E-bike Market size to grow by USD 21.16 billion, Market Share, Trends, Major Players- Technavio
NEW YORK, Jan. 25, 2024 /PRNewswire/ -- The e-bike market is projected to reach a value of USD 21.16 billion in 2027 with a compound annual growth rate of 8.72% between 2023 and 2028. The increasing sustainability and environmental concerns are one of the key factors driving the growth. Increasing environmental awareness and the need to reduce carbon footprints are boosting demand for eco-friendly transportation. These alternatives provide green commuting options that are independent of fossil fuels, emitting zero emissions during use. As people seek cleaner travel options, e-bikes offer a sustainable solution for short- to medium-distance travel, improving urban air quality.
- The development of technologically advanced and lightweight e-bikes is a major trend.
- Product recalls due to possible failures of e-bikes are one of the key challenges hindering growth.
Company Landscape - The global e-bike market is fragmented, with the presence of several global as well as regional companies. A few prominent companies are Accell Group NV, Avon Cycles Ltd., BH BIKES Europe SL, Cortina Bikes, Giant Manufacturing Co. Ltd., Greenwit Technologies Ltd., Hero Cycles Ltd., Hero Ecotech Ltd., Kalkhoff Werke GmbH, Klever Mobility Europe GmbH, myStromer AG, PEDEGO Inc., PIERER Mobility AG, Riese and Muller GmbH, SCOTT Sports SA, SHIMANO INC., Trek Bicycle Corp., TVS Motor Co. Ltd., Yamaha Motor Co. Ltd., and Zhejiang Luyuan Electric Vehicle Co. Ltd. and others.
- Accell Group NV - The company offers e-bikes under its brands Haibike, Winora, Ghost, Batavus, Koga, and Lapierre.
- Cortina Bikes - The company offers e-bikes such as Cortina E Blau, and Cortina E Common.
- Giant Manufacturing Co. Ltd. - The company offers e-bikes such as FastRoad EPlus EX, Roam Eplus, and Explore Eplus.
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Technavio has segmented the market based on Battery Type (SLA batteries and Li-ion batteries), Propulsion (Pedal assist and Throttle assist)
- The SLA batteries segment is estimated to witness significant growth during the forecast period. SLA batteries, or sealed lead-acid batteries, are commonly used in electric bikes (e-bikes) for their affordability, reliability, and low maintenance requirements. While newer e-bike models often use lithium-ion batteries for higher energy density, SLA batteries are still popular for their sealed design, which eliminates the need for regular maintenance like adding water or electrolytes. These batteries are also equipped with vents to release gases formed during overcharging.
By geography, the global e-bike market is segmented into APAC, Europe, North America, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth.
- APAC is estimated to contribute 81% during the forecast period. China, Vietnam, Japan, and India are significant contributors to the region. China, particularly, holds the largest share, with significant growth in electric bike sales due to government restrictions on motorcycles in urban areas. This has boosted adoption for short commutes. Additionally, India's acceptance of micro-mobility is expected to drive further market growth in the region.
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What are the key data covered in this E-bike Market report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth of the E-bike Market between 2024 and 2028
- Precise estimation of the size and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the E-bike Market industry across APAC, Europe, North America, South America, and the Middle East and Africa
- A thorough analysis of the competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of E-bike companies
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Electric Bicycles (E-Bikes): An Overview and Key Features
Electric bicycles, commonly known as e-bikes, are battery-powered bicycles equipped with electric motors that provide pedal assistance. They are gaining popularity as sustainable transportation options, especially in urban areas. E-bikes come in various types, including commuter, mountain, and folding models, offering versatility for different needs. Lithium-ion batteries power these bikes, providing efficient energy storage. Components like power control units and frames are designed to optimize performance and durability. E-bike accessories and charging stations enhance the user experience and convenience. Smart e-bikes feature connectivity and innovative technologies for improved functionality. E-bike manufacturers and retailers cater to the growing demand for green mobility solutions. Urban mobility is positively impacted by the adoption of e-bikes, contributing to sustainable transportation. Regulatory compliance and infrastructure development are key factors shaping the e-bike market.
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The bicycle accessories market is estimated to grow by USD 3.90 billion between 2023 and 2028, at a CAGR of 5.94% during the forecast period.
The E-bike battery market is forecast to increase by USD 2.12 billion and is estimated to grow at a CAGR of 6.46% between 2022 and 2027.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Sizes
Five Forces Analysis
Segmentation by Battery Type
Segmentation by Propulsion
Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential areas and assess their competitive positions within changing scenarios.
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SOURCE Technavio
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