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

author: FutureCar Staff    

The global electric bicycle market has experienced significant growth in recent years, particularly in urban areas where alternative transportation options are becoming increasingly popular. The advancements in e-bike technology have been remarkable, with features that were unimaginable just a decade ago. This growth shows no signs of slowing down, as the global e-bike market is projected to 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 value had already increased to $43.32 billion, and it is expected to skyrocket to $119.72 billion by 2030. This translates to a compound annual growth rate (CAGR) of 15.6 percent during the forecast period. The report attributes the global adoption of electric mobility to rising fuel costs and the development of infrastructure aimed at integrating bicycles into mainstream transportation.

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

Notably, Vantage Market Research's report highlights that electric bicycles are most popular in cities and urban areas, accounting for 55.6 percent of the global market in 2022. The recreational segment, which includes performance and sport bikes like e-MTBs and road bikes, comes in second place. The commuter and utility segment closely follows, consisting of specialized two-wheelers designed for cargo and delivery purposes.

Several well-known companies in the cycling industry dominate the global e-bike market. Trek Bicycle Corporation from the US and Giant Manufacturing Co. from Taiwan are among the key players. Other notable names include the Accell Group from the Netherlands, Derby Cycle from Germany, and Mahindra & Mahindra from India. Additionally, China has emerged as a significant player in the e-bike market, with many emerging companies hailing from the country.

FutureCar Staff