Electric Bicycle Market Size & Share, by Product Type (Pedelecs, Power on Demand and Pedal Assist With Throttle On Demand); Battery Type (Li-Ion, Sealed Lead Acid and Nickel-Metal Hydride Battery); Conversion Kit Type (All In One Wheel Kit, Motor Conversion Kit and Mid-Drive Conversion Kit); Application (Urban and Trekking) and By Motor Type (Mid Drive Electric and Hub Motor) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2025-2037

  • Report ID: 2501
  • Published Date: Dec 23, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2025-2037

Electric Bicycle Market size was over USD 34.46 billion in 2024 and is projected to reach USD 121.81 billion by 2037, witnessing around 10.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of electric bicycle is assessed at USD 37.45 billion.

Increasing awareness towards rising pollution levels and the increasing global warming worldwide, along with the necessity to lead a fit and healthier lifestyle are some of the significant factors boosting the market growth. Additionally, these bikes act as a cheap alternative to bimotored vehicles. Driven by these prominent features along with favorable government regulations for permitting e-bikes as a means of public transport.


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Electric Bicycle Sector: Growth Drivers and Challenges

Growth Drivers

  • Government Initiatives Towards Promoting Eco-Friendly Vehicles
    Growing technological advancements has helped severely in contributing towards the development of eco-friendly solutions for minimizing carbon emissions. Owing to the various environmental concerns being raised by prominent international bodies, the government of various countries has taken initiatives to promote electric vehicles, including electric bicycles. Moreover, stringent government norms and regulations worldwide is anticipated to raise the adoption of electric vehicles. Such factors are anticipated to drive the growth of the global electric bicycle market.
  • Rising Fuel Prices And Increasing Traffic Congestion
    The fuel prices have been skyrocketing in the recent years. As such, this trend has resulted in the prospective opportunities amongst people to look for electric vehicles as an alternative means of transportation vehicle. Also, the concern for the increase in traffic congestions owing to the significant growth in the number of vehicles owned, has also majorly contributed towards the growth of electric bicycles.  People are switching to cheaper alternatives to avoid the rising fuel costs. Such factors are anticipated to drive the growth of the global electric bicycles market.
  • Upsurge in the Enthusiasm For Fitness And Exercise Regimes
    People nowadays are drawn towards a healthy lifestyle, especially in the urban areas. The trend towards fitness is influencing many people to take cycling as an alternative for commuting to office or to nearby areas. The comfort in using electric bicycles is that the customers experience the ease of traveling without sweating as compared to conventional bicycles. The ease of comfort that is being provided, along with the health benefits associated with cycling are some of the considerable factors that are estimated to promote the growth of the market.

Challenges

  • Lack Of Road Network for Cycling and High Product Cost
    Unavailability of proper roads and cycling tracks in several developed and developing nations, coupled with the increasing cost of electric bicycles, which might not be affordable for low and middle income group individuals are some of the factors anticipated to act as a restraint factor towards the growth of the global electric bicycle market.

Electric Bicycle Market: Key Insights

Base Year

2024

Forecast Year

2025-2037

CAGR

10.2%

Base Year Market Size (2024)

USD 34.46 billion

Forecast Year Market Size (2037)

USD 121.81 billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

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Electric Bicycle Segmentation

The market is segmented by product type, battery type, conversion kit type, motor type and by application. The product type is further segmented into pedelecs, power on demand and pedal assist with the throttle on demand, out of which, the pedelecs segment is anticipated to grow significantly throughout the forecast period. Pedelecs have many benefits over typical bikes, such as, high mobility, that is helpful for older folks while mounting hill or for travelling long distances in a shorter time. Moreover, these types of e-bikes require less effort when going uphill or while riding against the wind. On the other hand, the sealed lead-acid segment, which is a sub-segment of the battery segment, dominated the market, owing to its low cost and ease in recycling the battery. However, the growth and popularity of lithium type battery is increasing significantly, owing to their lightweight and high-performance capabilities.

Our in-depth analysis of the global market includes the following segments

By Battery Type

  • Li-Ion Battery
  • Sealed Lead Acid
  • Nickel-Metal Hydride Battery

By Product Type

  •  Pedelecs
  •  Power on Demand
  •  Pedal Assist with the throttle on Demand

By Conversion Kit Type

  • All in one-wheel kit
  • Motor conversion kit
  • Mid-drive conversion kit

By Application

  • Urban
  • Trekking

By Motor Type

  • Mid Drive Electric
  • Hub Motor

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Electric Bicycle Industry - Regional Synopsis

On the basis of regional analysis, the global electric bicycle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.

Europe industry is set to dominate majority revenue share by 2037, propelled by presence of a developed infrastructure for cycling as well as for the presence of the cycling culture amongst the individuals in the region. The market is majorly driven by nations, such as, Germany, UK, and France. Moreover, presence of several electric-powered bicycle manufacturers in the nations are also anticipated to drive the growth of the market in Europe.

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Companies Dominating the Electric Bicycle Landscape

    • Giant Manufacturing Co. Ltd.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • AIMA Technology Co. Ltd.
    • Yadea Technology Group Co., Ltd.
    • Karbon Kinetics Ltd.
    • Italjet S.P.A.
    • Mahindra Group (GenZe)
    • Pedego Electric Bikes
    • Riese and Müller GmbH
    • A2B
    • Beistegui Hermanos (BH Bikes)
    • Benno® Bikes LLC
    • Bignay 

Author Credits:  Saima Khursheed


  • Report ID: 2501
  • Published Date: Dec 23, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of electric bicycle is assessed at USD 37.45 billion.

Electric Bicycle Market size was over USD 34.46 billion in 2024 and is projected to reach USD 121.81 billion by 2037, witnessing around 10.2% CAGR during the forecast period i.e., between 2025-2037.

Europe industry is set to dominate majority revenue share by 2037, propelled by presence of a developed infrastructure for cycling as well as for the presence of the cycling culture amongst the individuals in the region.

The major players in the market are Giant Manufacturing Co. Ltd., AIMA Technology Co. Ltd., Yadea Technology Group Co., Ltd., Karbon Kinetics Ltd., Italjet S.P.A., Mahindra Group (GenZe), Pedego Electric Bikes, Riese and Müller GmbH, A2B, Beistegui Hermanos (BH Bikes), Benno® Bikes LLC, Bignay Inc., and others.
Electric Bicycle Market Report Scope
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