February 22, 2024

Surging popularity of eco-friendly transportation to boost the growth of Electric Bicycles Market

Electric bicycles, also known as e-bikes, are bicycles equipped with an electric motor for assistance. They allow riders to travel farther and encounter fewer hills and headwinds than they could using their own pedal-power alone. E-bikes provide more eco-friendly transportation options for commuters to adopt electric-assist bicycles instead of gasoline-powered vehicles for shorter trips to work or school. They produce zero direct emissions, can use renewable energy sources to generate electricity, and enable people to be mobile while achieving exercise through pedal-assistance.

The global Electric Bicycles Market is estimated to be valued at US$ 51.5 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Surging concerns about environmental pollution and adoption of sustainable transportation options are driving the demand for electric bicycles. Governments across countries are promoting adoption of electric bicycles by developing ancillary infrastructure like charging stations and bike lanes. Technological advancements are allowing manufacturers to develop powerful and efficient motors while extending battery range on a single charge. Implementation of strict emission norms on vehicles is further encouraging consumers to shift to electric bicycles for daily commute. Declining battery prices and improving performance characteristics are making electric bicycles an affordable green mobility solution.

Key players operating in the electric bicycles market are Accell Group, Derby Cycle AG, Easy Motion, Jiangsu Xinri E-Vehicle Co. Ltd., Panasonic, Pedego, Stromer, and Yadea Technology Group Co. Ltd., BionX, Bosch, Electric Bike Technologies LLC, Giant Bicycles, GRACE, Superpedestrian, and Trek. The market is witnessing rising competition with established players expanding their electric bicycles portfolio and new entrants offering advanced features.

Porter’s Analysis

Threat of new entrants: New players find it difficult to enter the electric bicycles market as it requires large capital investment for manufacturing, distribution network and technological expertise.

Bargaining power of buyers: Individual buyers have low bargaining power in the electric bicycles market as variety of brands are available at different price points. However, large institutional buyers have high bargaining power.

Bargaining power of suppliers: Component suppliers have moderate bargaining power in the electric bicycles market due to availability of substitutes and fluctuating raw material prices.

Threat of new substitutes: Substitutes like electric motorcycles, electric scooters pose low threat as electric bicycles have benefits like low speed, silent operation and physical activity.

Competitive rivalry: The electric bicycles market is highly fragmented with presence of many global and regional players. Market players compete based on product features, pricing and innovation.

Key Takeaways

The global Electric Bicycles Market is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing adoption for urban commute and last mile connectivity.

The Asia Pacific region dominates the global electric bicycles market with China being the largest producer and consumer. Government support for non-motorized electric vehicles and growing middle class drive the regional market. Europe is the second largest market for electric bicycles owing to supportive infrastructure for cycling.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it