Electric Bikes Gear Up for Growth: Eco-Friendly Ride, Subscriptions Drive $6.6 Billion Market by 2034, Led by Asia

The electric bicycle market is driven by a growing preference for active and eco-friendly transportation. Advancements in motor technology and subscription models are making e-bikes more accessible and appealing to consumers. The market is expected to see significant growth in Asia, particularly in Japan (5.3% CAGR) and China (5.1% CAGR), alongside increasing popularity of electric cargo bikes for deliveries and mountain bikes for recreational use.

NEWARK, Del., May 6, 2024 /PRNewswire/ — The global electric bicycle market will reach a valuation of US$ 4.0 billion in 2024, attributed to factors including global expansion opportunities. The trend is set to create new opportunities for the market, leading to a projected CAGR of 5.1% between 2024 and 2034, and reaching a total valuation of approximately US$ 6.6 billion by 2034.

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Subscription based models for e-bikes are emerging, allowing consumers to access high quality electric bicycles without the upfront cost of ownership. The services often include maintenance, repairs, and insurance, providing a hassle free experience for users.

Advances in electric motor and drive system technology are leading to more efficient and reliable e-bikes with improved performance and range. Brushless motors, regenerative braking systems, and integrated torque sensors are some examples of innovations driving market growth.

Changing consumer preferences towards active transportation modes, such as walking, cycling, and e-biking, are driving demand for e-bikes as a convenient and eco-friendly alternative to cars. The demand for electric cargo bikes is increasing, driven by the growing need for sustainable last mile delivery solutions in urban areas.

Electric cargo bikes offer businesses a cost effective and environmentally friendly alternative to traditional delivery vehicles. Electric mountain bikes, equipped with powerful motors and robust suspension systems, are gaining popularity among outdoor enthusiasts.

The segment represents a niche market within the broader e-bike industry and offers opportunities for specialized product development. Manufacturers are exploring the use of sustainable materials in e-bike production, such as recycled metals, bio based plastics, and bamboo frames. The trend aligns with consumer preferences for eco-friendly products and contributes to the overall sustainability of the industry.

Key Takeaways from the Market Study

Global electric bicycle market was valued at US$ 3.8 billion in 2023.
From 2019 to 2023, the market demand expanded at a CAGR of 4.6%.
The market in Japan to expand at a CAGR of 5.3% through 2034.
By battery type, the li-ion segment to account for a share of 40.6% in 2024.
The market in China will expand at a CAGR of 5.1% through 2034.
In terms of mode, the throttle assist segment to account for a share of 60.4% in 2024.

“Collaborations between e-bike manufacturers, technology companies, and other industry stakeholders can drive innovation and expand market reach,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

Competitive Landscape

Prominent players in the electric bicycle market are Accell Group, CSE EV GROUP CO LTD, Derby Cycle, Fuji-ta Bicycle Co. Ltd., Giant Manufacturing Co., Ltd., Merida Industry Co, Ltd, Royal Dutch Gazelle, Trek Bicycle Corporation, Yadea Group Holdings Ltd, and Yamaha Motor Co. Ltd., among others.

Key Development

In 2021, Merida Bikes enhanced its eBIG.TOUR bicycle, introducing the eBIG.NINE 400 EQ, a specialized and comfortable touring e-bike. The model features Shimano’s EP8 motor, renowned for its powerful and exceptionally smooth power delivery. The system boasts overall quietness, providing riders with a serene and enjoyable cycling experience.

Company Portfolio

Derby Cycle is a prominent player in the electric bicycle market, offering a portfolio of brands such as Kalkhoff, Focus, Raleigh, and Univega. Their electric bike range includes city bikes, trekking bikes, mountain bikes, and cargo bikes, designed to provide comfort, performance, and reliability for urban and off road riding.
Fuji-ta Bicycle Co. Ltd. is a leading manufacturer of bicycles, including electric bicycles, offering a wide range of models tailored to different consumer segments and market preferences. Their electric bicycles feature innovative designs, quality components, and competitive pricing, making them popular choices among riders worldwide.

Purchase now and gain full access to the Electric Bicycle Battery Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.

More Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global electric bicycle market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.

To understand opportunities in the electric bicycle market, the market is segmented on the basis of class (class I, class II, class III), battery type (li-ion, li-ion polymer, lead acid), and motor type (hub motor, mid motor), mode (throttle assist, pedal assist) and usage (city, trekking, cargo), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and the Middle East & Africa).

About the Automotive Division at Future Market Insights

The automotive team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.

About the Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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