A new study from Indian market researcher Meticulous Research has revealed that the global e-bike market is set for explosive growth. The market for electric bikes is estimated to grow to $88.3 billion by 2030, with a compound annual growth rate (CAGR) of 11.9% throughout the forecast period. The $88.3 billion figure is more than double the current figure of $40.2 billion.
The growth of the market is primarily fueled by the increasing use of e-bikes for shorter commutes, growing concerns about the environment, and supportive government policies. Moreover, the rising health consciousness among consumers and the expanding adoption of e-bikes in emerging economies are likely to offer opportunities for market growth.
However, the market faces challenges due to the limited lifespan of batteries. Other challenges include increasing e-bike theft and inadequate cycling infrastructure in developing nations.
Noteworthy market trends include the increasing production of lightweight bikes and the growing popularity of connected e-bikes.
The Meticulous Research study segmented the e-bike market based on different factors. These factors were propulsion type, class, power output, type of e-bike, battery type, motor type, structure, charging type, charging mode, and end-users.
Some of the most notable points about e-bike market segments are as follows:
- Throttle-assisted e-bikes and class 1 e-bikes are projected to have the largest market shares in their respective segments.
- E-bikes with a power output below 250 W hold the largest share in the power output segment. This is mainly due to their suitability for urban commuting and recreational activities.
- City e-bikes and lithium-ion batteries are the leading segments in the e-bike type and battery type categories, respectively.
- Hub motors and non-foldable e-bikes dominate the motor type and structure categories.
- Connector charging is the preferred method of charging, while plug-in charging is the most commonly used charging mode.
