The electric bike market is anticipated to thrive at a steady CAGR of 10.2% between 2023 and 2033. The market is expected to have a market share of US$ 150.01 billion by 2033, while it is likely to be valued at US$ 56.79 billion in 2023.
- Electric bicycles, electric cycles, and electric vehicles are about to undergo a revolution that will affect both developed and developing nations. E-bikes, a newer development, use electric batteries.
- E-bike sales have increased as a result of government subsidies, low carbon emissions, and fuel-free costs. Additionally, people are embracing environmentally friendly modes of transportation.
- New electric bike launches with longer ranges, more powerful motors, more sophisticated transmissions, and better designs are also finding success. Companies are now adopting high-power batteries in bikes since the performance and acceleration of the batteries are the main selling points.
- Local governments all across the world are implementing community e-bike programmes, particularly in the east’s populous nations like China and India. These programmes have little fees yet offer substantial rewards.
- With the growth of charging stations and places all over the world, the infrastructure supporting electric vehicle use is thriving as well. The electric bike can also be serviced, repaired, and replaced at these locations.
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Key Points
- In terms of market share in North America, the United States market dominates the electric bike market. In 2022, the United States had a 22.1% market share. Leading two-wheel vehicle manufacturers, assistance from the government for environmentally friendly businesses, and informed consumers are cited as the causes.
- The German electric bike market held a market share of 6.9% in 2022. The market growth is caused by Germany being the automotive hub and extended research and development facilities. These facilities are advancing the battery performance while the German government target to limit the carbon footprint by the end of the forecast period.
- Between 2023 and 2033, the Indian market expands at a consistent CAGR of 10.0%. In order to boost regional performance on the global market, the government concentrates on the transfer of energy from conventional sources like fossil fuels and petroleum to alternative sources like electric and solar energy.
- During the forecast period, the Chinese market expands at a CAGR of 10.5% as well.
- Based on product type, the market is led by the pedelecs segment, which had a 47.3% market share in 2022. The segment is anticipated to maintain its leadership during the projection period thanks to its health advantages, lower power usage, and regenerative braking choices.
- The lead-based battery category, which is based on battery type, aspires since it will hold an 85.7% revenue share of the global market in 2022.
Competitive Landscape
The key vendors focus on durability, high battery life, and improved performance. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
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Key Players
- ECCITY Motorcycles
- Hero Electric Vehicles Private Limited
- Gogoro Inc.
- GOVECS GmbH
- Vmoto Limited
- Honda Motor Co. Ltd.
- Piaggio & C. SpA
- Terra Motors Corp.
- Bayerische Motoren Werke AG
- Jiangsu Xinri E-Vehicle Co. Ltd.
- Giant Manufacturing Co Ltd.
- Emotion Bikes USA
- Pedego Electric Bikes
- Volt
- Energica Motor Company S.p.A.
- Zero Motorcycles, Inc.
- Mahindra Genze
- Derby Cycle
- Accell Group.
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Key Segments Covered in the Electric Bike Market Report
By Product type:
- Electric Scooter
- Electric Motorcycles
- Pedelec
By Battery type:
- Li-Ion
- NiMH
- Lead-based
By Technology:
- Plug-In
- Battery
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
Recent Market Developments
- Pedego Electric Bikes has introduced several e-bikes, including Avenue – Electric Commuter Bike, City Commuter: Lite Edition, City Commuter Mid Drive Edition, and City Commuter: Platinum Edition.
- Vespa has introduced the electric mobility vehicle named Elettrica with integrated smart technology and a TFT dashboard.
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