SHERIDAN – IMARC Group’s report titled “E-Bike Market Report by Mode (Throttle, Pedal Assist), Motor Type (Hub Motor, Mid Drive, and Others), Battery Type (Lead Acid, Lithium Ion, Nickel-Metal Hydride (NiMH), and Others), Class (Class I, Class II, Class III), Design (Foldable, Non-Foldable), Application (Mountain/Trekking Bikes, City/Urban, Cargo, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the global e-bike market size, share, trends, and growth forecast.
How big is the e-bike market?
The global e-bike market size reached US$ 24.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 43.8 Billion by 2032, exhibiting a growth rate (CAGR) of 6.48% during 2024-2032.
Factors Affecting the Growth of the E-Bike Industry:
• Technological Advancements: The e-bike industry is currently witnessing significant growth, largely propelled by continual technological advancements. Innovations in battery technology, such as the development of lighter and more efficient lithium-ion batteries, are extending the range and reducing the weight of e-bikes. The integration of smart technologies, like GPS and Bluetooth connectivity, is also enhancing user experience and safety. Moreover, advancements in motor efficiency are improving the performance of e-bikes, making them more appealing to a broader consumer base. These technological improvements are attracting new customers as well as prompting existing users to upgrade, thereby fueling market growth.
• Increasing Environmental Concerns and Urbanization: Growing environmental awareness and increasing urbanization are key factors driving the e-bike industry’s growth. In urban settings, where traffic congestion and pollution are major concerns, e-bikes offer a sustainable and efficient mode of transportation. They also provide a practical solution to reduce carbon emissions, helping cities meet their environmental goals. Furthermore, the adoption of e-bikes is being encouraged by favorable government initiatives aimed at promoting green transportation. These initiatives often include financial incentives, like subsidies and tax benefits, and the development of bicycle-friendly infrastructure, such as dedicated bike lanes. This heightened focus on sustainability is making e-bikes a preferred choice for urban commuters, thus augmenting market growth.
• Rising Health and Fitness Trends: The emerging trend of health and fitness consciousness among the masses is significantly contributing to the growth of the e-bike industry. E-bikes are seen as an excellent tool for physical exercise, appealing to individuals looking to improve their fitness levels without the strain associated with traditional bicycles. They are particularly attractive to older adults and those with physical limitations, as the electric assist reduces the effort required for cycling. Additionally, amid the recent outbreak of the coronavirus (COVID-19) pandemic, there has been a noticeable shift toward outdoor activities and personal mobility, which has further accelerated the demand for e-bikes. This health-driven demand is expected to continue as people increasingly seek active lifestyles while also looking for convenient and enjoyable forms of exercise, further stimulating market growth.
