E-Bike Market Report – Size & Forecasts 2030

E-Bike Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Battery Type (Lithium-Ion, Lithium-Ion Polymer, Lead Acid, Nickel Metal Hydride); Motor Type (Hub Motor, Mid Motor); Class (Class-I, Class-II, Class-III); Mode (Pedal Assist Mode, Throttle Mode)

Publication Month : Oct 2023

  • Report Code : TIPAT00002409
  • Category : Automotive and Transportation
  • Status : Published
  • No. of Pages : 218
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[Research Report] The E-Bike market is expected to grow from US$ 39,660.1 Million in 2022 to US$ 1,08,604.6 Million by 2030. The E-Bike market is estimated to register a CAGR of 13.4% from 2022 to 2030.

E-Bike Market Analyst Perspective:

Increased Fuel Costs and Rising Adoption of Environment-Friendly Transportation Drives Market Growth

The high fuel cost and rising demand for affordable transportation have fueled the market demand for e-bikes. The average price of gasoline worldwide is USD 3.32 per gallon in 2023, projected to reach USD 3.79 per gallon by 2025 and USD 5 per gallon by 2030 for regular gasoline.  With the surge in consumer awareness towards environmentally friendly transportation, such an increase in fuel pricing around the globe is driving the market growth. According to the United Nations Organization Report in 2021, the annual investment for sustainable transportation was valued at USD 1.4 to USD 2.1 trillion. This spending involves electric vehicle manufacturing, charging stations, and e-bike production. Air pollution is a major environmental concern that is increasing rapidly.

Several countries' governments have planned to provide subsidies for clean and green transportation to reduce air pollution. The global cost of air pollution reached USD 2.9 trillion, 3.3% of the global GDP. Also, air pollution costs at least USD 95 in India, which can be reduced by adopting bicycles and e-bike trips. Cycling using e-bikes worldwide has increased the ability to travel short distances. Adopting e-bike and cycling usage can reduce 2 Giga tonnes of CO2 emissions annually. At the global level, cycling and e-bike usage can reduce an additional USD 836 billion annually. Thus, to reduce the cost of pollution, the demand for environment-friendly transportation has increased.

Also, the key players are investing a considerable amount to meet the global e-bike demand. For instance, in January 2022, Cowboy, a German-based e-bike manufacturer, received an investment of USD 80 million to expand its manufacturing facilities. Further, in March 2023, the U.K. transport department announced a USD 2 billion plan to boost cycling and walking during and after the lockdown. The country’s government announced USD 200 million for new active travel schemes across England, including USD 35 million for the National Cycle Network and USD 8 million for the new e-cycle program. Similarly, Rad Power Bikes raised around USD 300 million in two rounds in 2021, focusing on increasing production capacity outside the Asia Pacific region.

E-Bike Market Overview:

E-Bike uses control systems, such as robots, computers, and information technologies, to handle various machinery in an industry to replace human intervention. Depending on the operations involved, the E-Bike systems are majorly classified into two types, namely process plant automation and manufacturing automation. E-Bike offers high product quality, reliability, and production rate while reducing production and design costs by deploying new, innovative, and integrated technologies and services. They possess various features, such as high productivity, quality, flexibility, and information accuracy, which are likely to increase the uptake of automation in the industrial sector during the forecast period. Also, the surge in the uptake of automation solutions in the oil & gas, manufacturing, chemicals & materials, pharmaceuticals, and other industries is driving the e-bike market

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E-Bike Market: Strategic Insights

e-bikes-market
Market Size Value inUS$ 39,660.1 Million in 2022
Market Size Value byUS$ 1,08,604.6 Million by 2030
Growth rateCAGR of 13.4% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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Market Driver:

Government Support to Lower the Carbon Emission Boost the Demand for E-Bikes Market Growth

Several countries' governments are launching incentive programs to promote e-bike and electric vehicle sales to reduce carbon footprints. For instance, the U.S. government launched the Electric Bike Incentive Kickstart for the Environment (E-BIKE) Act Scheme, which offers a subsidy of up to 30% of the cost of an electric bike. The incentive program involves incentives up to USD 300 on an e-bike, whereas up to US 500 on a cargo bike for lower-income residents. In May 2019, the Canadian government incentivized people to purchase electric bikes by offering a cash discount from USD 250 to USD 750.

Further, European countries are well-equipped with several incentive government schemes to promote the use of e-bike users. The European Cyclists’ Federation (ECF) offers various subsidies based on the type of E-bike purchased by target groups, including businesses, individuals, and public entities. For instance, in France, as of August 2022, residents with an annual income of USD 14,592.40 or less receive a USD 325 discount on purchasing E-bikes. Also, residents with an annual income of USD 6,800 or less and those with proof of disability may receive a discount up to USD 435.

Similarly, the Chinese and Indian governments are promoting subsidy schemes to promote electric vehicle sales to reduce carbon footprints. For instance, the Ministry of Finance and Ministry of Commerce in China offer the maximum subsidy for e-bikes in rural areas up to USD 36 per vehicle, with 80% of subsidies from the central government’s budget and 20% from the provincial budget. In India, as per the government subsidy program on E-bikes, the government offers subsidies of up to 25% of the overall e-bike cost with a maximum purchase incentive of up to USD 65. The government also planned a fixed additional incentive of USD 25 for the first 10,000 e-bikes, apart from other subsidies and bonuses. 

Report Segmentation and Scope:

The E-Bike market is segmented on the basis of battery type, motor type, class, mode, and geography. Based on battery type, the global e-bike market is segmented into lithium-ion, lithium-ion polymer, lead acid, and nickel metal hydride. Depending on the motor type, the market is divided into hub motor and mid-motor. Based on class, the market is segmented into class I, class II, and class III. Based on the mode, the market is divided into pedal assist mode and throttle mode. Based on geography, it is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

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Segmental Analysis:

Based on battery type, the E-Bike market is bifurcated into:

  1. Lithium-Ion
  2. Lithium-Ion Polymer
  3. Lead Acid
  4. Nickel Metal Hydride

The lithium-ion segment held a larger E-Bike market share in 2022 and is anticipated to register a moderate CAGR in the market during the forecast period. Lithium-ion is a major component of electric bicycle manufacturing and contributes around 40% of the total vehicle cost. Globally, the demand for lithium batteries in E-bikes will increase by 60-70% since 2020, owing to a growing consumer awareness surge in government support and initiatives. Also, over 80% of bike-sharing companies use lithium batteries. Li-ion batteries are still relatively expensive to produce, primarily due to the high costs of raw materials and manufacturing processes.

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Regional Analysis:

The E-Bike market is broadly segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. Asia Pacific held the largest E-Bike market share in 2022, followed by Europe and North America. Further, North America is expected to register the highest CAGR in the market during the forecast period.

In Asia Pacific, China is the world's largest consumer and exporter of electric bicycles. In China, more than 300 million electric bicycles are being used. In 2020, China produced around 41.3 million electric bicycles and exported more than 2.0 million worldwide. In China, more than 50 million people use e-bikes owing to their low cost, convenience, and relatively energy-efficient transportation. China is the dominant country that uses e-bikes as a travel mode.

Further, Japan and India are growing rapidly due to rising government schemes and funding to promote e-bike penetration. For instance, in March 2020, India’s finance minister launched the PLI scheme that provides subsidies for the e-cycles. The government announced an investment of USD 0.24 million for creating national manufacturing facilities. The scheme was introduced to promote the production of E-bikes and E.V.s to meet the local demand.

Key Player Analysis:

The key E-Bike market players profiled in the report are Haibike, Aventon Bikes; Giant Manufacturing Co Ltd; Merida Industry Co., Ltd.; Pedego Electric Bikes; Robert Bosch GmbH; Specialized Bicycle Components, Inc.; Shimano Inc.; Trek Bicycle Corp.; and Yamaha Motor Co Ltd; are the top E-Bike market players as they offer diversified product portfolios.

Recent Developments: 

Key Players in the market are adopting several strategies, including product launching, mergers & acquisitions, partnerships and collaborations with local players. For instance, 

  • In 2023, Hitachi's strategic merger of Hitachi Automation and Kyoto Robotics aimed to enhance the company's robotic systems integration prowess in Japanese and Asian markets. This move facilitated comprehensive solutions for manufacturing and logistics automation, capitalizing on Hitachi's digital solutions and Kyoto Robotics' intelligent vision systems. This merger underlines the growing emphasis on advanced automation in industry.
  • In 2023, Mitsubishi Electric's strategic investment in Clearpath Robotics marked a significant move in advancing e-bikes. The investment aimed to enhance complete factory optimization through autonomous mobile robots (AMR), showcasing the commitment to open innovation and fostering manufacturing automation's growth.
  • In March 2023, Decathlon, India’s e-sport goods brand, launched the Rockrider E-ST100 bicycle. This e-bike has pedal assistance and lithium-ion batteries. The company introduced 150 units of e-cycles across India.
  • In January 2022, the VAAN Electric Moto E-mobility company launched electric bikes in India. The e-bike is built with lithium-ion batteries available in Urbansport and Urbansport Pro.
  • In August 2023, Virtus Motors, an India-based electric mobility manufacturer, launched electric cycles with a 250-watt hub motor and an in-built LCD.
  • June 2023 - The Hyundai launched Rayvolt Exxcite electric bicycle for France. Hyundai entered into the e-mobility market. Hyundai and Rayvolt are working to create a special edition of the well-known Exxite Next generation e-bike. The Hyundai Exxcite has a 250-watt EPAC hub motor with a torque of 50 Nm. Its top assisted speed is 16mph, and it is built with a torque sensor to ensure seamless and smooth power deliveries.
  • In February 2023, The Aventon Abound launched as a high-quality addition to the growing electric cargo bikes. The e-cargo bike is coupled with a 750-watt rear-geared hub motor.
  • In January 2023, eBikeGo, an India-based electric two-wheeler mobility platform, launched an electric bicycle product named Transil e1. Transil brand eBikeGo aimed to produce effective, modern, and sustainable e-bikes for consumers.
  • In January 2022, TVS Group Company acquired 75% of the e-bike manufacturer in Europe Swiss E-Mobility Group (SEMG) for USD 100 million. With this acquisition, the company planned to enter the European market to supply its e-bike under the TVS company brand.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Battery Type, Motor Type, Class, Mode

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


What will be the global market size of e-bike market by 2028?

The global market size of e-bike market by 2028 will be around US$ 1,08,604.6 million

Which country is holding the major market share of e-bike market?

China is expected to hold a major market share of e-bike market in 2022

Which are the key players holding the major market share of e-bike market?

Haibike, Gaint Manufacturing Ltd., Merida Industry Co. Ltd., Rober Bosch GmbH, and Yamaha Motor Co. Ltd. are the key market players expected to hold a major market share of e-bike market in 2022

What is the incremental growth of the e-bike market during the forecast period?

The e-bike market is expected to register an incremental growth value of US$ 68,944.48 million during the forecast period

What are the driving factors impacting the e-bike market?

1. Increased fuel costs and rising adoption of environment-friendly transportation drives market growth
2. Growth of outdoor sports and adventurous activities strengthen the market growth

Which is the fastest growing regional market?

North America is expected to register highest CAGR in the e-bike market during the forecast period (2022-2028)

What is the estimated global market size for the e-bike market in 2022?

The estimated global market size for the e-bike market in 2022 is expected to be around US$ 39,660.1 million

Which countries are registering a high growth rate during the forecast period?

India, US, China, and South Korea are expected to register high growth rate during the forecast period

What is the future trend in the e-bike market?

Development of lightweight material-based e-bikes with advanced features

Which is the leading e-bike battery type segment in the e-bike market?

Lithium-ion segment is expected to hold a major market share of e-bike market in 2022

The List of Companies - E-Bike Market 

  1. Haibike
  2. Aventon Bikes
  3. Giant Manufacturing Co Ltd   
  4. Merida Industry Co., Ltd.   
  5. Pedego Electric Bikes
  6. Robert Bosch GmbH  
  7. Specialized Bicycle Components, Inc.
  8. Shimano Inc.
  9. Trek Bicycle Corp
  10. Yamaha Motor Co Ltd

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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