|Fastest Growing Market:||Europe|
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The e-bike market was valued at USD 27.22 billion in 2021, and it is expected to reach USD 54.48 billion by 2027, registering a CAGR of 12.26% during the forecast period (2022-2027).
Due to the COVID-19 outbreak and the subsequent lockdowns (with all the restrictions followed), the production of e-bikes witnessed a decline. However, as life is slowly returning to normalcy, the market is picking up pace. Due to the pandemic and the risk of contamination through public transport, people are showing an increased interest in buying their means of commute.
Apart from increasing consumer preference toward recreational and adventure activities, the adoption of e-bike applications in several sectors, like logistics and e-bike rental services, is expected to drive the market during the forecast period. As cities worldwide emerge from lockdowns, the demand for e-bikes is picking up pace due to their convenience and cost of operations.
With growing concerns about vehicle emission and traffic congestion, across the world, few automakers, like General Motors, Audi, and BMW, have been planning to enter the growing e-bike market, in order to diversify their portfolios.
The demand for crank/mid-drive motors is expected to continue to rise, during the forecast period, as few e-bike motor manufacturers have started primarily focusing on developing and improving their mid-drive motor products. For instance:
- In 2020, Shimano revealed its new EP8 e-bike motor, The new Shimano EP8 mid-drive motor unit packs even more torque than Shimano’s previous drive units, up to 85 Nm.
As cities around the world emerge from lockdowns, the demand for e-bikes is picking up the pace of their convenience and cost of operations. Regions such as Europe are witnessing a shift in consumer motive for buying an e-bike from leisure to daily use.
Across developed regions like North America and Europe where bicycles have dedicated lanes in cities and suburbs several drug stores and other emergency-related services are employing e-bikes on these lanes to deliver essential services and items over short distances. In this way, they are able to avoid traffic situations in some densely populated areas and are able to attend to the needy in a quicker manner.
Scope of the Report
The e-bike market report covers a detailed study of the latest trends and innovations. The scope of the report covers segmentation based on propulsion type, application type, battery type, power type, and geography. By propulsion type, the market is segmented into pedal-assisted and throttle-assisted (power-on-demand). By application, the market is segmented into city/urban, trekking (e-mountain bikes/e-MTB), and cargo.
By battery type, the market is segmented into lithium-ion and lead-acid batteries. By power type, the market is segmented into less than and equal to 250 W and Above 250 W. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. For each segment, market sizing and forecast have been done based on value (in USD billion).
|By Propulsion Type|
|Trekking (E-mountain Bikes/E-MTB)|
|By Battery Type|
|Less than and Equal to 250W|
Key Market Trends
Increasing Demand for Eco-friendly Transportation to Propel Market Growth
While electric bikes and scooters though said to be more expensive to purchase as compared to regular two-wheelers, the amount of money saved with respect to rising fuel costs is encouraging several players across logistics, food, delivery, tourism, etc. sector. Accordingly, the companies are investing in procuring these electric two wheelers and are entering strategic agreements with these vehicle manufacturing companies to gain a notable edge over other competitors in the market. For instance,
- Some tourism companies are exclusively offering packages termed as ‘Cycling Holidays’. As Europe is home to numerous travel destinations, every year, millions of visitor's flock to the country during holiday seasons. Even tourists are wooed by this new and different experience and are opting for e-bikes to tour prominent sites as well as the country-side in some cases.
Also, across developing regions like North America and Europe where bicycles have dedicated lanes in cities and suburbs several drug stores and other emergency related services are employing e-bikes on these lanes to deliver essential services and items over short distances. In this way, they are able to avoid traffic situations in some densely populated areas and are able to attend the needy in a quicker manner. Additionally, several logistics and delivery companies are deploying e-bikes as a part of their delivery vehicles. For instance,
- In July 2021, Hero Lectro, the EV arm of the Hero Motors Company (HMC), announced new partnerships with logistics service providers Fast Despatch Logistics and Turtle Mobility as part of a new ecosystem to enable greater use of e-mobility in last mile delivery. Under the partnership, Hero Lectro’s E Cargo bikes will be rolled out into the last mile delivery space by Fast Despatch Logistics. While Fast Despatch Logistics (FDL) is a global last mile delivery logistics company which has recently marked its entry in India, Turtle Mobility is a startup that offers solutions for last mile delivery logistics needs including vehicles on lease.
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Europe is Expected to Play a Prominent Role in the Market During the Forecast Period
The European e-bike market is dominated by Germany, France, and Italy. Some of the major factors driving the sales of e-bikes are the innovative nature of the product, fully-integrated batteries and drives, appealing designs, and the use of high-quality materials.
Germany led the European market, accounting for approximately 40% of the market in 2021. It was followed by the Netherlands and France, each of which captured more than 11% of the overall market share. The European Commission's anti-dumping and anti-subsidy sanctions against Chinese e-bikes have contributed significantly to the market's growth since 2018.
Germany's e-bike and bicycle industries have already experienced rapid development in recent years, while in 2020 recorded the highest volume expansion and revenue growth. According to the German industry group Zweirad-Industrie-Verband (ZIV2020 )'s market data, e-bike sales in 2020 increased by 43% to 2 million units. However, the market declined slightly in 2021, owing to many factors. The backdrop to this is COVID-19, with numerous factories shutting and output delays continuing from 2020. The industry recorded sales of around 2 million e-bikes in total in 2021. This would imply a drop of roughly 2.6%.
France has also been facing unprecedented growth in demand for e-bikes, and both manufacturers and retailers have been struggling to keep up with the rapidly depleting inventory. Paris added 50 kilometers of bicycle lanes to cater to the increasing cycle traffic, and e-mobility startups, such as Bolt, have been further propelling the market's growth. The e-bike sales outnumbered the regular bicycle sales as more people moved from leisure buying to long-distance everyday use of e-bikes.
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The e-bike market is highly fragmented, with major players, including Giant Bicycles, Merida, Trek Bikes, Riese & Muller, and Yamaha a low share of the total market. Giant Bicycles is the largest player in the market.
The presence of these companies is majorly concentrated in China, with Europe and North America being the other important markets. The companies are diversifying their product portfolios through innovations and new launches to continue being the market leaders. For instance,
- Momentum, Giant Group’s “lifestyle-inspired” cycling brand has launched two new electric bicycles the Voya E+1 and Voya E+3. The Voya E+1 takes the form of a drop bar urban bike with an 11-speed Shimano GRX derailleur, while the Voya E+3 has typical flat bars and a 9-speed microSHIFT ADVENT derailleur. The 250 Wh battery claims to provide a range of between 40-72 km (25-45 miles) on a single charge. A provided 4A fast charger can give the battery an 80% charge in less than two hours.
- Yamaha announced introducing of two all-new, class 3, power assist bicycles: the Wabash RT and the CrossCore RC, e-Bikes with the all-new Yamaha PWSeries ST drive unit, frame and internally integrated batteries.
- In March 2022, Yamaha announced introducing of two all-new, class 3, power assist bicycles: the Wabash RT and the CrossCore RC, e-Bikes with the all-new Yamaha PWSeries ST drive unit, frame and internally integrated batteries.
- In January 2022, Momentum, Giant Group’s “lifestyle-inspired” cycling brand has launched two new electric bicycles the Voya E+1 and Voya E+3. The Voya E+1 takes the form of a drop bar urban bike with an 11-speed Shimano GRX derailleur, while the Voya E+3 has typical flat bars and a 9-speed microSHIFT ADVENT derailleur. The 250 Wh battery claims to provide a range of between 40-72 km (25-45 miles) on a single charge. A provided 4A fast charger can give the battery an 80% charge in less than two hours.
- In September 2021, Merida launched the 2021 EX Enduro, which was temporarily discontinued in 2020. This new e-bike is powered by Shimano STEPS.
- In August 2021, Riese & Müller Business, the premium e-bikes and cargo bikes manufacturer, expanded its portfolio of sustainable mobility concepts in the business customer segment. It offers four specific models for commercial fleets, targeting municipalities and businesses of all sizes, such as retail, catering, trade, healthcare, or mobility businesses.
- In March 2021, Cannondale launched the Adventure Neo range of commuter e-bikes. Cannondale launched a lineup of step-through, Bosch-powered e-bikes for city riding. The Adventure Neo line features four different models, all of which feature an alloy frame, a step-through design, and a Bosch drive system with a battery ranging from 400 Wh to 625Wh.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Technology Trends
4.5 Government Regulations, Incentives, and Manufacturing Standards
4.6 Market Perspective
4.6.1 Component Supplier (Battery, Motor, Etc.)
4.6.2 Bicycle Manufacturer
4.7 Pricing Analysis
5. MARKET SEGMENTATION
5.1 By Propulsion Type
5.1.1 Pedal Assisted
5.1.2 Throttle-assisted (Power-on-demand)
5.2 By Application
5.2.2 Trekking (E-mountain Bikes/E-MTB)
5.3 By Battery Type
5.3.1 Lithium-ion Battery
5.3.2 Lead-acid Battery
5.4 By Power
5.4.1 Less than and Equal to 250W
5.4.2 Above 250W
5.5 By Geography
5.5.1 North America
220.127.116.11 United States
18.104.22.168 Rest of North America
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.5.4 Rest of the World
220.127.116.11 South America
18.104.22.168 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 E-bike Manufacturers
22.214.171.124 Giant Bicycles Co. Ltd
126.96.36.199 Merida Industry Co. Ltd
188.8.131.52 Riese & Muller
184.108.40.206 Fritzmeier Systems GmbH & Co. KG (M1 Sporttechnik)
220.127.116.11 Yamaha Bicycles
18.104.22.168 Trek Bikes
22.214.171.124 Cannondale Bicycle Corporation
126.96.36.199 VanMoof BV
188.8.131.52 Ampler Bikes
184.108.40.206 Tron X-Motors
6.2.2 Component Suppliers
220.127.116.11 Brose Fahrzeugteile GmbH & Co. KG
18.104.22.168 BMZ GmbH
22.214.171.124 Panasonic Corporation
126.96.36.199 Samsung SDI Co. Ltd
188.8.131.52 LG Chem
184.108.40.206 Robert Bosch GmbH
220.127.116.11 Shimano Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The E Bike Market market is studied from 2018 - 2027.
What is the growth rate of E Bike Market?
The E Bike Market is growing at a CAGR of 12.26% over the next 5 years.
What is E Bike Market size in 2018?
The E Bike Market is valued at 27 Billion USD in 2018.
What is E Bike Market size in 2027?
The E Bike Market is valued at 54 Billion USD in 2027.
Which region has highest growth rate in E Bike Market?
Europe is growing at the highest CAGR over 2021- 2026.
Which region has largest share in E Bike Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in E Bike Market?
Giant Bicycles, Merida Industry Co. Ltd, Fritzmeier Systems GmbH & Co. Kg (M1 Sporttechnik), Riese & Muller GmbH, Yamaha Bicycles are the major companies operating in E Bike Market.