Global E-Bike Market

Global E-Bike Market

According to research conducted by Precedence Research on the global e-bike market, sales of e-bikes are expected to reach 40 million units by 2023, with approximately 130 million bikes predicted to be sold between 2020 and 2023. By 2023, the total number of e-bikes in circulation worldwide is estimated to be around 300 million units, a 50% increase compared to the 200 million units in 2019.

Despite the pandemic outbreak in 2020, demand for e-bikes remains strong in 2021. Some sales insights reveal strong growth of e-bikes during the past few years, such as electric bike sales growing by 145% in the United States between 2019 and 2020. Europe is predicted to sell twice as many e-bikes as electric cars annually by 2030. The European cycling organization also quoted that e-bikes sold in the region could increase from 3.7 million units in 2019 to 17 million units by 2030. Presently, more than 300 e-bikes are in use in China, making it a leading country in the global e-bike market. In 2019, e-bike sales in Germany accounted for 25% of the total bicycles market in the country.

Mainland China captures nearly 70% of the global e-bike revenue, solidifying its market position in the electric mobility market. China is projected to have a strong growth of 9.11% during the analysis time frame of 2022-2030. Middle East & Africa is expected to have the highest CAGR of 15.40% during the forthcoming years, driven by rising investments for the development of transport infrastructure and increasing initiatives for promoting e-bike adoption. Latin America is the other most prominent region that exhibits accelerating growth during the forecast year, primarily driven by the rising trend of bike-sharing systems and other forms of micro-mobility.

The global e-bike market is highly fragmented, with numerous small and large players present in the market. Giant Manufacturing Co. Ltd. holds the largest revenue of more than US$ 1,500 million in 2021. The market faces stiff competition from small or regional operating players that affect revenue growth and market foothold on a global scale. Rising trends for motor-equipped or throttle e-bikes are expected to spur the demand for high power electric motors designed by Bosch, Shimano, Mahle, Giant, Yamaha, and many others.

To conclude, the global market for e-bikes is highly competitive and opportunistic, with high potential for development and growth in the future.

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