E-Bike Market Expected to Reach $120 Billion by 2030

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【Summary】The global e-bike market is expected to reach $120 billion by 2030, driven by rising fuel costs and infrastructure development. Asia-Pacific is the largest market, followed by Europe and North America. Urban areas account for the majority of sales, with recreational and commuter segments also growing. Key players include Trek Bicycle, Giant Manufacturing, and Accell Group, among others. China is a major player in the industry.

FutureCar Staff Aug 30, 2023 9:19 AM PT

E-Bike Market Expected to Reach $120 Billion by 2030

The global electric bicycle market has experienced significant growth in recent years, driven by the increasing acceptance of alternative transportation, particularly in urban areas. The technology found in today's e-bikes would have been unimaginable just a decade ago, and the industry shows no signs of slowing down. In fact, experts predict that the global e-bike market will reach a staggering $120 billion by 2030.

A report published by Fortune Business Insights highlights the immense potential of the electric bike market, which was valued at $37.47 billion in 2022. By 2023, the market had already reached $43.32 billion and is projected to skyrocket to $119.72 billion by 2030. This represents a compound annual growth rate (CAGR) of 15.6% during the forecast period. The report attributes the global adoption of electric mobility to rising fuel costs and the development of infrastructure that integrates bicycles into mainstream transportation.

In line with the projected growth of the electric bicycle market, Vantage Market Research published a similar report that delves into the growing popularity of e-bikes. According to the report, the Asia-Pacific region currently holds the largest share of the global market, accounting for 42.5% as of 2022. Europe ranks second, with countries like France, Germany, and the Netherlands embracing e-mobility devices. The North American market takes third place and is experiencing a surge in e-bike usage.

Unsurprisingly, Vantage Market Research's report emphasizes that electric bicycles are most popular in cities and urban areas, representing 55.6% of the global market in 2022. The recreational segment, consisting of performance and sport-oriented e-bikes like e-MTBs and road bikes, follows closely behind. The commuter and utility segment, which includes specialized two-wheelers designed for cargo and delivery purposes, also holds a significant share of the market.

Several prominent companies in the cycling industry dominate the global e-bike market. Trek Bicycle Corporation from the US and Giant Manufacturing Co., a well-established Taiwanese brand, continue to be key players. Other notable companies include the Accell Group from the Netherlands, Derby Cycle from Germany, and Mahindra & Mahindra from India. Additionally, many emerging players in the e-bike market originate from China.