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

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【Summary】The global e-bike market is projected to reach $120 billion by 2030, driven by rising fuel costs and infrastructure development. The Asia-Pacific region leads the market with a 42.5% share, followed by Europe and North America. Urban areas are the most popular for e-bikes, accounting for 55.6% of the market. Key players in the industry include Trek Bicycle Corporation, Giant Manufacturing Co., and the Accell Group. China is also a significant player in the market.

FutureCar Staff Sep 03, 2023 11:53 PM PT

E-Bike Market Projected 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 modes of transportation. The technology found in today's e-bikes was unimaginable just a decade ago, and the industry is showing no signs of slowing down. It is projected 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. In 2022, the market was valued at $37.47 billion, and by 2023, it had already reached $43.32 billion. The report predicts that the market will soar to $119.72 billion by 2030, with a compound annual growth rate (CAGR) of 15.6 percent. Rising fuel costs and the development of infrastructure to accommodate bicycles have been major factors driving the global adoption of electric mobility.

Vantage Market Research has also published a report on the growing popularity of electric bicycles, supporting the forecasted growth of the market. 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 showing a more favorable stance on e-mobility devices. The North American market is in third place and is currently experiencing a surge in e-bike use.

As expected, electric bicycles are most popular in cities and urban areas, making up 55.6 percent of the global market in 2022. The recreational segment, consisting of performance and sport 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, is also significant.

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 top players. Other notable names include the Accell Group from the Netherlands, Derby Cycle from Germany, and Mahindra & Mahindra from India. Additionally, many emerging players in the market come from China.