Ltd. (GenZe), Yamaha Motor, Prodecotech, LLC and Tianjin Golden Wheel Group Co., Ltd.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Global Electric Bikes Market Recent Developments

• In March 2023, Giant Manufacturing Co., Ltd.., upgraded its Explore E+ e-bike in January 2023, featuring a new suspension fork and wider tires for improved off-road capability. The model also offers 625 and 800-watt-hour battery options, enhancing its appeal to adventure cyclists​.
• In March 2023, Trek Bicycle Corporation, launched two new electric cargo bikes, the Fetch Plus 4 and Fetch Plus 2, These models are designed for carrying kids and cargo, featuring Bosch’s intelligent BES3 system and cargo-specific mid-drive motors​.

Report Scope

Research Methodology of Market Research

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

Customization of the Report

• In case of any  please connect with our sales team, who will ensure that your requirements are met.