PUBLISHER: SkyQuest | PRODUCT CODE: 1463465
PUBLISHER: SkyQuest | PRODUCT CODE: 1463465
Global Electric Bike Market size was valued at USD 54.56 billion in 2022 and is poised to grow from USD 60.51 billion in 2023 to USD 138.44 billion by 2031, growing at a CAGR of 10.9% during the forecast period (2024-2031).
The projected market growth stems from several factors, including government regulations promoting electric bike usage, consumer preference for eco-friendly commuting options, escalating fuel costs, and an increasing interest in cycling for both sport and leisure. An illustrative example of this trend is the introduction of the Stella Shared 3x Cannondale customised bike line by Cannondale and Stella McCartney in November 2022. Furthermore, ongoing technological advancements within the industry, such as connected e-bikes with SIM modules enabling cloud-based data transmission, remote diagnostics, built-in navigation, anti-theft systems, social media integration, and automatic emergency calls, are driving up demand. Robert Bosch GmbH leads in providing these connected e-bikes, which offer benefits such as reduced traffic congestion due to their smaller footprint, higher speed capabilities with minimal exertion, and various health advantages. Collectively, these factors are expected to bolster e-bike demand on a global scale.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Electric Bike Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Electric Bike Market Segmental Analysis
Global Electric Bike Market is segmented on the basis of propulsion type, battery type and region. By propulsion type, the market is segmented into pedal assist and throttle. By battery type, market is segmented into lead acids, lithium-ion, nickel metal hydride, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Drivers of the Global Electric Bike Market
As environmental worries continue to escalate, consumers are progressively seeking more sustainable transportation options. Electric bikes have gained popularity for their eco-friendly nature, emitting minimal to zero emissions, thus presenting an appealing substitute to traditional gasoline-powered vehicles.
Restraints in the Global Electric Bike Market
Insufficient charging infrastructure poses a significant obstacle to the expansion of the electric bike industry, especially in areas with limited access to charging stations. This scarcity can deter potential buyers, who might be reluctant to invest in electric bikes without assurance of convenient charging facilities, thereby impeding widespread adoption of these eco-friendly vehicles.
Market Trends of the Global Electric Bike Market
Electric mountain bikes, tailored for off-road adventures, are experiencing a surge in popularity worldwide. With their ability to provide a smoother and less physically demanding journey, these bikes are increasingly favored for extended excursions across rugged landscapes, offering riders a heightened level of comfort and enjoyment amidst challenging conditions.