According to the Latest Market Research Report “E-Bike Market by Motor Type (Hub Motor, Mid Motor), by Mode (Pedal Assist Mode, Throttle Mode), by Class (Class – I, Class – II, Class – III, Class – IV), by Battery Type (Lead Acid, Lithium-ion, Lithium-ion Polymer), by Products (Pedelecs, Scooter or Motorcycle, Speed Pedelecs, Throttle on Demand) and Region – Global Forecast to 2025”, published on Valuates Reports. The Global Electric Bike Market size is expected to grow from USD 19,719.54 Million in 2019 to USD 36,466.04 Million by 2025 at a CAGR of 10.78%. Major factors that are expected to drive the growth of electric bike market size are government support and strict rules in favour of electric bikes. Moreover, the growth of the global market for electric bikes is propelled by a growing user desire to use e-bikes as an eco-friendly and reliable alternative for commuting and growing fuel costs.
Trends influencing the electric bike market size
Stringent Emission Norms Imposed by the Government is expected to drive the growth of the electric bike market size. Stringent regulations have been imposed by the governments of different countries on automakers to produce zero-emission vehicles. To build environmentally-friendly vehicles, key OEMs have invested heavily in R&D. Various subsidies, such as tax-free sales of electric bicycles, have been proposed by governments in developed countries. Several government tax-free subsidies have attracted more customers to purchase electric bicycles, which, in turn, are expected to fuel the growth of the electric bicycle market during the forecast period.
The growing interest in cycling as fitness is expected to further fuel the electric bike market size. A paradigm shift in fitness-conscious consumers has driven the interest in cycling as a fitness and leisure activity since riding the electric bike allows to ride longer distances with the same amount of peddling.
Increasing concerns about traffic congestion and government initiatives to reduce traffic congestion are expected to increase the growth of the electric bike market size. The use of electric bicycles for transport in cities is now strongly promoted by several cities. As with a regular or conventional bicycle, electric bicycles take up the same amount of space. The use of e-bikes will minimize the number of cars on the road and result in fewer traffic jams as they occupy the minimum space on the road.
Electric bike market share analysis
Due to the increasing adoption of electric bikes for daily commuting, leisure, and fitness activities, the North American electric bicycle market share is expected to see the fastest growth during the forecast period.
The European region is expected to hold the largest electric bike market share during the forecast period. The European region was dominated by Germany, followed by France and Italy. E-bikes are the preferred mode of mobility in Germany. Innovative product characteristics, fully integrated batteries and drives, stylish designs, as well as the use of high-quality materials are some of the major factors driving the e-bike market size in this region.
