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. Asia-Pacific is the largest market, followed by Europe and North America. Urban areas account for the majority of e-bike sales, with the recreational and commuter segments also seeing growth. Key players in the market include Trek, Giant, Accell Group, Derby Cycle, and Mahindra & Mahindra.

FutureCar Staff Aug 29, 2023 4:15 PM PT

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

The global electric bicycle market has experienced significant growth in recent years, with more and more people embracing alternative transportation, particularly in urban areas. The technology found in today's e-bikes was once unimaginable, and the industry shows no signs of slowing down. In fact, 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, 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, resulting in a compound annual growth rate (CAGR) of 15.6 percent during the forecast period. Rising fuel costs and the development of infrastructure to support bicycles as a mainstream mode of transportation are cited as major drivers of the global adoption of electric mobility.

In line with the projected growth of the electric bicycle market, Vantage Market Research has also published a report that delves into the growing popularity of e-bikes. According to the report, 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 leading the way in embracing e-mobility devices. 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, making up 55.6 percent of the global market in 2022. The recreational segment, which includes performance-oriented 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 portion 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 Taiwanese bike brand, 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, China is home to many emerging players in the e-bike market.