The Global E-Bike Market is estimated to grow at a CAGR of 9.01% from USD 21.1 billion in 2018 to USD 38.6 billion by 2025.
The major factors driving the growth of the e-bike market are increasing concerns about traffic congestion, rapid urbanization, government initiatives to reduce emission levels, and growth of the bicycle tourism industry. An electric bike, often known as an e-bike, has an electric motor aligned to the pedal for propulsion. These bicycles use chargeable batteries of different capacities. E-bikes are equipped with a mid or hub motor and can be classified on the basis of the power of the electric motor. Pedal-assist and throttle-on-demand are the two different modes of electric bikes.
The major e-bike market players include Yamaha Motor Corporation (Japan), Giant Manufacturing Co., Ltd (Taiwan), Accell Group N.V (Netherlands), Aima Technology Group Co., Ltd (China), and Yadea Group Holdings Ltd (China).
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The Asia Pacific region is estimated to be the largest e-bike market by 2025. The region comprises some of the fastest developing economies of the world such as China and India. The governments of these developing economies have recognized the growth potential of electric two-wheelers and, hence, have taken several initiatives to attract major OEMs to manufacture electric two-wheelers in their domestic markets. For instance, the Government of India announced financial support and a scheme called Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME). Under the scheme, there is a subsidy of up to INR 22,000 for electric scooters/e-bikes. Government promotions and schemes have led to an increase in sales of electric two-wheelers over the years.
The governments of many countries in the Asia Pacific region are focusing on electric two-wheelers. For instance, China’s electric bikes have gained popularity in the European market due to their good quality and technological edge.
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Advancements in technology have helped the bicycle industry meet the increasing customer demand and become future-ready. Batteries represent a major focus area for manufacturers with better range, efficiency, compact size, and light weight. Also, the industry is focusing on introducing advanced features in e-bikes such as anti-theft, sensors, and smart monitoring e-bike systems.
The class III e-bike segment is expected to be the fastest-growing market during the forecast period. This class is popular among youngsters as it offers a higher speed than the other two classes i.e class-I and class-II. Also, this e-bike segment is expected to help replace cars with bikes across the globe. Class-III e-bikes, which are also called speed pedal-assisted e-bikes, are equipped with a motor that provides assistance only when the rider is pedaling and stops providing assistance when the bicycle reaches 28 mph. Operators of Class-III e-bikes must be 16 years or older and wear a helmet. Class-III e-bikes are prohibited from entering Class-I multi-use bike paths unless specifically authorized by a local ordinance.