What are the major factors driving the growth of the Electric Bicycle market?

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

What would be the CAGR of Electric Bicycle Market over the forecast period?

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.. Read More

Electric Bicycle Market Trends

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

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, the global folding bicycles market is estimated to grow with notable CAGR during the forecast period, i.e., 2020-2028. 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.

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)

Which region accounted for the largest electric bicycle industry share?

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.

Who are the key players in the electric bicycle sector?

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 Trends