The electric bike market is poised for robust growth, with a projected Compound Annual Growth Rate (CAGR) of 10.2% between 2023 and 2033. By 2033, the market is expected to reach a substantial market share of US$ 150.01 billion, compared to its estimated value of US$ 56.79 billion in 2023.
This growth can be attributed to the myriad benefits offered by electric bikes. E-bikes are viewed as convenient, versatile, environmentally friendly, and stylish modes of transportation. Consumers increasingly see them as superior alternatives to scooters, smart cars, and public transit. With their compact size, extended range per charge, and positive impact on personal health, e-bikes have the potential to alleviate traffic congestion. As a result, the demand for electric bikes is expected to surge throughout the forecast period.
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Key Points:
- The United States market leads the North American electric bike market in terms of market share in North America. The United States held a market share of 22.1% in 2022. The factors are attributed to leading two-wheel vehicle brands, government support for sustainable industries, and aware citizens.
- The German electric bike market held a market share of 6.9% in 2022. The market growth is caused by Germany being the automotive hub and extended research and development facilities. These facilities are advancing the battery performance while the German government target to limit the carbon footprint by the end of the forecast period.
- The Indian market thrives at a steady CAGR of 10.0% between 2023 and 2033. The government focuses on the energy transition from fossil and petroleum sources to alternative sources like electric and solar, garnering regional performance in the global market.
- Market in China is also expected to thrive at a CAGR of 10.5% during the forecast period 2023 to 2033.
- Based on product type, the pedelecs segment leads the market as it held a market share of 47.3% in 2022. Its health benefits, lower power consumption, and regenerative braking options are expected to help the segment keep its lead during the forecast period.
- Based on battery type, the lead-based battery segment strives as it accumulated a revenue share of 85.7% in the global market in 2022.
Competitive Landscape:
The key vendors focus on durability, high battery life, and improved performance. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Top Players are:
- ECCITY Motorcycles
- Hero Electric Vehicles Private Limited
- Gogoro Inc.
- GOVECS GmbH
- Vmoto Limited
- Honda Motor Co. Ltd.
- Piaggio & C. SpA
- Terra Motors Corp.
- Bayerische Motoren Werke AG
- Jiangsu Xinri E-Vehicle Co. Ltd.
- Giant Manufacturing Co Ltd.
- Emotion Bikes USA
- Pedego Electric Bikes
- Volt
- Energica Motor Company S.p.A.
- Zero Motorcycles, Inc.
- Mahindra Genze
- Derby Cycle
- Accell Group.
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Key Segmentation:
By Product type:
- Electric Scooter
- Electric Motorcycles
- Pedelec
By Battery type:
- Li-Ion
- NiMH
- Lead-based
By Technology:
- Plug-In
- Battery
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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