Global Electric Bikes Market size is set to surpass USD 40 billion by 2030, according to a new research report by Global Market Insights Inc.
The report identifies the rising demand for personal mobility solutions and growing environmental concerns as the chief drivers of the e-bikes industry. Personal mobility is gaining popularity on account of various factors, such as portability, time savings, and easy accessibility. It allows users to avoid traffic and save time while traveling. For instance, since the beginning of 2022, the health staff from Cornwall, England, have been using cargo e-bikes to visit patients as they not only help patients but health workers as well. These bikes cut down traveling time and provide easy availability of doctors at patients’ doorsteps with instant treatments.
Surging recreational activities to boost demand for trekking bikes
The trekking bike segment is estimated to attain 2% growth rate till 2030. The upsurge in recreational activities & festive tours in mountains and woods will fuel the adoption of e-trekking bikes. Additionally, shifting consumer interest toward active traveling, along with robust fitness regimes, will drive the sales of e-trekking bikes.
Favorable features of e-bikes to push lithium-ion battery consumption
The electric bikes market from the lithium-ion battery segment is projected to grow at 4.5% gains through 2030. Lithium-ion phosphate batteries contain chemical fireproof characteristics, which make them fire resistant, and hence, are widely used in e-bikes. These batteries also offer a longer lifetime, less maintenance, lightweight, and enhanced discharge & charge efficiency, among other features, which is benefitting the demand for lithium-ion powered e-bikes.
Rising demand for trekking and mountain sports
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The study recognizes that the electric bikes market from the mid motor segment will showcase remarkable growth during the forecast period. As they provide low- and center-weight distribution, maintain bike stability and increase the demand for e-bikes in mountain sports or trekking activities. Moreover, their low rate of failure, lower rolling resistance, and high energy conversion rate will attract a wide customer base in the coming years.
Browse key industry insights spread across 360 pages with 556 market data tables & 33 figures & charts from the report, “E-bike Market Size By Product (Trekking Bike, Cargo Bike, City/Urban Bike), By Battery (Lithium-Ion, SLA, NiMH), By Motor (Mid Motor, Hub Motor), By Sales Channel (Offline, Online), By Propulsion Type (Throttle-assist, Peddle-assist), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Customer preference to augment peddle-assist e-bikes demand
The peddle-assist propulsion type segment held over 50% of the electric bikes market share in 2021. The peddle assist e-bikes offer features, such as ease of use, simple installation & maintenance, customizable grip positioning, and safety, which make them a suitable choice for many consumers. The segment development will further be driven by increased customer inclination towards peddle-assist propulsion as it is the most common form in bicycles.
In-person purchasing to foster offline sales channel
The deployment of e-bikes through offline sales channels was valued at more than USD 15 billion in 2021 owing to the surging consumer engagement in offline stores before purchasing while trying & experiencing new e-bikes in person. In addition, the manufacturers operating in the e-bikes segment are strongly investing in offline stores to strengthen their presence in regional marketplaces and to stay competitive in the market.
North America region emerges as a prominent revenue pocket
North America electric bikes market accounted for USD 1 billion in 2021. The region may emerge as a major revenue hub due to the rising uptake of high-quality and cost-effective bikes, which will enhance the industry outlook. Meanwhile, the companies having a base in the continent are also focusing on new product development to fuel their business standing, thereby accelerating regional market expansion.
Product launches to remain a key growth strategy
The strategic landscape of the e-bikes industry will observe an increase in the demand for advanced mobility solutions, especially in North America and Europe. Notably, the shifting consumer focus on enhancing awareness regarding green mobility solutions will encourage players to introduce efficient e-bikes.
Key participant operating in the electric bikes market are AIMA Technology Co., Accell Group, Giant Bicycles, Rad Power Bikes, Pedego Electric Bikes, Specialized Bicycle Components, Electric Bike Technologies, Inc., Trek Bicycles, Sunra, and Yadea.