The ebike market size is valued at USD 48.7 billion in 2024 and is expected to reach USD 71.5 billion by 2030, growing at a CAGR of 6.6% from 2024 to 2030. The worldwide demand for ebikes increased rapidly, especially during Covid, as customers saw them as a low-cost, eco-friendly solution for commutes. Government bodies in various cities worldwide have initiatives to build bicycle highway lanes. Apart from the driver, such as individual travel during Covid, the electric bike market growth is also driven by the growing e-commerce business where e-bikes are used for last-mile delivery. Asia Oceania leads the global ebike market, followed by Europe and North America.
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.
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>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.
Asia-Oceania is forecast projected to be the largest ebike market.
Asia-Oceania is the largest e-bike market in terms of production and sales, with China being the largest contributor to the Asian and global markets. The City/Urban segment is expected to dominate the e-bike market in this region, while Cargo e-bikes are projected to be the fastest-growing segment. In 2023, the ebike market saw a decline in sales, but still, China remained the largest market for e-bikes and experienced steady growth during this period.
There is a rise in demand for E-Cargo bikes due to their practicality and efficiency in urban environments. Cargo e-bikes offer a sustainable and cost-effective solution for transporting goods in congested urban areas, where traditional vehicles face challenges like traffic congestion and emissions. Cargo e-bikes can navigate crowded city streets more efficiently, leading to faster delivery times and potentially lower delivery fees for consumers. Additionally, advancements in battery technology have improved the range and charging times of e-bikes, including cargo e-bikes, making them more reliable and convenient for commercial and personal use.
Major players operating in the Asia Oceania e-bike market are Giant Manufacturing Co. Ltd (Taiwan), Hero Lectro (India), TAV Systems (Australia), Yamaha Motor Company (Japan), Merida Industry Co. (Taiwan), and Emotorad (India).
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