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, with a compound annual growth rate of 15.6%. Rising fuel costs and the development of infrastructure for electric mobility are driving the adoption of e-bikes. 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/utility segments also popular.

FutureCar Staff Aug 29, 2023 11:15 PM 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 advancements in e-bike technology have been remarkable, surpassing what was once considered unimaginable just a decade ago. 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 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 value had already increased to $43.32 billion, and it is expected to soar to $119.72 billion by 2030. This translates to 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 aligns with the projected growth of the electric bicycle market. Their findings reveal that the Asia-Pacific region holds the largest market share, accounting for 42.5 percent of the global market in 2022. Europe follows closely behind, with countries like France, Germany, and the Netherlands embracing e-mobility devices. The North American market is in third place and is currently witnessing a surge in e-bike usage.

Unsurprisingly, Vantage Market Research's report emphasizes that electric bicycles are most popular in cities and urban areas, constituting 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 place. The commuter and utility segment follows closely, consisting of specialized two-wheelers designed for cargo and delivery purposes.

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 leading Taiwanese bike brand, continue to be influential players. Other notable names include the Accell Group from the Netherlands, Derby Cycle from Germany, and Mahindra & Mahindra from India. Additionally, numerous emerging players originate from China.