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

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【Summary】The global e-bike market is projected to reach $120 billion by 2030, with a compound annual growth rate of 15.6%. Rising fuel costs and the development of infrastructure are driving the adoption of electric mobility. The Asia-Pacific region is the largest market, followed by Europe and North America. Electric bicycles are most popular in city and urban areas, accounting for 55.6% of the market.

FutureCar Staff Aug 31, 2023 4:38 PM PT

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

The global electric bicycle market has experienced significant growth in recent years, with more and more people opting for alternative transportation, particularly in urban areas. The technology found in today's e-bikes was unimaginable just a decade ago, and it seems that the industry is showing no signs of slowing down. In fact, the global e-bike market is projected to reach a staggering $120 billion by 2030.

A report 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 represents a compound annual growth rate (CAGR) of 15.6% during the forecast period. Rising fuel costs and the development of infrastructure supporting electric mobility are cited as major factors driving the global adoption of e-bikes.

Vantage Market Research also published a report focusing on the growing popularity of electric bicycles. According to their findings, the Asia-Pacific region is currently the largest market for e-bikes, accounting for a 42.5% share of the global market in 2022. Europe follows closely behind, with countries like France, Germany, and the Netherlands embracing e-mobility devices. The North American market ranks third and is experiencing a surge in e-bike usage.

Not surprisingly, Vantage Market Research's report reveals that electric bicycles are most popular in cities and urban areas, making up 55.6% of the global market in 2022. The recreational segment, consisting of performance and sport bikes like e-MTBs and road bikes, comes in second. The commuter and utility segment, which includes specialized two-wheelers designed for cargo and delivery, closely follows.

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