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

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【Summary】The global e-bike market is expected to reach $120 billion by 2030, with a compound annual growth rate of 15.6%. Rising fuel costs and infrastructure development are driving the adoption of electric mobility. The Asia-Pacific region leads the market, followed by Europe and North America. City and urban areas are the most popular for e-bikes, accounting for 55.6% of the market. Key players include Trek Bicycle Corporation, Giant Manufacturing Co., and Accell Group.

FutureCar Staff Aug 30, 2023 4:21 PM PT

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

The global electric bicycle market has experienced significant growth in recent years, particularly in urban areas, as more people opt for alternative forms of transportation. The advancements in e-bike technology have been remarkable, with features that were once unimaginable now becoming commonplace. This trend shows no signs of slowing down, as 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 had already reached $43.32 billion and 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. The report attributes this growth to the rising cost of fuel and the development of infrastructure that integrates bicycles into mainstream mobility.

Vantage Market Research also published a report that supports the forecasted growth of the electric bicycle market. According to their findings, the Asia-Pacific region holds the largest market share, accounting for 42.5% of the global market in 2022. Europe follows closely behind, with countries like France, Germany, and the Netherlands adopting a favorable stance on e-mobility devices. The North American market is in third place and is currently witnessing a surge in e-bike usage.

As expected, Vantage Market Research's report reveals that electric bicycles are most popular in cities and urban areas. This segment holds a 55.6% share of the global market in 2022. The recreational segment, which includes performance and sport bikes like e-MTBs and road bikes, comes in second. The commuter and utility segment, consisting of specialized two-wheelers designed for cargo and delivery, closely follows.

Several well-known companies in the cycling industry dominate the global e-bike market. Trek Bicycle Corporation from the US and Giant Manufacturing Co., a renowned Taiwanese bike brand, continue to be major players. Other notable names 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 market.