E-Bike Market
The outdoor sports industry has shown significant growth post-COVID-19 pandemic. Consumers are becoming more health conscious and focused on healthcare activities to remain fit and healthy. People spend on outdoor activities such as trekking, cycling, etc. Cycling helps to strengthen the immune system, lose weight, and build muscles. Rising consumer spending on outdoor recreational activities globally has created a huge demand for the e-bike market growth. According to the U.S. Bureau of Economy-Analysis (BEA), the spending on outdoor recreational activities is valued at around USD 682 billion for the output of the U.S. economy. Outdoor recreation activity participants reached around 164 million, 54.0% of the U.S. population. Out of the 164 million participants in the outdoor activities, 54 million were engaged in biking, strengthening the E-bike market. Also, as per the U.S. Bureau of Economy 2020 report, Americans have spent around USD 6.9 billion on bicycles.
Also, several countries’ governments are launching incentive programs to promote e-bike and electric vehicle sales to reduce carbon footprints. For instance, the U.S. government launched the Electric Bike Incentive Kickstart for the Environment (E-BIKE) Act Scheme, which offers a subsidy of up to 30% of the cost of an electric bike. The incentive program involves incentives up to USD 300 on an e-bike, whereas up to US 500 on a cargo bike for lower-income residents. In May 2019, the Canadian government incentivized people to purchase electric bikes by offering a cash discount from USD 250 to USD 750.
China Dominates E-Bike Market in Asia Pacific
China is the hub for producing the E-bike due to several manufacturers’ low labor costs and availability of raw materials. According to the China Bicycling Association, in 2021, bicycle production reached 76.4 million units, whereas E-bike production reached around 45 million. Also, consumers in China are spending on buying bicycles and e-bikes for traveling short distances to avoid traffic congestion. As of 2022, China is the e-bike production hub, with around 74.4% of plants across North and East China. East China’s Zhejiang, North China’s Tianjin, and Jiangsu Province in China are the major areas of e-bike production. The proportion of people traveling by bicycle in Beijing, China, was around 47.8% in 2021, with spending reaching around USD 14,800 on bicycles, including E-bikes. Such increased spending on outdoor and adventurous activities has strengthened the market growth.
E-Bike Market: Segmental Overview
Based on battery type, the E-Bike market is bifurcated into:
- Lithium-Ion
- Lithium-Ion Polymer
- Lead Acid
- Nickel Metal Hydride
The lithium-ion segment held a larger share of the E-Bike market in 2022, and the lithium-ion polymer is
is anticipated to register a higher CAGR during the forecast period.
Based on motor type, the E-Bike market is bifurcated into:
- Mid Motor
- Hub Motor
The mid-motor system segment held a larger share of the E-Bike market in 2022 and is anticipated to register a higher CAGR in the market during the forecast period.
Based on class, the E-Bike market is segmented into:
- Class I
- Class II
- Class III
The class I segment held the largest share of the E-Bike market in 2022, and class II is anticipated to register the highest CAGR in the market during the forecast period.
Based on mode, the E-Bike market is segmented into:
- Pedal Assist Mode
- Throttle Mode
The pedal assist segment held the largest share of the E-Bike market in 2022 and is expected to growing at the highest CAGR in the market during the forecast period.
E-Bike Market Analysis: Competitive Landscape and Key Developments
- In March 2023, Acer Group launched a lightweight electric bike, Ebii. The Acer ebii is a lightweight e-bike designed for urban areas, and it comes with an artificial intelligence-featured application. The Acer ebii weighs only 35 pounds and has a maximum assist speed of around 32 km/h (20mph). The bike was fully charged within only 2.5 hours.
- In May 2023, Heybike, a US-based e-bike manufacturer, launched a lightweight e-bike series to cater to the demand of environment-friendly commuters. It uses corrosion-proof aluminum and rust-resistant alloys.
