The global E-Bike market is projected to grow from USD 49.1 billion in 2023 to USD 62.3 billion by 2028 at a CAGR of 4.9%. The e-bike industry has declined in 2023 in some regions due to economic uncertainty, supply chain disruptions, and price competition due to intense competition. However, these are temporary challenges, and the market would remain positive in the long-term outlook. Though the e-bike market in other regions hasn’t shown any decline, the market has shown steady growth. Reasons such as growing environmental concerns, government support such as dedicated lanes or incentives, technological advancements, and changing consumer preferences would drive the market in the long run. Increasing inclination towards multi-modal transportation would also drive the market for e-bikes in the coming years.
Growing demand for electric mountain bikes (e-MTB)
In recent years, e-MTB has witnessed a rapid increase in demand compared to other types, such as city/urban and cargo e-bikes. Europe, Asia-Oceania, and North America lead the e-MTB market. Interest in mountain biking is also increasing in Europe. According to Eurobike, almost every third e-Bike sold in Germany is an e-mountain bike. Europe is the largest market for mountain e-bikes, owing to an increase in the percentage of trips made by bicycles. The growth in the number of trips by e-bikes has been witnessed among young adults between 18 and 30. This age group mostly prefers mountain e-bikes as they are robust. In e-bike riding, the European region is dominated by males, with 90%. Mountain biking associations have undertaken efforts and initiatives to increase awareness regarding mountain biking sports and events. In January 2023, the International Mountain Biking Association Europe (IMBA Europe) and Cycling Industries Europe (CIE) signed a 3-year collaboration agreement to support and grow mountain bikes in Europe. The collaboration is a positive development that is likely to significantly impact the growth and popularity of mountain biking in Europe.
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The Class-I segment is projected to be the largest in the e-bike market.
The market for Class-I e-bikes will grow during the forecast period. With the inclination of customer preference toward effortless riding methods, the Class-II e-bikes market is predicted to increase its market share during the forecast period. Class-I e-bikes are projected to be the largest e-bike market during the forecast but are projected to witness the slowest growth during the forecast period. Technological advancements, Increasing urbanization, Growing health and wellness concerns, government incentives, and rising demand for city e-bikes for short-distance commutes are some factors expected to increase the demand for class-I e-bikes during the forecast period. Class I is expected to lead the market in countries such as China, Japan, South Korea, and Taiwan. These countries allow only class-I e-bikes. This results in class-I e-bikes occupying the largest market share in Asia-Oceania.
North American e-bike market by value is projected to grow during the forecast year 2023-2028
In North America, city E-Bikes are expected to grow at the highest CAGR due to the increased adoption of electric bikes for daily commuting, recreation, and fitness activities. Trekking and mountain biking are two off-road sports and recreational activity mediums gaining popularity in the region, which is why the demand for e-MTBs is increasing. Crossroad biking has also gained popularity due to the rising number of women and kids entering this sport. Several cyclist organizations, such as League of America Wheelman, IMBA, and Bike Centennial, have undertaken initiatives and projects to encourage more individuals to enter this sport. Thus, all these factors lead to an increase in the demand for mountain and trekking E-Bikes. To reduce emissions, governments in North America are offering incentives to purchase cargo E-Bikes. These factors would increase the demand for E-Bikes in North America during the forecast period.
Key Market Players
The key players in the E-Bike market are Accell Group NV (Netherlands), Giant Manufacturing Co., Ltd. (Taiwan), Yadea Group Holdings., Ltd. (China), Yamaha Motor Company (Japan), and Pedego (US).
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