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

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【Summary】The global e-bike market is expected to reach $120 billion by 2030, driven by rising fuel costs and infrastructure development. 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. Major players in the market include Trek, Giant, Accell Group, Derby Cycle, and Mahindra & Mahindra. China is also a significant player in the industry.

FutureCar Staff Sep 03, 2023 9:44 AM PT

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

The global electric bicycle market has experienced significant growth in recent years, driven by the increasing adoption of 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. 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 soar to $119.72 billion by 2030, representing 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.

Vantage Market Research also published a report that supports the projected growth of the electric bicycle market. The report reveals that the Asia-Pacific region is the largest market for e-bikes, accounting for 42.5 percent of the global market share 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 experiencing a surge in e-bike usage.

Not surprisingly, Vantage Market Research's report highlights that electric bicycles are most popular in cities and urban areas, accounting for 55.6 percent 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. 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 e-bike market come from China.