Global industry analysts forecast the global e-bike market to reach $34.4 billion by 2026
SAN FRANCISCO, March 22, 2022 /PRNewswire/ — New market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Electric Bicycles – Global Market Trajectory and Analysis”. The report presents new insights into the opportunities and challenges in a significantly transformed post COVID-19 market.
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Editing: ten; Published: February 2022
Executive Pool: 499
Companies: 196 – Players covered include Accell Group NV; Aima Technology Group Co. Ltd. ; Ampler Bikes; Cannondale Bicycle Corporation; Coboc GmbH & Co. KG; Cowboy; Derby Cycle SA; Desiknio; M1-Sporttechnik GmbH & Co. KG; Giant Manufacturing Co.Ltd. ; Jiangsu Xinri E-Vehicle Co., Ltd. ; Kalkhoff; Merida Industry Co., Ltd. ; Mustache Bikes; Pedego electric bikes; Riese & Muller; Robert Bosch GmbH; Specialty Bike Components, Inc.; Trek Bicycle Corporation; VanMoof BV; Yadea Group Holdings Ltd. ; Yamaha Motor Company Limited and others.
Blanket: All major geographies and key segments
segments: Mode (pedal assist, throttle); Drive mechanism (hub motor, center drive); Battery type (lead-acid, lithium-ion, lithium-polymer, other battery types)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Netherlands; Belgium; Rest of Europe; Asia Pacific; Latin America; Rest of the world.
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Global e-bike market to reach $34.7 billion by 2026
The bicycle boom can be attributed to the confluence of various favorable factors. As the closure of gyms prompted people to explore other options for physical workouts, various workers began looking for alternatives to subways and buses. Additionally, stay-at-home mandates have pushed families to seek options for keeping kids active, including family-oriented recreational bikes. Families invest in bicycles to help children who have not been able to go to the swimming pool. Bicycles have offered families the opportunity to stay active and exercise during the pandemic. The scenario boosts the demand for electrically assisted bicycles. The high demand for commuter e-bikes has created a shortage of these bikes in stores across the US and UK. The major manufacturers of these bikes are struggling to increase demand to keep up with demand, resulting in longer delivery times. The pandemic is expected to drive a long-term shift in consumer preferences and significantly benefit the global e-bike market in the months and years to come. The rise in demand can be attributed to user awareness of air pollution, advancements in technology, and increased investment by government authorities to develop electric vehicles. Advanced batteries, compact and lightweight mid-drive motors, and chains with improved durability are all the rage in the e-bike market.
Amid COVID-19 crisis, Global Electric Bicycle Market Estimated at US$26.2 billion in 2022, is expected to reach a revised size of US$34.7 billion by 2026, growing at a CAGR of 7.1% over the analysis period. Pedal Assist, one of the segments analyzed in the report, is expected to grow at a CAGR of 7.3% to reach US$32.9 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and induced economic crisis, Throttle segment growth is readjusted to a revised CAGR of 5.4% for the next 7-year period. This segment currently accounts for a 12.3% share of the global e-bike market. E-bikes have seen growth in the pedal assist segment due to the convenience of using both the motor and the pedals while riding. The pedal assisted electric bicycle known as Pedelec offers many benefits such as saving money, improving physical fitness, helping to carry heavy loads with ease, ease of travel over long distances and is well suited for recreational purposes such as climbing hills. Additionally, pedal assist provides drivers with the ability to choose and adjust the ride mode to low, medium, or high assist as needed to utilize electricity efficiently, helping to grow the segment’s share. Throttle-assist e-bikes are also gaining acceptance due to their ability to cover long distances without inducing fatigue and a simpler riding experience.
The US market is estimated at $1.3 billion in 2022, when China is expected to reach $14.8 billion by 2026
The e-bike market in the United States is estimated at US$1.3 billion in 2022. The country currently accounts for a 4.84% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$14.8 billion in 2026 with a CAGR of 8% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 4.8% and 5.6% respectively over the analysis period. In Europe, Germany is expected to grow at around 5.8% CAGR while the rest of the European market (as defined in the study) will reach US$16.2 billion at the end of the analysis period.
Manufacturers are continuously investing in research and development to create improved technologies for e-bikes to improve efficiency and increase market share. Rising cost of purchasing e-bikes and restricted range of these vehicles are some of the concerns that are restraining the current e-bike market size. Limited charging infrastructure and long charging sessions for e-bikes are some of the factors that further hinder the growth of the market. Nonetheless, market players are responding to the concerns by installing fast charging technologies in e-bikes so that riders can charge their bikes much faster and travel longer distances. Governments around the world have adopted several regulations and policies related to e-bikes for better safety. For example, the Federal Motor Vehicle Safety Act limits e-bikes with a 500 watt motor to a maximum speed limit of 20 mph (32 km/h). The law helps motorcyclists to avoid excessive acceleration and therefore to protect motorcyclists as well as the environment. Continued
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