The global EBike market is forecast to grow from USD 48.7 billion in 2024 to USD 71.5 billion by 2030 at a CAGR of 6.6%.
Major drivers driving the ebike market are government subsidies and incentives, growing micro-mobility services, technological advancements in e-bikes, and infrastructure development dedicated to e-bikes. The ebike market has been declining in the last few years due to supply chain disruptions, economic tensions between countries, decreased consumer spending due to the rising cost of living, and the overstocked inventory of ebikes with manufacturers and suppliers. Additionally, frequent disruptions in electricity and gas supplies to factories have forced assemblers to delay the delivery of existing orders, contributing to a decline in e-bike sales in the export market. However, the market is expected to show steady growth in the coming years, even though it saw a decrease in 2023.
Class I e-bikes are expected to account for the largest segment during the forecast period.
Many countries have regulations around e-bike motor power and speed. Class I e-bikes, typically with a motor assist up to 250 watts and a speed limit of 20-25 mph (32-40 km/h), often comply best with these restrictions. This makes them universally usable and avoids needing special licenses. Class I e-bikes provide a gentle power output that can make cycling convenient, especially for commuting or riding in hilly areas. They still need pedaling, so they retain the health benefits and exercise aspect of traditional cycling. Class I ebikes are less expensive than Class II or Class III ebikes. The market for Class I ebikes is expected to experience steady growth in the coming years. Some popular Class I ebikes include Trek Verve+2, Rad PowerBikes RadCity 5 Plus, and Specialized Como SL 4.0. Several factors contribute to increased demand for Class I e-bikes, particularly for short-distance urban travel. These include urbanization, health and wellness trends, and government incentives. Class, I e-bikes are anticipated to dominate the market in Asia-Oceania, especially in countries like China, Japan, South Korea, and Taiwan, where regulations specifically allow these e-bikes.
In North America, the market for Class I e-bikes is expanding rapidly. The US has introduced various incentives, including a proposed 30% tax credit for new electric bicycle purchases, passed by the House of Representatives in February 2022. The North American Electric Bike Association noted a 40% increase in e-bike sales in 2022, primarily fueled by Class I models. These initiatives aim to make electric bikes more affordable and accessible, boosting their popularity worldwide.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=110827400
>650W battery capacity is forecast projected to be the fastest-growing segment during the forecast period.
Ebikes with larger battery outputs are ideal for riders who require more power and range. E-MTBs and E-Cargo bikes are mostly equipped with batteries with a capacity of more than 650W. The larger batteries help tackle challenging terrain and provide the power to climb hills and navigate rough roads. Additionally, E-Cargo bikes are designed to carry heavy loads; larger battery packs benefit them by giving extended range. As online shopping grows, the need for efficient and sustainable last-mile delivery solutions has become paramount. Businesses recognize the benefits of eBikes and eCargo bikes for their cost-effectiveness, environmental friendliness, and convenience in navigating congested urban areas for timely deliveries. Recent developments in lithium-ion battery technology allow manufacturers to create high-voltage batteries with a better energy-to-weight ratio, resulting in large batteries without adding excessive weight to the bike. Hence, >650W battery capacity is expected to be the fastest-growing battery capacity segment during the forecast period. Some bikes with >650W battery capacity are Canyon (Germany) Strive: ON CFR Underdog is equipped with Bosch Performance Line CX, which has a 750Wh capacity, Canyon (Germany) Grand Canyon: ON 8 is equipped with Bosch Performance Line CX, which has a 750Wh capacity.
North American ebike market by value is projected to grow during the forecast year 2024-2030
In North America, cargo ebikes are expected to grow at the highest CAGR due to the increased adoption of electric bikes for transporting goods from one place to another: traffic congestion and rising fuel prices in North American cities. Cargo e-bikes offer a faster and greener alternative to traditional delivery vans or trucks, especially for last-mile deliveries. Ebikes require minimal maintenance and have lower electricity costs compared to gas-powered vehicles. Some regions offer subsidies or tax breaks for businesses switching to e-bikes, further boosting their adoption. This is boosting up the demand for cargo e-bikes.
After the severity of economic uncertainties, the US and Canada witnessed a decline in e-bike sales by 10% and 6.8%, respectively, in 2023 compared to 2022.
Key Market Players:
Major players operating in the Asia Oceania ebike market are Giant Manufacturing Co. Ltd (Taiwan), Hero Lectro (India), TAV Systems (Australia), Yamaha Motor Company (Japan), Merida Industry Co. (Taiwan), and Emotorad (India)
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=110827400
Automotive and Transportation 