Global Electric Bicycle Market 2024-2031
Electric Bicycle Market Size, Share & Trends Analysis Report by Propulsion Type (Pedal Assist, and Throttle), by Battery Type (Lead Acid, Lithium-ion, and Others), and by Application (City/Urban, Mountain/Trekking, and Cargo/Luggage) Forecast Period (2024-2031)
Electric bicycle market is anticipated to grow at a CAGR of 4.8% during the forecast period (2024-2031). A battery and electric motor driving system that generates power for locomotion are incorporated into an electric bicycle. Additionally, it has electronic displays and sensors that provide riders with the extra support they need for a comfortable ride. This aids the rider's pedal power.
Market DynamicsCharging infrastructure development
The growing attempts of public and private companies to develop charging infrastructure is a key factor driving the adoption of electric bicycles. For instance, in November 2023, Mercedes-Benz inaugurated its first European charging station in Mannheim, Germany, featuring six 300 kW charging points for electric vehicles. To optimize energy distribution, each charger has a single port, ensuring maximal efficiency. Additionally, with intelligent charging management, select EVs can achieve an 80.0% charge in less than 20 minutes.
Campaigns to promote the electric bicycle market
The increasing campaigns to promote electric bicycle adoption are likely to drive the global market. For instance, in April 2024, ADO E-bike launched an Indiegogo crowdfunding campaign for a new lightweight folding model: the Air Carbon. The e-bike weighs 12.5 kg (~27.6 lbs.) and offers a 100 km (~60 miles) assistance range. Plus, those who pledge to the campaign could receive an electric bicycle with a 40.0% discount.
Market SegmentationBased on propulsion type, the market is segmented into pedal assist and throttle.
Based on battery type, the market is segmented into lead-acid, lithium-ion, and others including nickel-metal-hydride.
Based on application, the market is segmented into city/urban, mountain/trekking, and cargo/luggage.
Throttle is Projected to Emerge as the Largest Segment
The electric bicycle industry is dominated by the throttle assist segment. Electric bicycles with throttle assistance provide instantaneous power delivery, enabling riders to easily climb hills and accelerate rapidly from a stop. The immediate reaction improves the riding experience and gives the rider confidence and control, especially in city settings where there are many stops and starts. Due to its ease of use and accessibility, throttle-assist electric bicycles can be purchased by a variety of customers, including those who are unfamiliar with conventional pedal-assist systems. With just a twist or click of a button, riders can activate the electric motor to give extra propulsion, needing little effort to accelerate and maintain speed.
Regional OutlookThe global electric bicycle market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Fostering a Cycling-Friendly Europe to Promote European Electric Bicycle Market
The European Declaration of Cycling outlines a comprehensive strategy to revolutionize urban mobility, emphasizing the need for enhanced city cycle networks, improved e-bike charging infrastructure, the development of cycling superhighways, and stronger integration with public transport systems. These measures aim to create a seamless and accessible cycling experience that encourages more people to choose sustainable and healthy modes of transportation. The presence of such strategies across Europe is likely to drive regional market growth.
Asia-Pacific Holds Major Market Share
Asia-Pacific holds a major share of the global electric bicycle market. The presence of major manufacturers across China, India, and South Korea that are highly focused on new product launches to meet consumer demand is driving the regional market. For instance, in February 2024, mXmotohas introduced the metal strong M16 electric bicycle with strength and durability for Indian roads. The M16 electric bicycle by mXmoto comes with an 8-year warranty on the battery, 80,000 km of seamless riding and a three-year warranty on the motor and controller. Apart from this positive outlook of the population towards electric bicycles is further aiding the regional market growth.
Market Players OutlookThe major companies serving the global electric bicycle market include Aima Technology Co. Ltd., Yadeo Group Holdings Ltd., Giant Manufacturing Co. Ltd., Hero Cycles Ltd., and Robert Bosch GmbH, among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions to stay competitive in the market. For instance, in January 2024, VinFast Auto officially announced the US rollout of the DrgnFly electric bike, at CES 2024. Underpinned by the message ""Ride your style,"" the DrgnFly offers riders a unique and thrilling experience, contributing to catalyzing the future of accessible, electric mobility for everyone.