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 the development of infrastructure supporting electric mobility. The Asia-Pacific region leads the market, followed by Europe and North America. Urban areas account for the majority of e-bike sales, with recreational and commuter segments also growing. Key players in the industry include Trek Bicycle, Giant Manufacturing, and Accell Group, among others.

FutureCar Staff Sep 03, 2023 4:30 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 where alternative transportation options are embraced. The advancements in e-bike technology have been remarkable, surpassing what was once thought possible just a decade ago. The industry shows no signs of slowing down, with the global e-bike market projected to reach a staggering $120 billion by 2030.

A report by Fortune Business Insights reveals 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 is expected to skyrocket to $119.72 billion by 2030. This indicates 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 that integrates bicycles into mainstream transportation systems.

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

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

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 companies 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.