Electric bicycles, also known as e-bikes, are pedal assisted bicycles with integrated electric motor and battery. They provide advantages such as less physical exertion compared to regular bicycles and can travel longer distances. The need for eco-friendly transportation solutions in urban areas has increased the adoption of electric bicycles.
The global Electric Bicycles Market is estimated to be valued at US$ 51.5 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the electric bicycles market growth is growing preference for personalized and convenient mobility solutions. Consist of e-bikes combining electric power with manual pedaling that provide users the flexibility of a traditional bicycle along with less physical exertion compared to regular bicycles. This has increased the adoption of e-bikes among users preferring convenient transportation options for commuting to work or riding for leisure purpose.
Key players operating in the electric bicycles market are Accell Group, Derby Cycle AG, Easy Motion, Jiangsu Xinri E-Vehicle Co. Ltd., Panasonic, Pedego, Stromer, and Yadea Technology Group Co. Ltd., BionX, Bosch, Electric Bike Technologies LLC, Giant Bicycles, GRACE, Superpedestrian, and Trek. Players are focusing on developing innovative battery technologies to improve vehicle range per charge. Partnerships with sharing service operators are another area of focus.
Key players operating in the electric bicycles market are Accell Group, Derby Cycle AG, Easy Motion, Jiangsu Xinri E-Vehicle Co. Ltd., Panasonic, Pedego, Stromer, and Yadea Technology Group Co. Ltd., BionX, Bosch, Electric Bike Technologies LLC, Giant Bicycles, GRACE, Superpedestrian, and Trek. The market is witnessing rising competition with established players expanding their electric bicycles portfolio and new entrants offering advanced features.
SWOT Analysis
Strength: Electric bicycles do not require a license and registration like gasoline-powered vehicles. They produce zero direct emissions and are more environmentally friendly.
Weakness: Limited range of 15-30 miles on a single charge depending on pedal assist level and battery size. Recharging takes 4-8 hours which can limit impromptu rides.
Opportunity: Increasing consumer preference for eco-friendly transportation solutions and physical fitness/recreation. Growing concerns over traffic congestion and air pollution are also boosting demand.
Threats: High initial purchase cost compared to traditional bicycles can deter some customers. Strict regulations in some countries pertaining to electric vehicle performance standards pose challenges.
Key Takeaways
The global Electric Bicycles Market is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing adoption for both commute and recreational purposes.
Regional analysis: China dominates the global market with a share of over 60% in 2023. Europe is the second largest market growing at a CAGR of around 10% during 2023-2030. Increasing bicycle lane infrastructure development and supportive policies by governments in cities are driving demand.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
