E-Bike Market Size, COVID19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3525
E-bike Market size is projected to witness booming sales over 2021-2027 due to increasing consumer inclination towards electric bikes as an environmentally friendly and convenient solution for commute, especially at a time when fuel costs are rising. Strict environmental norms enforced by policymakers and regulators is propelling the overall electric mobility trend and could boost e-bike adoption significantly in the future.
Globally, e-bikes are gaining traction as a versatile, flexible, and eco-friendly mode of transport, especially for shorter distances. Many individuals are looking at electric bikes as an ideal substitute for scooters, personal vehicles, and public transport. Innovative nature of these bikes, appealing designs, and advanced features are among the key factors augmenting e-bike industry forecast in the coming years.
Europe is expected to be a lucrative market for e-bikes, generating substantial revenue by 2027. Electric bikes are rapidly becoming a preferred mode of commute among people in Germany, France, Italy, and other European countries. Their use for sports and leisure is also increasing. Furthermore, more and more e-bikes are being used for city logistics as they serve as a cleaner, quieter, and more space-saving alternative. Increasing consumer interest in recreational and adventure activities and the adoption of electric bikes in logistics and rental services will bolster the regional e-bike market outlook.
Government and regulatory organizations in Europe are also introducing new policies and initiatives to boost e-bike adoption. For instance, in April 2021, France announced it will offer car owners a chance to exchange their old vehicles for a nearly US$3,000 grant to purchase an electric bike. The scheme is part of the French Government’s commitment to reduce carbon emissions by 40% by 2030.
Cycling Industries Europe along with other European cycling associations have urged governments across the European Union to expand the US$1.2 billion spent on COVID-19 related cycling measures during 2020 into a multibillion-dollar package of financial support for e-bike purchase, bike sharing, and cycling infrastructure.
Yamaha Motor Corporation, Robert Bosch GmbH, Giant Manufacturing Co., Ltd., Aima Technology Group Co., Ltd., Accell Group N.V, Derby Cycles (Pon Holdings), and Yadea Group Holdings Ltd. are some of the major e-bike makers worldwide.
Electric bike manufacturers are constantly innovating to being new, more efficient, and more efficient e-bike models to the market. Yamaha, for instance, had rolled out the new Civante Class 3 e-bike in the U.S. in July 2020, expanding its range of fitness focused road bikes.
In April 2021, Yamaha unveiled a new mountain flagship electric bike at an outdoor event where the guests were also given a chance to test ride them on off-road trails. Consumer interest in mountain and adventure biking has increased considerably since mountain bike Cross Country was added to the Olympics and will only increase in the future, creating a positive market outlook.
COVID-19 pandemic and its impact on e-bike market forecast
Outbreak of the coronavirus pandemic worldwide, subsequent measures to contain its spread, and widespread supply chain disruption have all impacted e-bike market trends to some extent. During the first quarter of 2020, e-bike production and sales did experience a decline in most parts of the world.
However, due to the contagious nature of COVID-19, majority of commuters have been looking to avoid public transit systems. Government restrictions on public transport due to social distancing measures have encouraged more and more individuals to adopt e-bikes in 2020. In March 2020, e-bike sales in the U.S. increased by over 85% during March 2020, according to the New York Times.
Electric bikes are considered as a safe, convenient, and affordable alternative to public transport as cities emerge from lockdowns and their widespread adoption will foster e-bike market expansion significantly.
This e-bike market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2017 to 2027 for the following segments:
Market, By Class, 2017-2027 (Units, USD Million)
- Pedal Assisted
- Throttle Assisted
Market, By Drive Mechanism, 2017-2027 (Units, USD Million)
- Hub Motor
Market, By Battery Type, 2017-2027 (Units, USD Million)
- Lithium Ion (Li-ion)
- Lead Acid
- Nickel-Metal Hydride (NiMh)
The above information has been provided for the following regions and countries:
- North America
- South Korea
- Latin America
- Saudi Arabia
- South Africa
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