Electric Bicycle Market

Electric Bicycle Market Outlook from 2024 to 2034

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 US$ 4.0 billion by 2024, with further substantial growth expected to propel it to US$ 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	US$ 4.0 billion
Projected Market Value in 2034	US$ 6.6 billion
Value-based CAGR from 2024 to 2034	5.1%

Market Trends and Drivers for Electric Bicycles

• Government initiatives and incentives will make electric bicycles more accessible and affordable to consumers.
• E-bicycles offer a convenient and efficient means of navigating through congested urban areas, providing an alternative to cars and public transportation.
• Increasing awareness regarding the benefits of using eco-friendly modes of transportation, will fuel the market growth.
• Innovation and technology advancements in electric bicycles will enhance the performance and range of electric bicycles, making them more attractive to consumers.

Integrating Historical Patterns with Future Projections for Comprehensive Market Analysis

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.

Factors Propelling the Electric Bicycle Industry

• Integration of smart features is enhancing the user experience and appeal to tech savvy consumers.
• Rise of micro mobility is offering a flexible and convenient mode of transportation for urban commuters.
• E-commerce and direct to consumer sales has made it easier for consumers to purchase e-bikes online, bypassing traditional retail channels.
• Changing demographics and lifestyles are driving demand for convenient and efficient transportation solutions.

Factors Restraining the Electric Bicycle Market

• Limited infrastructure can hinder the adoption of electric bicycles, particularly in urban areas where traffic congestion and safety concerns are prevalent.
• High initial cost of electric bicycles can deter price sensitive consumers from purchasing them, especially in regions where disposable income is limited.
• Range anxiety may deter consumers from fully embracing electric bicycles as a reliable mode of transportation.
• Perception and stigma associated with electric bicycles, is a major factor that will hamper the market growth.

Comparative View of Adjacent Industries

Future Market Insights has compared two other industries, electric bike market, and e-rickshaw market. Innovative designs and customization options allow manufacturers to differentiate their electric bicycle offerings in the market.

Technological advancements in battery technology, and lightweight materials to boost the growth of the electric bike market. Last mile connectivity offers a convenient and affordable mode of travel for short distance trips, fuelling the growth of the e-rickshaw market.

Electric Bicycle Market:

Attributes	Electric Bicycle Market
CAGR from 2024 to 2034	5.1%
Key Trends	Rising fuel prices is accelerating the growth of the electric bicycle market. Last mile connectivity solutions are relevant in urban areas where parking is limited, and congestion is high.
Opportunity	Integration with public transportation offer bike sharing programs or designated bike lanes to encourage multi modal commuting. Rise of electric bike sharing offers opportunities for rental and subscription based business models.

Electric Bike Market:

Attributes	Electric Bike Market
CAGR from 2023 to 2033	10.2%
Key Trends	Government incentives and policies will promote electric bikes as part of their sustainable transportation strategies. Flexible Commuting Options provide users with the freedom to travel at their own pace, and avoid traffic congestion.
Opportunity	Last mile connectivity reduces reliance on cars and alleviating congestion in urban areas. Demographic shifts are driving demand for alternative transportation solutions.

E-Rickshaw Market:

Attributes	E-Rickshaw Market
CAGR from 2022 to 2032	31.8%
Key Trends	Technological Advancements in lightweight materials have improved the performance, range, and reliability of e-rickshaws. E-rickshaws are often more affordable to purchase and operate compared to traditional petrol powered rickshaws.
Opportunity	E-rickshaws provide a source of income for drivers and contribute to local economic development by facilitating mobility and commerce. Increasing demand for shared mobility is creating opportunities for e-rickshaws as a cost effective and convenient mode of transportation.

Country-wise Insights

Rising Awareness about Environment Will Fuel the Market in the United States

Country	The United States
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.

Innovations in Technology to Boost the Market Prospects in the United Kingdom

Country	The United Kingdom
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.

Changing Mobility Preferences to Accelerate the Market Growth in China

Country	China
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.

Cultural Acceptance in Japan to Enhance the Market Aspects

Country	Japan
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.

Traffic Congestion Solutions Will Propel the Market Growth in India

Country	India
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.

Category-wise Insights

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%

Li-Ion to Witness High Demand in the Electric Bicycle Industry

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.

Throttle Assist Segment to Hold High Demand for Electric Bicycle

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.

Competitive Landscape

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

• In 2022, Giant Group's cycling brand Momentum introduced two cutting edge lightweight electric commuter bikes including the Voya E+1 and Voya E+3. Featuring a 250W battery, these bikes boast an impressive range of 40-72 km on a single charge.

Company Portfolio

• Accell Group is a leading manufacturer of electric bicycles, offering a diverse range of models under various brands such as Haibike, Raleigh, Ghost, and Lapierre. Their electric bicycles are designed for urban commuting, trekking, mountain biking, and leisure riding, catering to different consumer preferences and riding styles.
• CSE EV GROUP CO LTD specializes in electric vehicles, including electric bicycles. They offer a range of electric bikes featuring innovative designs, advanced technology, and eco-friendly features. Their electric bicycles are known for their performance, reliability, and affordability, targeting urban commuters and outdoor enthusiasts.

Report Scope

Attribute	Details
Estimated Market Size in 2024	US$ 4.0 billion
Projected Market Valuation in 2034	US$ 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 US$ 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.

Segmentation Analysis of the Electric Bicycle Market

By Class:

The market is classified into class I, class II and class III

By Battery Type:

The report consists of key battery types of electric bicycles based on li-ion, li-ion polymer, and lead acid

By Motor Type:

The market is classified into hub motor, and mid motor

By Mode:

The market is bifurcated into throttle assist, and pedal assist

By Usage:

The market is classified into city, trekking, and cargo

By Region:

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

Frequently Asked Questions

What is the anticipated value of the Electric Bicycle market in 2024?

The electric bicycle market is projected to reach a valuation of US$ 4.0 billion in 2024.

What is the expected CAGR for the Electric Bicycle market until 2034?

The electric bicycle industry is set to expand by a CAGR of 5.1% through 2034.

How much valuation is projected for the Electric Bicycle market in 2034?

The electric bicycle market is forecast to reach US$ 6.6 billion by 2034.

Which country is projected to lead the Electric Bicycle market?

Japan is set to be the top performing market, exhibiting a CAGR of 5.3% through 2034.

Which is the dominant battery type in the Electric Bicycle domain?

Li-ion is preferred, and will account for a share of 40.6% in 2024.