Global Electric Bikes Market to Reach US$53.9 Billion by 2030

The global market for Electric Bikes estimated at US$34.6 Billion in the year 2024, is expected to reach US$53.9 Billion by 2030, growing at a CAGR of 7.7% over the analysis period 2024-2030. Pedal Assist, one of the segments analyzed in the report, is expected to record a 7.9% CAGR and reach US$48.2 Billion by the end of the analysis period. Growth in the Throttle segment is estimated at 5.9% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.4 Billion While China is Forecast to Grow at 8.8% CAGR

The Electric Bikes market in the U.S. is estimated at US$1.4 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$21.0 Billion by the year 2030 trailing a CAGR of 8.8% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 5.3% and 6.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.0% CAGR.

Global Electric Bikes Market - Key Trends & Drivers Summarized

Electric bikes, or e-bikes, have emerged as a transformative innovation in personal transportation, blending the traditional bicycle`s simplicity and efficiency with modern electric propulsion technology. E-bikes are equipped with an electric motor that assists the rider`s pedaling, making it easier to travel longer distances and tackle steep inclines without excessive effort. This technology has made cycling accessible to a broader demographic, including older adults and those with physical limitations, and has positioned e-bikes as a viable alternative to cars for short to medium commutes. The market offers a wide range of e-bikes, from urban commuter models to rugged mountain bikes and cargo bikes, catering to various use cases and preferences. The appeal of e-bikes lies not only in their convenience and versatility but also in their potential to reduce urban congestion and pollution, promoting more sustainable urban mobility.

Technological advancements have significantly enhanced the performance and appeal of electric bikes. Improvements in battery technology, particularly the development of lithium-ion batteries, have increased the range and reduced the weight of e-bikes, making them more practical for everyday use. Modern e-bikes often feature smart technologies, such as integrated GPS, Bluetooth connectivity, and app-based controls, allowing riders to track their rides, navigate routes, and monitor battery life. Additionally, advancements in motor design have led to quieter, more efficient, and more powerful motors, improving the overall riding experience. Manufacturers are also focusing on improving the aesthetics and ergonomics of e-bikes, integrating the battery and motor seamlessly into the frame to create sleek and stylish designs that appeal to a wider audience.

The growth in the electric bike market is driven by several factors. Firstly, the increasing awareness of environmental issues and the need to reduce carbon footprints have prompted many consumers to seek greener transportation alternatives, with e-bikes emerging as a popular choice. Secondly, the rising costs of fuel and urban congestion are making traditional car commuting less attractive, while e-bikes offer a cost-effective and efficient solution for city travel. Thirdly, supportive government policies and incentives, such as subsidies and tax rebates for e-bike purchases, are encouraging adoption. Additionally, the COVID-19 pandemic has accelerated the shift towards personal modes of transportation, as people look for safer alternatives to public transport. The advancements in battery technology and the expanding infrastructure for cycling, including dedicated bike lanes and charging stations, are also playing a crucial role in driving the market.  Advanced batteries, compact, and lightweight mid-drive motors, and chains with improved durability are trending in the e-bikes market. Personalized Pedal-assist-system (PAS) in bikes is expected to witness growth as there is no need for liability insurance for bike riders. Together, these factors create a dynamic and rapidly growing market for electric bikes, presenting significant opportunities for innovation and widespread adoption.