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Electric Bicycles Market Research Report Information by Type (Pedal Assist/ Pedelecs, Power on Demand, and Pedal Assist with Power on Demand), by Battery Type (Sealed Lead Acid and Li-Ion Battery), by Motor Type (Hub Motor and Mid Drive Electric), and by Region (North America, Europe, Asia-Pacific, And Rest of The World) – Market Forecast Till 2030

ID: MRFR/AM/2842-CR | 132 Pages | Author: Sejal Akre| October 2020

Electric Bicycles Market Overview:

The electric bicycles market share is projected to grow from USD 34.20 billion in 2024 to USD 73.92 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.11% during the forecast period (2024 - 2030). e Bicycles market size was valued at USD 31.06 billion in 2023. Long range, use of the small motor, and increased sale of electric vehicles are the key market drivers enhancing the growth of electric bicycles industry.

Electric Bicycles Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Electric Bicycle Market Trends

  • Increasing Application of Connectivity Solutions for Bicycles to boost the market growth

Drivers can be kept safe by connectivity applications like V2X (vehicle-to-everything), which can warn them if a scooter or bicycle is in danger. For instance, Tome declared he was working on a bicycle-to-vehicle (B2V) communication standard with SAE Industry Technologies and nine other members. The B2V board includes cycling firms like Trek Bicycle and Specialized and Subaru, GM, and Ford. Several new B2V prototypes and models were unveiled in January 2021 at CES. For instance, Specialized is attempting to integrate B2V technology into its Specialized Ride App. Therefore, increasing bicycle connectivity is anticipated to have a favorable impact on the Electric Bicycles Market.

Municipal bike-sharing programs around the world have embraced e-bikes quickly. Residents and travelers are using e-bikes more frequently as a result of the demand for more accessible and secure public transportation options as well as social distance requirements. Around 80% of Biki bike-sharing system customers in Honolulu, Hawaii, cited riding as the most favored and secure mode of public transit. For instance, Madison (Wisconsin) replaced its fleet of bike-share bikes with electric versions in 2019. Usage has since increased by more than doubling. Chicago wants to add 10,000 ebikes to its Divvy bike-share system by 2022, up from the 3,500 electric bicycle the city introduced in 2020.

The ecology of public transportation includes shared micro-mobility. Shared electric micro-mobility is a flexible transportation option that offers mobile services for several journeys at a cheaper per-traveler cost, complementing greater volume fixed-route transit services. The North American Bikeshare and Scooter share Association (NABSA) released its yearly report on the shared micro-mobility market in August 2021, recently enhancing the electric bicycles market CAGR globally.

Like a typical bicycle, an electric bike pedal-assisted mode uses pedals that the user must actively press to turn the wheels. The benefits, which include longer battery life, fewer maintenance requirements, and the ability for users to select among three to five pedal assist modes depending on the model, are expected to draw in new customers and are likely to improve the market's overall growth throughout the forecast period, another factor driving the growth of the bicycles electric market revenue.

Electric Bicycles Market Segment Insights:

Electric Cycles Type Insights

The electric bicycles market segmentation, based on type, includes pedal assist/ pedelecs, power on demand, and pedal assist with power on demand. The pedal assist/ pedelecs segment held the majority share in 2021 of the electric Cycles market revenue. electric motors for bicycles with pedal assistance produce more power from the motor, allowing riders to pedal more quickly and easily. Additionally, eco bike are frequently used on hills and other difficult terrains. Young people's rising demand for pedal-assisted electric bicycle is projected to fuel Electric Bicycles Market expansion.

Electric Cycles Battery Type Insights

The electric bicycles market segmentation, based on battery type, includes sealed lead acid and Li-ion battery. The sealed lead acid battery segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period of 2024–2030. The segment's expansion can be ascribed to the many advantages that lead-acid batteries provide, including their affordability and durability. However, because these batteries are heavy and discharge quickly, their use is anticipated to decrease over the upcoming years, positively impacting market growth.

Electric Cycles Motor Type Insights

The electric bicycles market data has been bifurcated by motor type into hub motor and mid-drive electric. The hub motor segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period 2024-2030. Since they run independently and put no strain on the drivetrain, they require little to no maintenance, which mostly drives their demand. Conversely, the mid-drive motor is predicted to expand faster during the analyzed period. They offer more torque and performance than hub motors because they are directly attached to the bike's gears and cranks.

Figure 2: Electric Bicycles Market by Motor Type, 2021 & 2030 (USD Billion)

Electric Bicycles Market by Motor Type, 2021 & 2030

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Electric Bicycles Market Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific Electric Bicycles market accounted for USD 11.1 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. It is due to rising consumer spending in nations like China and India. Numerous technical developments are taking place in the Asia Pacific region, combined with a charging infrastructure that is constantly expanding.

Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Electric Bicycles Market Share By Region 2021 (%)

Electric Bicycles Market Share By Region 2021

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe electric bicycles market accounts for the second-largest market share. The revolutionary nature of the product, fully integrated batteries and drives, appealing designs, and the use of premium materials are some of the main reasons influencing electric bike sales. Since 2018, the market has grown dramatically, largely due to anti-dumping and anti-subsidy sanctions against Chinese electric bicycles by the European Commission. Further, the Germany electric bicycles market held the largest market share, and the UK e-bikes market was the fastest-growing market in the European region.

The North America Electric Bicycles Market is expected to grow at the fastest CAGR from 2024 to 2030. The expansion of the regional market is anticipated to be fueled by the expanding number of manufacturing facilities and IT businesses, as well as the region's growing urban and tech-savvy populace. Moreover, US ebike market held the largest market share, and the Canada electric cycles market was the fastest-growing market in the North America region.

Electric Bicycles Market Key Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the electric bicycles market grow even more. Market participants are also taking various strategic initiatives to grow their footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the e bike industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the electric bicycles industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the electric bicycles industry has provided some of the most significant benefits. The electric bicycles market major player such as Giant Manufacturing Co. Ltd. (Taiwan), Derby Cycle, Easy Motion (USA), Accell Group N.V. (Netherlands), and others are working on expanding the Electric Bicycles Market demand by investing in research and development activities.

Merida Industry Co., Ltd., a Taiwan-based business with R&D headquarters in Germany, creates, produces, and sells bicycles worldwide in more than 77 nations. Ike Tseng (1932-2012), who founded the business, designed and produced approximately 2 million bicycles annually at its plants in Taiwan, China, and Germany. In January 2021, the eScultura drop-bar road, eSpeeder flat-bar hybrid, and eSilex gravel bike were three new e bike from Merida that are each driven by a Mahle ebikemotion X35+ rear hub electric motor that produces 250 watts of output and 40 Nm of torque and are each outfitted with a 250Wh battery.

Also, Yamaha Motor Corporation is a Japanese multinational company that produces motorized items, including boats, outboard motors, and motorbikes. The corporation, which has its headquarters in Iwata, Shizuoka, Japan, was founded in 1955 after splitting from Yamaha Corporation (although Yamaha Corporation remains the largest stakeholder of a private company with 9.92% as of 2019). In March 2024, the Wabash RT and the Cross Core RC, two brand-new class 3 power assist bikes, were introduced by Yamaha. They are equipped with the brand-new Yamaha PW Series ST drive unit, frame, and internally integrated batteries.

Key Companies in the Electric Bicycles Market Includes

  • Giant Manufacturing Co. Ltd. (Taiwan)

  • Derby Cycle

  • Easy Motion(USA)

  • Accell Group N.V. (Netherlands)

  • Yamaha Motor Corporation (Japan)

  • Merida Industry Co. Ltd. (China).

  • Moustache Bikes Bike (US)

  • NYCeWheels, among others

E-Bicycles Industry Developments

February 2024: A newcomer in the field of electric mobility, VAAN Electric Moto Pvt Ltd, has introduced electric bicycles as an urban sport. Ebicycle are available in Urban sports and Urban sports Pro. Both bikes have a pedal-assist range of 60 kilometers and a maximum speed of 25 kilometers per hour.

March 2024: To produce a Stealth Quick 3 City Bike, Cannondale and Rui Hachimura allied. The Shimano Altus/Acera 18-speed gear with hydraulic disc brakes and an integrated wheel sensor to track speed, distance, and calories burnt are all included in the Quick 3, along with a lightweight aluminum frame and carbon fiber fork with 360-degree reflective highlights.

January 2024: The shop network for Lekker E-Cycles in Australia was increased. Brisbane's Albion Fine Trades district is where Lekker originally set up shop. The new store is filled with the Lekker bike lineup, which consists of two main ranges: the Jordaan range, a contemporary twist on traditional Dutch bikes, and the sporty yet lightweight e-bicycles from the Amsterdam electric bicycles range.

Feb 2023: Porsche Acquires Croatian E-Bike Specialist Greyp, Porsche has purchased the entirety of Greyp, a Croatian electric bicycle company, and is set to rebrand it under Porsche eBike Performance. Now, this news is interesting indeed, but not exactly surprising. In November, 2021, Porsche acquired a majority share in Greyp. As such, the notion of Porsche acquiring the entire company seemed more like an eventuality.

Feb 2023: Himiway Introduces Customized Limited Edition E-Bikes for California and Florida: A Unique Blend of Style and Performance for Avid E-Bike Enthusiasts.Himiway announced the release of two new limited-edition electric bikes. The designs, which were created through a collaborative effort between Himiway and its users, have received the most votes from users in California and Florida.

These limited edition e-bikes are a rare and unique find for avid e-bike enthusiasts, with only 100 units of each design being produced. The California edition e-bike boasts a purplish gradient inspired by SoCal sunsets, with the Golden Gate Bridge on one side and a Venice Beach sunset on the other. Decorated with stars from Hollywood's Walk of Fame, each with a bicycle symbol, it perfectly captures the dynamic spirit of California.

A must-have for local e-bike enthusiasts.On the other hand, the Florida edition boasts an oceanic color scheme representative of South Beach in Florida. The frame showcases alligators, the South Beach of Miami, the Conch Republic in Key West, and the famous Southernmost Point on the handlebars, all of which are iconic symbols of Florida. The top bar also features orange blossoms, a specialty of Florida, further highlighting the state's unique character. Radical new ride-by-wire electric bike drivetrain with no chains or belts begins production. Rivian Confirms That Electric Bicycles Are In The Pipeline

Electric Bicycles Market Segmentation:

E-Bike Type Outlook

  • Pedal Assist/ Pedelecs

  • Power on Demand

  • Pedal Assist with Power on Demand

E-Bike Battery Type Outlook

  • Sealed Lead Acid

  • Li-Ion Battery

E-Bike Motor Type Outlook

  • Hub Motor

  • Mid Drive Electric

Electric Cycles Regional Outlook

North America

  • US

  • Canada


  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Rest of Europe


  • China

  • Japan

  • India

  • Australia

  • South Korea

  • Australia

  • Rest of Asia-Pacific

Rest of the World

  • Middle East

  • Africa

  • Latin America

Report Attribute/Metric Details
Market Size 2023 USD 31.06 billion
Market Size 2024 USD 34.20 billion
Market Size 2032 USD 73.92 billion
Compound Annual Growth Rate (CAGR) 10.11% (2024-2030)
Base Year 2021
Market Forecast Period 2024-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Battery Type, Motor Type, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Giant Manufacturing Co. Ltd. (Taiwan), Derby Cycle, Easy Motion (USA), Accell Group N.V. (Netherlands), Yamaha Motor Corporation (Japan), Merida Industry Co. Ltd. (China), Moustache Bikes Bike (US), and NYCeWheels
Key Market Opportunities Growing preference for bicycles as an eco-friendly vehicle
Key Market Dynamics Rapidly increasing fuel costs Rising interest in cycling activity as a fitness activity

Frequently Asked Questions (FAQ) :

The electric bicycles market size was valued at USD 25.61 Billion in 2021.

The market is projected to grow at a CAGR of 10.11% during the forecast period 2024-2030.

Asia-Pacific had the largest share in the electric bicycles market.

The key players in the electric bicycles market are Giant Manufacturing Co. Ltd. (Taiwan), Derby Cycle, Easy Motion (USA), Accell Group N.V. (Netherlands), Yamaha Motor Corporation (Japan), Merida Industry Co. Ltd. (China), Moustache Bikes Bike (US), and NYCeWheels.

The sealed lead acid category dominated the market in 2021.

Hub motor had the largest share in the market.

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