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Electric bicycles, also known as e-bikes, are lightweight battery-powered bicycles that provide assisted pedaling. Electric bicycles come equipped with rechargeable battery packs and electric motors to enhance the riding experience. In comparison to conventional bicycles, electric bicycles offer advantages such as reduced physical exertion for the rider and support up to maximum speed of 25 kilometers per hour without any pedaling. They are an eco-friendly alternative to gasoline-powered vehicles and help reduce traffic congestion and carbon emissions. Growing health consciousness coupled with environmental awareness among consumers has fueled the adoption of electric bicycles in recent years.
The global Electric Bicycles Market is estimated to be valued at US$ 51.5Bn in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends gaining traction in the electric bicycles market is the integration of advanced technologies. Manufacturers are focusing on developing smart electric bicycles integrated with the Internet of Things (IoT). For instance, smart electric bicycles are equipped with cloud connectivity that allows monitoring bicycle performance via mobile applications. Riders can access features like GPS tracking, speed monitoring, battery status, and theft alarms remotely. Furthermore, technologies like electric pedal-assist enable automatic electric power regulation based on the rider’s pedaling input. This enhances convenience and riding comfort. There is also growing demand for folding electric bicycles due to rising need for environment-friendly commute solutions in urban areas where storage and parking spaces are limited. Folding electric bicycles offer easy portability and storage. Leading manufacturers are leveraging these emerging technology trends and consumer needs to launch innovative electric bicycle models, thereby supporting the market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the electric bicycles market is low as it requires significant investment in R&D, manufacturing infrastructure, and brand building. There are also economies of scale enjoyed by the existing players.
Bargaining power of buyers: The bargaining power of buyers is moderate given the presence of numerous players with varied product offerings in terms of capacity, speed, and features. However, buyers have low switching costs.
Bargaining power of suppliers: The bargaining power of suppliers is also moderate as there are several supplier options for components like motors, batteries, and electronic parts.
Threat of new substitutes: The threat of substitutes is low as electric bicycles provide uniqueness in terms of greener commute and fitness compared to other modes of transportation.
Competitive rivalry: The competitive rivalry is high among the major players due to their sizable market shares and brand recognition. Players differentiate based on product innovations.
Key players operating in the electric bicycles market are Accell Group, Derby Cycle AG, Easy Motion, Jiangsu Xinri E-Vehicle Co. Ltd., Panasonic, Pedego, Stromer, and Yadea Technology Group Co. Ltd. Players are launching differentiated products and expanding into global markets through strategic partnerships and acquisitions.
Key Takeaways
The global Electric Bicycles Market is expected to witness high growth over the forecast period. The global Electric Bicycles Market is estimated to be valued at US$ 51.5Bn in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030.
China dominates the market with the largest production and demand for e-bikes due to supportive government policies for greener transportation solutions. Europe is another major region owing to increasing consumer preference for micro-mobility and cycling as an eco-friendly option. The Asia Pacific region is anticipated to grow at the fastest pace during the forecast period led by Chinese and Japanese markets. Governments across several APAC countries are promoting the use of electric bicycles for both commercial and individual uses, which is fueling market expansion.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
