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E-bike Market Size

Report ID: GMI3525
Published Date: Mar 2024
Report Format: PDF

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E-bike Market Size

E-bike Market size was valued at USD 36.6 billion in 2023 and is estimated to register a CAGR of over 4% between 2024 and 2032, due to enhanced infrastructure and the heightened emphasis on cost efficiency. Cities globally are investing in dedicated bike lanes, charging stations, and bike-sharing initiatives for facilitating easier e-bike usage.

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Moreover, consumers are drawn to the substantial cost savings offered by electric solutions compared to conventional vehicles. These dual factors are stimulating the expansion of the ebikes industry, making it an increasingly attractive and practical choice for urban commuters and environmentally conscious individuals. For instance, in November 2023, Pure EV introduced its latest electric motorcycle model, the ecoDryft 350. This new variant stands out as the longest-range electric motorcycle within the 110-cc commuter category.

E-bike Market Report Attributes
Report Attribute	Details
Base Year:	2023
E-bike Market Size in 2023:	USD 36.6 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	4%
2032 Value Projection:	USD 53.1 Billion
Historical Data for:	2018 - 2023
No. of Pages:	220
Tables, Charts & Figures:	750
Segments covered:	Product, Battery, Motor, Sales Channel, Propulsion Type
Growth Drivers:	Rising support from government authorities for the promotion of e-mobility Emergence of e-bike sharing service providers in North America and Europe Shifting focus of commuters toward personal mobility solutions in North America Growing manufacturing and export of e-bikes in Asia Pacific
Pitfalls & Challenges:	High initial cost of e-bikes

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The e-bikes market is experiencing rapid growth, driven by increasing environmental awareness and urbanization trends. With heightened concerns about climate change and air pollution, more individuals are seeking eco-friendly transportation options like e-bikes. Moreover, rapid urbanization is leading to congestion in cities, making e-bikes an appealing solution for efficient and sustainable commuting.

These factors, combined, are fueling the demand for e-bikes as a practical and environmentally conscious mode of transportation. For instance, in January 2023, Liger Mobility introduced India's inaugural self-balancing e-scooter, available in two models: the X and the X Plus, deployed with an ability to maintain balance at low speeds.

Though the industry is witnessing promising growth, it also faces barriers. However, the high initial costs are reflecting the advanced technology embedded in e-bikes, showcasing their quality and performance. Regulatory complexities are signs of evolving standards, encouraging industry players to engage with policymakers for clearer guidelines.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of E-bike reached USD 36.6 billion in 2023 and is set to witness 4% CAGR from 2024 to 2032, due to enhanced infrastructure and the heightened emphasis on cost efficiency.

The city/urban bike segment held around 56% market share in 2023, attributed to the practicality and versatility for daily commutes and errands around the city streets.

Asia Pacific dominated the market with a share of over 60% in 2023, owing to the surge in demand for eco-friendly transportation solutions.

Accell Group, Brompton Bicycle Ltd, Giant Bicycles, Merdia Bikes, Polygon Bikes, Rad Power Bikes, LLC, Scott Sports Sa, Tern, Trek Bicycles, and Yadea Technology Group Co., Ltd.