The global electric bicycle market was valued at $24,305.0 million in 2020, and is projected to reach $65,831.0 million by 2030, registering a CAGR of 9.5% from 2021 to 2030.
Electric bicycle is a bicycle with an integrated electric motor drive mechanism and battery, which produces power for causing or assisting propulsion. Globally, the use and availability of e-bicycles is gaining a lot of momentum owing to their range and use of the small motor. This helps in assisting the pedal-power of the person who is cycling.
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Major Market Players:
• Accell Group
• CSE EV GROUP CO LTD
• Derby Cycle
• Fuji-ta Bicycle Co., Ltd.
• Giant Manufacturing Co., Ltd.
• Merida Industry Co, Ltd
• Royal Dutch gazelle
• Trek Bicycle Corporation
• Yadea Group Holdings Ltd
• Yamaha Motor Co. Ltd.
Electric bicycles are a flexible, versatile, eco-friendly, and trendy mode of transport. Consumers look up to them as an ideal substitute for scooters, smart cars, and public transport. These bicycles help tackle traffic congestion, owing to the compact size, attain higher speeds with lesser effort, and gain from the advantages of health benefits attained with peddling. These factors lead to rise in popularity of electric bicycles across the globe.
Factors such as positive government regulations and policies to encourage the use of electric bicycles, increase in fuel costs, and rise in interest in cycling as a fitness & recreational activity are expected to drive the market growth. However, high purchase & maintenance cost of electric bicycles and ban on the use of electric bicycles in major cities of China hinder the market growth. Furthermore, improvement in bicycling infrastructure & battery technology and rise in trend of connected electric bicycles is expected to offer lucrative opportunities for the electric bicycle market growth.
The electric bicycle market is segmented into motor type, battery type, application, consumer segment, power output and region. By motor type, it is fragmented into hub motor and mid drive. By battery type, it is classified into lead-acid, lithium-ion (Li-ion), and others. By application, the market is bifurcated into sports, fitness and daily commute. By, consumer segment, market is categorized into urban and rural. By power output, it is fragmented into less than 250W and more than 250W. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Market Segments
By Motor Type
• Hub motor
By Battery Type
• Lead acid
• Lithium ion (Li-ion)
• Daily Commute
By Consumer Segment
By Power Output
• 250W & Less Than 250W
• Above 250W
Governments of various countries are taking initiatives to reduce the carbon footprints by encouraging the use of small electric vehicles such as electric bicycles, bikes and scooters, owing to increase in awareness toward the hazardous effects of using vehicles running on fossil fuels. Moreover, governments are constructing bicycle-friendly streets, which are encouraging individuals to opt for bicycle as a key mode of commute. Furthermore, to encourage the use of electric bicycles, governments around the world are supporting for the purchase of e-bicycles, in terms of tax credits and incentives. For instance, in June 2019, the Indian Government announced a plan to lower the goods & service tax (GST) on e-vehicles from 12% to 5% for faster adoption of electric vehicles. Also, in October 2018, European Union (EU) removed Value Added Tax (VAT) on electric bicycles and bikes. Furthermore, infrastructure facilities such as guarded bicycle parking facilities, construction of more bicycle (express) routes, and establishment of battery charging stations in many countries by the governments significantly boosting the adoption of electric bicycles by users, thereby propelling the market growth.
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