Electric Bike Kit Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Electric Bike Kit Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

The global electric bike kit market was worth USD 1.2 billion in 2023 and is anticipated to register a 9% CAGR between 2024 and 2032, favored by the increasing emphasis on sustainable transportation solutions and environmental consciousness. Of late, consumers are increasingly looking for ways to reduce their carbon footprint and embrace eco-friendly modes of transportation, leading to the surge in the adoption of electric bikes.

Moreover, there have been technological advancements in electric bike kit components, such as batteries, motors, and controllers. Manufacturers are constantly innovating to develop more efficient and powerful components to offer longer range, faster speeds, and smoother performance. For instance, in April 2024, Bounce Infinity, an electric two-wheeler manufacturer, launched India's first transportable liquid-cooled battery technology with Clean Electric, marking a significant development in EV performance. The growing focus on extending the power range, enabling fast charging, and improving battery longevity will also add to the market growth.

The electric bike kit industry is classified into bike, component, sales channel, class, and region.

Based on component, the market value from the display and control unit segment will witness a significant CAGR through 2032. As electric bikes become increasingly sophisticated, riders are seeking greater control and customization over their riding experience. Display units provide essential information, such as speed, battery level, and assistance mode for enhancing the overall user experience and safety. The integration of connectivity features like Bluetooth and smartphone compatibility also enables riders to track their performance, navigate routes, and access additional functionalities.

Based on sales channel, the OEMs segment in the electric bike kit market is slated to generate notable gains during 2024-2032, due to their expertise in bicycle manufacturing and engineering. OEMs leverage their established distribution networks and brand reputation to reach a broader customer base, including bike enthusiasts, commuters, and recreational cyclists, driving the segment growth.

North America electric bike industry will record a sustained growth rate through 2032, favored by the increasing popularity of electric bikes as a sustainable and convenient mode of transportation. The vast network of biking trails, bike-friendly cities, and urban infrastructure across the region will support the adoption of electric bike kits among enthusiasts and commuters, further favoring the market growth.