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Pedaling towards sustainability; Electric Bicycle (E-Bikes) to cross a market value of USD 53 Billion globally: Bonafide Research
Oct, 01
2021

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Pedaling towards sustainability; Electric Bicycle (E-Bikes) to cross a market value of USD 53 Billion globally: Bonafide Research

 

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Electric bicycles are the best means of sustainable transport, which is a perfect combination of portability, environment friendly, and also are inexpensive. The environmental crises are now poised as the biggest problem globally. The rise in the adoption of the use electric bicycle instead of a car or fuel run two wheeler makes a huge impact in removing fuel guzzlers from the streets. The number of advantages related to the use of the electric bicycle is to allow the market to grow with an anticipated volume CAGR of 8.85%. The recent publication of Bonafide Research titled 'Global Electric Bicycle (E-Bikes) Market Outlook, 2026' identifies and discusses the developments in electric mobility across the region, with not only facts and figures but also has a detailed study about the forecasts on the electric bicycle industry.

Based on the propulsion type, the market is divided into pedal-assisted & throttle modes, of which the market is dominated by pedal-assisted electric bicycles. The major reason for the high preference of the pedal-assisted is the advantage that the rider gets in the rough terrains. The throttle e-bikes let the motor push the bike forward while the pedaling is optional. Through the forecasted period, this segment is expected to be growing with an anticipated CAGR of 9.88% in terms of volume.

Developing energy-saving transportation has become a new technological goal for almost all countries in recent times, and thus encouraging the use of electric bicycles. E-bikes are convenient, low noisy, and cause less pollution. In many countries with a dense population, like Central and Southeast China, United States, and other Southeast Asian countries, electric bicycles are now used to overcome the urban traffic. The market is led by the class 1 electric bicycle which is pedal-assisted, holding approximately 70% of the market share.

The lithium-ion battery has been one of the major energy storage for the electric bicycle. They have a high energy and power density and are hence the most promising power battery. However, replacing them with a lead-acid battery can reduce the weight of the battery pack and attain a leap in the travel distance. Even though the lithium-ion battery segment is to lead the market by the end of 2026, it was the lead-acid battery segment that led the market in 2015. By the end of the forecasted year, the market lithium-ion battery-aided e-bikes segment is expected to reach 34 Million Units. The decline in the price of this battery is the major reason for the high preference.

The Asia Pacific leads the global market with more than 60% of share in terms of both- value & volume, mainly due to the huge market of China. In China, the electric bike was first introduced in the year 1991, which finally got its acceptance in the other parts of the world. The US electric cycle market is smaller than China and prominent European countries like Germany & France, due to the difference in the mentality. For the Asian & European countries, bicycles are considered as an important mode of transport, while in the US it is treated merely as a toy or fitness equipment. In many countries, electric bicycles are considered a bicycle, which frees the buyer from the process of registration or getting a license plate. The availability of electric cycles has inclined drastically and now is easy to acquire one from a local cycle shop or online alternatives like Amazon or other sites.