Electric Bike Kit Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Electric Bike Kit Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Electric Bike Kit Market

The Electric bike kit market size was valued at USD 54.33 billion in 2023, and the market is now projected to grow from USD 66.21 billion in 2024 to USD 184.34 billion by 2032, exhibiting a CAGR of 13.7% during the forecast period of 2023-2030.

The COVID-19 pandemic seriously impacted electronic bike kit market. With lockdowns and economic unpredictability, the main obstacle was supply chain disruption and decline in spending that subsequently affected sales as well as production. In addition, barriers to market growth were prompted by restricted outdoor recreation and transportation, since customers altered their needs and requirements. On the other hand, large number of people went for private transport alternatives. Then, there was a sudden rise in demand for personal mobility solutions too which gave hope for recovery of market.

The market for electric bike kits has followed an extremely rapid growth trajectory over the past few years due to the increasing consumer preference for environmental friendly means of transport and the relative simplicity involved in converting a current bicycle to electric power. Electric bike kit market growth has been propelled by considerations such as substantial environmental awareness, governments' incentives towards electric mobility, and technological milestones in the battery technology. A growing number of electric bike kits are being purchased by consumers due to their flexibility and affordability in contrast to buying brand new electric bikes.

The electric bike kit market is characterized by different competitive trends. The most popular ones are conversion kits, which help riders to transform normal bicycles into electric ones. In addition to this, there is a trend towards the invention of batteries that are both more efficient and lighter to increase performance and range. Consequently, customers can now be sure of a smooth ride in their vehicles through the integration of interactive smart gadgets such as GPS monitoring and app connectivity. Furthermore, bicycle kits that provide simplistic installation as well as compatibility with different types of bicycles are getting more and more in demand.

Comprehensive Analysis of Electric Bike Kit Market

The Electric bike kit industry is rising at an exponential rate due to its market segmentation. These segmentations are methodically segregated by component, by motor type, by sales channel and by application. Based on component, market is divided into display, controller, battery, motor, and others. Based on motor type, market is divided into mid-drive motor and hub motor. Based on sales channel, market is divided OEM and aftermarket. Based on application, market is divided city bikes, mountain bikes, and cargo bikes.

The Asia Pacific holds leading position in electric bike kit market share by benefitting a market size of USD 40.59 billion in 2023. The burgeoning public funding in favor of the environment friendly transportation modes within countries like China, Japan and South Korea as well as the widening popularity of the electric bikes in these countries contribute to the growing demand for electric bikes. Technological advances, thriving manufacturing industry and environmental awareness all positively impact the growth of the market.

The top players in the market play a crucial role in the industry assuring industrial prospectus growth and setting market standards. These players include, Bafang (China), Swytch (U.K.), E-BikeKit (U.S.), Bosch (Germany), Shimano (Japan), Tongsheng (China), Rubbee X (Lithuania), eBikeling (U.S.), L-faster (China), VEVOR (U.S.), JaxPety (U.S.), Voilamart (China), Pendix (Germany), Pedego Electric Bikes (U.S.), Falco eMotors (U.S.), Green Pedel (China).

June 2023: Bikee announced that its light e-bike kit will now be produced on a wider scale.



Segmentation Table

Global Electric Bike Kit Market Scope

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 13.7% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Component

Display

Controller

Battery

Motor

Others

By Motor Type

Mid-Drive Motor

Hub Motor

By Sales Channel

OEM

Aftermarket

By Application

City Bikes

Mountain Bikes

Cargo Bikes

By Geography

North America (By Component, By Motor Type, By Sales Channel, By Application)

- U.S. (By Application)

- Canada (By Application)

- Mexico (By Application)

Europe (By Component, By Motor Type, By Sales Channel, By Application)

- Germany (By Application)

- The Netherlands (By Application)

- Belgium (By Application)

- Rest of Europe (By Application)

Asia Pacific (By Component, By Motor Type, By Sales Channel, By Application)

- China (By Application)

- India (By Application)

- South Korea (By Application)

- Japan (By Application)

- Rest of Asia Pacific (By Application)

Rest of the World (By Component, By Motor Type, By Sales Channel, By Application)


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