Global 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, with a compound annual growth rate of 15.6%. Rising fuel costs and the development of infrastructure are driving the adoption of electric mobility. Asia-Pacific is the largest market, followed by Europe and North America. Electric bicycles are most popular in cities and urban areas, accounting for 55.6% of the market. Key players in the industry include Trek Bicycle Corporation, Giant Manufacturing Co., and Accell Group.

FutureCar Staff Sep 02, 2023 9:27 AM PT

Global E-Bike Market Projected 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. Experts predict 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 market is expected to skyrocket to $119.72 billion by 2030, representing a compound annual growth rate of 15.6 percent. Rising fuel costs and the development of infrastructure supporting electric mobility are major factors driving the global adoption of e-bikes.

Another report by Vantage Market Research supports the projected growth of the electric bicycle market. It reveals that the Asia-Pacific region is the largest market for e-bikes, accounting for 42.5 percent of the global market in 2022. Europe comes in second place, with countries like France, Germany, and the Netherlands embracing e-mobility devices. The North American market is also experiencing a surge in e-bike use.

Unsurprisingly, Vantage Market Research's report shows that electric bicycles are most popular in cities and urban areas, representing 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 key players. The Accell Group from the Netherlands, Derby Cycle from Germany, and Mahindra & Mahindra from India are also notable names. Additionally, many emerging players in the e-bike market come from China.