E-bike Market Revenue to Attain USD 53.63 Billion by 2033

Published: 15 Oct 2024

Author: Precedence Research

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Table of Content

1. E-bike Market Revenue and Trends 2. Market Overview 3. Report Highlights of the E-bikes Market 4. E-bike Market Trends 5. Regional Insights 6. E-bike Market Coverage

E-bike Market Revenue and Trends

The E-bike market revenue was evaluated at USD 22.09 billion in 2024 and is predicted to attain around USD 53.63 billion by 2033 with a CAGR of 10.16% during the forecast period. The demand for e-bikes is increasing due to the rising environmental concerns regarding the emissions of traditional fuel-based vehicles. This makes e-bikes a sustainable transportation option, especially in the growing economies.

Market Overview

Electric bikes, also known as e-bikes, function on electric motors which assist the riders in pedaling. These vehicles have rechargeable batteries instead of traditional fuel-based vehicles. Electric bikes are being used to accommodate the requirements of comfortable and safe transportation. Using e-bikes in densely populated areas helps reduce air pollution, which is one of the largest environmental issues, and is mainly caused by vehicle fumes. E-bikes, which were in their initial stages used as sporting tools only, are used as a major means of transportation over the past few years. Benefits offered by e-bikes, such as distance covered in minimum charging and easy passing through hilly areas, make them famous, contributing towards the growth of the e-bikes market.

Report Highlights of the E-bikes Market

• Based on class, the class 1 segment led the market with the largest revenue share in 2023. The enhanced safety features, along with health assistance, are the major reasons behind the massive demand for class 1 e-bikes.
• Based on motor type, the hub motor segment held the largest share of the market in 2023. The dominance of the segment is attributed to its low maintenance requirement, which makes it a preferable option.
• On the basis of speed, the up to 25 km/h segment led the market in 2023. This is due to the increasing demand for e-bikes with the speed limit of up to 25 km/h for recreational riding and short-distance travel. However, the 25-45 km/h segment is expected to grow rapidly in the coming years. This speed range is widely suitable in urban areas, where individuals use it for longer distance.
• Based on battery, the lead acid segment dominated the market with the largest share in 2023. These batteries are widely used due to their lower cost compared to others.
• On the basis of application, the trekking segment accounted for the largest revenue share in 2023. The increasing popularity of e-bikes for off-road activities contributed to segmental dominance.
• Based on component, the battery segment led the market with the largest share in 2023. This is due to batteries are major components of an electric vehicle.

E-bike Market Trends

• Rising demand for sustainable transportation: The increasing preference for eco-friendly transportation options leads to the increasing demand for e-bikes as an alternative to traditional fuel-based two-wheelers.
• Technological advancements: The increasing demand for sustainable transportation is leading to high investments focusing on advancements like implementing smart features like GPS tracking and smartphone connectivity, which are leading to the growth of the e-bike market.
• Growing popularity of e-MTB: The increasing trend of outdoor biking activities is leading towards the popularity of e-MTBs as a sustainable option that provides enhanced functionality required for mountain biking.

Regional Insights

Asia Pacific marked its dominance by contributing to the largest revenue share in 2023. The region's growth is attributed to the largest e-bike consumers in China. The increasing use of e-bikes as a sustainable transportation option in the region contributed to regional dominance.

The Indian government is also focusing on promoting sustainable transportation by providing subsidies and incentives for purchasing EVs. The large manufacturing base in Asian countries is also a major factor boosting the adoption of these vehicles. Many companies in the region are investing heavily to create innovative e-bikes that will help attract more individuals.

Europe is expected to witness significant growth in the market between 2024 and 2034. The region's government is focused on reducing GHG (greenhouse gas) emissions, which might help create a better future for future generations. Rising consumer awareness regarding sustainable transport is a major driver that creates multiple opportunities in the e-bike market. Additionally, increasing investments in innovations in e-MTBs are expected to contribute to market growth in the upcoming years.

E-bike Market Coverage

E-bike Market News

• In September 2024, Daewoo India and eBikeGO announced a collaboration to launch personal mobility vehicles in the upcoming years.
• In September 2024, Ather Energy announced the development of two new EV platforms, Zenith for high-performance electric motorcycles and EL for cost-effective e-scooters.
• In July 2024, Swiss startup HydroRide developed hydrogen-powered e-bikes that utilize home-generated hydrogen for instant refueling and offer an eco-friendly alternative to other battery-based vehicles.

Market Segmentation

By Class

• Class 1
• Class 2
• Class 3

By Speed

• Up to 25 km/h
• 25-45 km/h

By Battery Type

• Lithium-ion
• Nickel Metal Hydride (NiMH)
• Lead Acid
• Others

By Motor Type

• Hub
• Mid-drive
• Others

By Mode

• Pedal Assist
• Throttle
• Speed Pedelecs
• Scooter or Motorcycle
• Others

By Application

• Mountain/trekking
• City/urban
• Cargo
• Others

By Component

• Battery
• Electric Motor
• Frame with Fork
• Wheels
• Crank Gear
• Brake System
• Motor Controller

By Ownership

• Shared
• Personal

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