The global electric bicycle market is positioned for remarkable growth in the coming years, presenting vast opportunities. Projections suggest that the market will attain a value of USD 4.0 billion by 2024, with further substantial growth expected to propel it to USD 6.6 billion by 2034.
This trajectory highlights a significant expansion, demonstrating a noteworthy growth trend. The journey of the market will maintain a CAGR of 5.1% over the forecast period.
Attributes | Key Insights |
---|---|
Estimated Size in 2024 | USD 4.0 billion |
Projected Market Value in 2034 | USD 6.6 billion |
Value-based CAGR from 2024 to 2034 | 5.1% |
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The scope for electric bicycle rose at a 4.6% CAGR between 2019 and 2023. The global market is achieving heights to grow at a moderate CAGR of 5.1% over the forecast period 2024 to 2034.
The market experienced a steady growth during the historical period, owing to the factors including rising concerns about environmental sustainability.
The global trend towards urbanization, coupled with increasing traffic congestion and limited parking space in cities, had also driven the demand for micro mobility solutions like electric bicycles.
Many governments and municipalities have implemented policies and incentives to promote electric bicycles as a sustainable mode of transportation. Emerging economies present significant growth opportunities as they address urban mobility challenges and embrace sustainable transportation solutions.
Manufacturers are diversifying their product offerings to cater to different consumer preferences and use cases. Applications of electric bicycles beyond personal transportation is a major factor that will augment the market growth.
Electric bicycles will become more integrated with the broader mobility ecosystem, including public transportation networks, ride sharing platforms, and urban infrastructure.
There may be a shift towards eco-friendly manufacturing processes, use of recycled materials, and end of life recycling programs for electric bicycles, with increasing emphasis on sustainability and circular economy principles. Companies that prioritize environmental stewardship and social responsibility may gain a competitive advantage in the market.
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Country | The United States |
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CAGR through 2034 | 5.2% |
The electric bicycle market in the United States will expand at a CAGR of 5.2% through 2034. Growing concerns about climate change and air pollution are driving interest in sustainable transportation options.
Electric bicycles offer a zero emission mode of travel, making them attractive to environmentally conscious consumers seeking alternatives to cars and motorcycles. The United States is experiencing rapid urbanization, leading to increased traffic congestion and limited parking space in cities.
Electric bicycles provide a convenient and efficient means of transportation for navigating urban environments, offering a solution to congestion while reducing reliance on cars and public transit.
Country | The United Kingdom |
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CAGR through 2034 | 4.9% |
The electric bicycle market in the United Kingdom to expand at a CAGR of 4.9% through 2034. Technological innovations in electric bicycles have improved the performance, range, and affordability of electric bicycles. The technological innovations have made electric bikes more accessible and appealing to a broader range of consumers in the country.
The government in the United Kingdom has implemented policies and initiatives to promote electric vehicles, including electric bicycles, as part of its efforts to reduce greenhouse gas emissions and improve air quality.
The policies include subsidies, grants, and incentives for electric bike purchases, as well as investments in cycling infrastructure.
Country | China |
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CAGR through 2034 | 5.1% |
Electric bicycle trends in China are taking a turn for the better. A 5.1% CAGR is forecast for the country from 2024 to 2034. Chinese consumers are increasingly embracing alternative transportation solutions, such as electric bicycles, in response to changing mobility preferences and lifestyle trends.
Electric bicycles offer a convenient and practical means of getting around urban areas, particularly for short to medium distance trips.
Investments in cycling infrastructure, including dedicated bike lanes, bike sharing programs, and charging stations, are improving the safety and accessibility of cycling in Chinese cities. The expansion of bike friendly infrastructure encourages more people to consider electric bicycles as a viable mode of transportation.
Country | Japan |
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CAGR through 2034 | 5.3% |
The electric bicycle market in Japan is poised to expand at a CAGR of 5.3% through 2034. Cycling is a popular mode of transportation in Japan, with a strong cycling culture and infrastructure to support it.
Electric bicycles fit well into this existing culture, providing an accessible and convenient option for commuting, shopping, and recreational activities.
The growth of e-commerce and online shopping in Japan has led to increased demand for urban delivery services. Electric bicycles are well suited for last mile delivery, offering a cost effective and environmentally friendly alternative to petrol powered delivery vehicles.
Country | India |
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CAGR through 2034 | 5.1% |
The electric bicycle market in India will expand at a CAGR of 5.1% through 2034. Major Indian cities often face severe traffic congestion, leading to increased travel times and productivity losses.
Electric bicycles provide a practical solution for navigating congested roads, offering riders the flexibility to bypass traffic jams and reach their destinations more efficiently.
India has experienced fluctuations in fuel prices, making alternative transportation options like electric bicycles more attractive to consumers seeking to mitigate the impact of rising fuel costs. Electric bicycles offer a cost effective alternative for short to medium distance trips, reducing reliance on petrol and diesel vehicles.
The below table highlights how li-ion segment is leading the market in terms of battery type, and will account for a share of 40.6% in 2024.
Based on mode, the throttle assist segment is gaining heights and will to account for a share of 60.4% in 2024.
Categories | Shares in 2024 |
---|---|
Li-Ion | 40.6% |
Throttle Assist | 60.4% |
Based on battery type, the li-ion segment will dominate the electric bicycle market. Li-ion batteries are known for their high efficiency and low self-discharge rates, allowing electric bicycles to maintain consistent performance over time.
The reliability enhances the overall user experience and reduces the need for frequent recharging, increasing the appeal of electric bicycles powered by li-ion batteries.
Lithium-ion batteries typically have shorter charging times compared to other battery types, allowing users to recharge their electric bicycles quickly and conveniently. The fast charging capability improves the practicality and usability of electric bicycles, encouraging more frequent use and longer trips.
In terms of mode, the throttle assist segment will dominate the electric bicycle market. Throttle assist electric bicycles offer instant power delivery, allowing riders to quickly accelerate from a standstill or overcome inclines with ease.
The instantaneous response enhances the riding experience and provides a sense of control and confidence, particularly in urban environments with frequent stops and starts.
Throttle assist electric bicycles are user friendly and easy to operate, making them accessible to a wide range of consumers, including those who may not be familiar with traditional pedal assist systems.
Riders can engage the electric motor to provide additional propulsion, requiring minimal effort to accelerate and maintain speed, with a simple twist or push of a button.
The competitive landscape of the electric bicycle market is dynamic and multifaceted, shaped by a combination of factors such as technological innovation, regulatory environment, consumer preferences, and market trends.
Key Development
Attribute | Details |
---|---|
Estimated Market Size in 2024 | USD 4.0 billion |
Projected Market Valuation in 2034 | USD 6.6 billion |
Value-based CAGR 2024 to 2034 | 5.1% |
Forecast Period | 2024 to 2034 |
Historical Data Available for | 2019 to 2023 |
Market Analysis | Value in USD Billion |
Key Regions Covered |
North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
Key Market Segments Covered |
Class, Battery Type, Motor Type, Mode, Usage, Region |
Key Countries Profiled |
The United States, Canada, Brazil, Mexico, Germany, France, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
Key Companies Profiled |
Accell Group; CSE EV GROUP CO LTD; Derby Cycle; Fuji-ta Bicycle Co. Ltd.; Giant Manufacturing Co. Ltd.; Merida Industry Co Ltd; Royal Dutch Gazelle; Trek Bicycle Corporation; Yadea Group Holdings Ltd; Yamaha Motor Co. Ltd. |
The market is classified into class I, class II and class III
The report consists of key battery types of electric bicycles based on li-ion, li-ion polymer, and lead acid
The market is classified into hub motor, and mid motor
The market is bifurcated into throttle assist, and pedal assist
The market is classified into city, trekking, and cargo
The analysis of the electric bicycle market has been carried out in key countries North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East and Africa
The electric bicycle market is projected to reach a valuation of USD 4.0 billion in 2024.
The electric bicycle industry is set to expand by a CAGR of 5.1% through 2034.
The electric bicycle market is forecast to reach USD 6.6 billion by 2034.
Japan is set to be the top performing market, exhibiting a CAGR of 5.3% through 2034.
Li-ion is preferred, and will account for a share of 40.6% in 2024.
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