Electric bicycles Market

• Increasing Application of Connectivity Solutions for Bicycles to boost the market growth

Drivers can be kept safe by connectivity applications like V2X (vehicle-to-everything), which can warn them if a scooter or bicycle is in danger. For instance, Tome declared he was working on a bicycle-to-vehicle (B2V) communication standard with SAE Industry Technologies and nine other members. The B2V board includes cycling firms like Trek Bicycle and Specialized and Subaru, GM, and Ford. Several new B2V prototypes and models were unveiled in January 2021 at CES. For instance, Specialized is attempting to integrate B2V technology into its Specialized Ride App.

Therefore, increasing bicycle connectivity is anticipated to have a favorable impact on the Electric Bicycles Market.

Municipal bike-sharing programs around the world have embraced e-bikes quickly. Residents and travelers are using e-bikes more frequently as a result of the demand for more accessible and secure public transportation options as well as social distance requirements. Around 80% of Biki bike-sharing system customers in Honolulu, Hawaii, cited riding as the most favored and secure mode of public transit. For instance, Madison (Wisconsin) replaced its fleet of bike-share bikes with electric versions in 2019. Usage has since increased by more than doubling.

Chicago wants to add 10,000 ebikes to its Divvy bike-share system by 2022, up from the 3,500 electric bicycle the city introduced in 2020.

The ecology of public transportation includes shared micro-mobility. Shared electric micro-mobility is a flexible transportation option that offers mobile services for several journeys at a cheaper per-traveler cost, complementing greater volume fixed-route transit services. The North American Bikeshare and Scooter share Association (NABSA) released its yearly report on the shared micro-mobility market in August 2021, recently enhancing the electric bicycles market CAGR globally.

Like a typical bicycle, an electric bike pedal-assisted mode uses pedals that the user must actively press to turn the wheels. The benefits, which include longer battery life, fewer maintenance requirements, and the ability for users to select among three to five pedal assist modes depending on the model, are expected to draw in new customers and are likely to improve the market's overall growth throughout the forecast period, another factor driving the growth of the bicycles electric market revenue.

The Global Electric Bicycles Market Industry experiences a notable surge in demand for eco-friendly transportation solutions. As urban populations grow, cities face increasing congestion and pollution. Electric bicycles present a viable alternative, reducing carbon footprints while providing efficient mobility. In 2024, the market is valued at 34.2 USD Billion, reflecting a shift towards sustainable transport options. Governments worldwide are promoting electric bicycles through incentives and infrastructure development, further driving adoption. This trend aligns with global sustainability goals, as consumers increasingly prioritize environmentally conscious choices in their commuting habits.

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific Electric Bicycles market accounted for USD 11.1 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. It is due to rising consumer spending in nations like China and India. Numerous technical developments are taking place in the Asia Pacific region, combined with a charging infrastructure that is constantly expanding.

Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Electric Bicycles Market Share By Region 2021 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe electric bicycles market accounts for the second-largest market share. The revolutionary nature of the product, fully integrated batteries and drives, appealing designs, and the use of premium materials are some of the main reasons influencing electric bike sales. Since 2018, the market has grown dramatically, largely due to anti-dumping and anti-subsidy sanctions against Chinese electric bicycles by the European Commission. Further, the Germany electric bicycles market held the largest market share, and the UK e-bikes market was the fastest-growing market in the European region.

The North America Electric Bicycles Market is expected to grow at the fastest CAGR from 2024 to 2030. The expansion of the regional market is anticipated to be fueled by the expanding number of manufacturing facilities and IT businesses, as well as the region's growing urban and tech-savvy populace. Moreover, US ebike market held the largest market share, and the Canada electric cycles market was the fastest-growing market in the North America region.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the electric bicycles market grow even more. Market participants are also taking various strategic initiatives to grow their footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the e bike industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the electric bicycles industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the electric bicycles industry has provided some of the most significant benefits. The ebicycles market major player such as Giant Manufacturing Co. Ltd. (Taiwan), Derby Cycle, Easy Motion (USA), Accell Group N.V. (Netherlands), and others are working on expanding the Electric Bicycles Market demand by investing in research and development activities.

Merida Industry Co., Ltd., a Taiwan-based business with R&D headquarters in Germany, creates, produces, and sells bicycles worldwide in more than 77 nations. Ike Tseng (1932-2012), who founded the business, designed and produced approximately 2 million bicycles annually at its plants in Taiwan, China, and Germany. In January 2021, the eScultura drop-bar road, eSpeeder flat-bar hybrid, and eSilex gravel bike were three new e bike from Merida that are each driven by a Mahle ebikemotion X35+ rear hub electric motor that produces 250 watts of output and 40 Nm of torque and are each outfitted with a 250Wh battery.

Also, Yamaha Motor Corporation is a Japanese multinational company that produces motorized items, including boats, outboard motors, and motorbikes. The corporation, which has its headquarters in Iwata, Shizuoka, Japan, was founded in 1955 after splitting from Yamaha Corporation (although Yamaha Corporation remains the largest stakeholder of a private company with 9.92% as of 2019). In March 2024, the Wabash RT and the Cross Core RC, two brand-new class 3 power assist bikes, were introduced by Yamaha. They are equipped with the brand-new Yamaha PW Series ST drive unit, frame, and internally integrated batteries.